To become MPF approved trustees, applicants that are companies incorporated in or outside Hong Kong must meet stringent statutory criteria, including those regarding:
- capital adequacy;
- sufficient presence and control in Hong Kong;
- their capability of carrying on the business of administering MPF schemes;
- the fitness and propriety of the controllers;
- the skill, knowledge, experience and qualifications of the directors and the chief executive officer; and
- internal control standards.
Natural persons can also apply to become MPF approved trustees.
At present, all the approved trustees are companies incorporated in Hong Kong.
MPF trustees are responsible for appointing investment managers and other service providers, and ensuring that they comply with all MPF requirements, standards and guidelines.
For registration as an MPF scheme, a provident fund scheme must satisfy MPFA that all statutory requirements and standards will be complied with. All MPF schemes must be governed by the laws of Hong Kong.