Compliance Standards for MPF Approved Trustees
The MPFA seeks to promote good corporate governance, proper risk management and a positive compliance culture among the trustees. To this end, MPFA has released a set of Compliance Standards to assist the trustees in establishing a rigorous framework for monitoring their compliance with statutory duties and responsibilities under the MPF System.
These Standards were developed with the help of international consultants to reflect internationally recognized compliance methodology. The Compliance Standards were released in July 2005. There are a total of eight Standards, each accompanied by detailed explanatory notes and examples to provide further guidance to the trustees.
Performance Presentation Standards
The Performance Presentation Standards (“PPS”) were developed jointly by the Hong Kong Trustees Association and the Hong Kong Investment Funds Association to help trustees prepare, calculate and present the information required in a Fund Fact Sheet. PPS was formally recognized by MPFA for the purposes of the Code on Disclosure for MPF Investment Funds (“Disclosure Code”). Fund Fact Sheets sent by the trustees must comply with the requirements of the Standards.
Best Practice Note for MPF Trustees – Supervision of MPF Intermediaries
At the end of 2008, the Mandatory Provident Fund Schemes Authority examined the marketing and selling of MPF schemes and their related investment products. One of the outcomes of the Review was the production of a Best Practice Note . This Note is a collection of good MPF business practices and can be used as a tool to assist trustees to supervise and monitor their MPF promoters and in turn, their MPF intermediaries in the marketing and selling of MPF schemes and products.