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Legislation & Regulations

Memorandum of Understanding

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.

 

Memorandum of Understanding Concerning the Regulation of Mandatory Provident Fund Products

 
PartiesMandatory Provident Fund Schemes Authority
Securities and Futures Commission
DateFirst 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.
 

Memorandum of Understanding Concerning the Regulation of Regulated Persons with respect to Registered Schemes under the Mandatory Provident Fund Schemes Ordinance 

 
PartiesMandatory Provident Fund Schemes Authority
Insurance Authority
Monetary Authority
Securities and Futures Commission
DateMay 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.
 

Memorandum of Understanding Concerning the Regulation of MPF Intermediaries

(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)
 
PartiesMandatory Provident Fund Schemes Authority
Monetary Authority
Insurance Authority
Securities and Futures Commission
DateFirst 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.
 

Memorandum of Understanding

 
PartiesMandatory Provident Fund Schemes Authority
Insurance Authority
DateApril 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.

Last Revision Date: 19/11/2014