Registration Requirements

Approval of trustees

The MPFA is empowered to regulate and monitor the operation of the MPF System and MPF trustees' compliance with statutory requirements. Trustees and other service providers, as well as MPF schemes, are subject to careful scrutiny. All trustees must be approved by the 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 knowledge and experience of the directors (including an independent director) and the chief executive officer, adequate insurance and sound internal control measures. Each application for approval as a trustee is examined in detail to ensure that the statutory approval requirements are satisfied.

Registration and approval of MPF schemes and funds

All MPF schemes must be registered with the MPFA. The registration and approval of MPF schemes and funds involves a detailed review of various aspects, including scheme rules, operations, investment policies and objectives, as well as disclosure of salient features and fees and charges. The review focuses on both compliance with MPF legislation and protection of the interests of MPF scheme members.