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Supervision

Registration Requirements

Under the new legislation, there are two types of intermediaries, both of which must register with MPFA.


To register as a Principal Intermediary (“PI”), an applicant:

  • must be a Type A regulatee of an industry regulator in good standing, meaning -
    • Type A regulatee qualification not revoked on disciplinary grounds by an industry regulator under section 34J(1) of MPFSO within one year before the date of application;
    • Type A regulatee qualification not suspended by an industry regulator under section 34J(2);
    • MPF registration not revoked on disciplinary grounds by MPFA under section 34ZW(3)(a)(i) within one year before the date of application; and
    • not disqualified from registration by MPFA under section 34ZW(3)(a)(ii); and
  • must designate at least one responsible officer (see below) for the supervision of the regulated activities.


To register as a Subsidiary Intermediary (“SI”), an applicant:

  • must be a Type B regulatee of an industry regulator (being the frontline regulator of the PI) in good standing, meaning –
    • Type B regulatee qualification not revoked on disciplinary grounds by an industry regulator under section 34K(1) within one year before the date of application;
    • Type B regulatee qualification not suspended by an industry regulator under section 34K(2);
    • MPF registration not revoked on disciplinary grounds by MPFA under section 34ZW(3)(a)(i) within one year before the date of application; and
    • not disqualified from registration by MPFA under section 34ZW(3)(a)(ii);
  • must be attached to a PI; and
  • must pass a qualifying examination recognized by MPFA (see MPF Intermediaries Examination).


Approval Criteria for a Responsible Officer

To be approved as a responsible officer, an SI must meet the following requirements: 

  • he/she must be attached to a PI and have sufficient authority, resources and support from the PI;
  • the approval of the SI as a responsible officer has not been revoked by MPFA under section 34ZW(4)(a)(i) within one year immediately before the date of the application; and
  • he/she is not disqualified by MPFA under section 34ZW(4)(a)(ii) from being approved as a responsible officer with specified responsibilities in relation to a PI.

 
Details of the registration requirements can be found in the Handbook on MPF Intermediary Registration. The effective date for the parts relating to application fees in the Handbook on MPF Intermediary Registration is 1 January 2018.

Last Revision Date: 13/04/2018