A Memorandum of Understanding describes an agreement between parties on an intended working arrangement. Four such agreements (below) were signed by Mandatory Provident Fund Schemes Authority and other regulatory bodies to protect the interests of MPF scheme members.
Parties | Mandatory Provident Fund Schemes Authority Securities and Futures Commission |
Date | First signed in June 1999 Updated in April 2003 in the light of the commencement of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong) |
Purposes | - Delineate the respective responsibilities of each party in respect of the regulation of MPF products and their operators;
- Reduce unnecessary duplication of efforts between these parties; and
- Promote mutual assistance and the exchange of information between these parties for the purposes of fulfilling their respective responsibilities.
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Parties | Mandatory Provident Fund Schemes Authority Insurance Authority Monetary Authority Securities and Futures Commission |
Date | May 2013 |
Purposes | - Set out certain administrative and operational arrangements among the four parties regarding the exercise of their respective functions under the Mandatory Provident Fund Schemes Ordinance (Chapter 485, Laws of Hong Kong) concerning the regulation of regulated persons; and
- Is one of the measures to ensure, as far as possible, regulatory consistency and a level playing field in the regulation of regulated persons by the four regulators.
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(Only applicable to the handling of complaints (including referral, investigation, enforcement, and monitoring the investigation and enforcement thereof) concerning the conduct of MPF intermediaries prior to 1 November 2012, and inapplicable to all other matters with effect from 1 November 2012)
Parties | Mandatory Provident Fund Schemes Authority Monetary Authority Insurance Authority Securities and Futures Commission |
Date | First signed in October 1999 Updated in January 2004 in the light of the commencement of the Securities and Futures Ordinance (Chapter 571, Laws of Hong Kong) |
Purposes | - Establish the respective responsibilities of each party in regulation of MPF intermediaries;
- Ensure conformity across parties in regulation;
- Reduce unnecessary duplication of efforts between the parties; and
- Reduce gaps in regulatory boundaries between parties.
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Parties | Mandatory Provident Fund Schemes Authority Insurance Authority |
Date | April 2004 |
Purposes | - Strengthen cooperation in respect of supervision of MPF funds, entities or MPF intermediaries in which both parties have a regulatory interest;
- Eliminate unnecessary duplication of supervisory efforts;
- Remove gaps in regulatory supervision; and
- Promote exchange of information, as far as permitted by applicable laws, to better allow each party to perform its statutory functions.
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