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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  • the approval of the SI as a responsible officer has not been revoked by MPFA under section 34ZW(4)(a)(i) within one year immediately before the date of the application; and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.

Last Revision Date: 09/12/2015