Approval of TrusteesThe MPFA is empowered to regulate and monitor the operation of the MPF System and MPF trustees' compliance with statutory requirements. All applicants must be approved by MPFA before they can act as trustees for MPF schemes.
For a corporate applicant, the requirements for approval include: capital adequacy; financial soundness; fitness and propriety of each controller; adequate mix and competency of the board of directors (including an independent director) and the chief executive officer; adequate insurance; sound governance; and internal control measures. The MPFA should be satisfied that the applicant have sufficient expertise and management resources in Hong Kong to conduct its operations effectively. Each application for approval as a trustee is examined in detail to ensure that all approval requirements are satisfied.
Registration and approval of MPF schemes and fundsAll MPF schemes must be registered with MPFA. The registration and approval of MPF schemes and funds involves detailed review which focuses on compliance with MPF legislation and protection of the interests of MPF scheme members.
Approval of changes of controllers and other information of TrusteesThe MPFA also processes changes of controllers and other information of Trustees to ensure that they comply with the MPF legislation and the conditions of approval. Prior consent of MPFA is required for appointment of directors and chief executive officers of Trustees, as well as for proposal of persons to become substantial shareholders of any Trustees.