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Supervision

MPF Intermediaries and Regulated Activities

MPF Intermediaries

The MPFA may register any of the following business entities (i.e., Type A regulatees) as a principal intermediary (“PI”) for carrying on regulated activities:

(i)an authorized financial institution registered under the Securities and Futures Ordinance ("SFO") (Chapter 571, Laws of Hong Kong) for Type 1 or Type 4 regulated activity, or both;
(ii)a corporation licensed under the SFO to carry on Type 1 or Type 4 regulated activity, or both;
(iii)an insurer authorized under the Insurance Companies Ordinance ("ICO") (Chapter 41, Laws of Hong Kong) to carry on long term insurance business; and
(iv)an authorized long term insurance broker under the ICO.

The MPFA may register any of the following persons (i.e., Type B regulatees) as a subsidiary intermediary ("SI") attached to a PI for carrying on regulated activity on behalf of a PI, provided the individual fulfils relevant requirements (e.g., examination and training requirements):

(i)an individual licensed under the SFO to carry on Type 1 or Type 4 regulated activity, or both;
(ii)an individual registered under the Banking Ordinance (Chapter 155, Laws of Hong Kong) to carry on Type 1 or Type 4 regulated activity, or both;
(iii)an appointed long term insurance agent under the ICO, including the responsible officer / technical representative of an appointed long term insurance agent; and
(iv)a chief executive / technical representative of an authorized long term insurance broker.

Regulated Activities

A person is required to be registered with MPFA as an MPF intermediary before he can engage in MPF sales and marketing activities that may influence a prospective/existing participant of an MPF scheme in making a decision that affects the latter’s benefits in an MPF scheme.

Registration is required for a person who engages in any of the following sales and marketing activities (i.e. "regulated activities") in the course of his employment, conducting business or for reward:

(a)inviting or inducing, or attempting to invite or induce, another person to make a specified MPF decision; or
(b)giving advice to another person concerning a specified MPF decision.

Advice on any of the following matters (material decisions) is considered regulated advice:

(a)joining a particular registered scheme;
(b)participating in a particular registered scheme as an employer;
(c)paying contributions (including voluntary contributions) to a particular registered scheme, or investing in a particular constituent fund of a particular registered scheme, and the amounts contributed/invested;
(d)transferring accrued benefits from one registered scheme to another, or from a constituent fund of a registered scheme to another constituent fund of the registered scheme, and the amounts transferred;
(e)transferring benefits from an occupational retirement scheme to a particular registered scheme and the amounts transferred; and
(f)whether, or when, to make a claim for the payment of accrued benefits from a registered scheme, and the amount of such a claim.

Last Revision Date: 23/10/2014