MPF Intermediaries
The MPFA may register any of the following business entities (i.e., Type A regulatees) as a
principal intermediary (“PI”) for carrying on regulated activities:
| (i) | an authorized financial institution registered under the Securities and Futures Ordinance ("SFO") (Chapter 571, Laws of Hong Kong) for Type 1 or Type 4 regulated activity, or both; |
| (ii) | a corporation licensed under the SFO to carry on Type 1 or Type 4 regulated activity, or both; |
| (iii) | a company authorized under the Insurance Ordinance ("IO") (Chapter 41, Laws of Hong Kong) to carry on long term insurance business; and |
| (iv) | a licensed long term insurance broker company under the IO. |
The MPFA may register any of the following persons (i.e., Type B regulatees) as a
subsidiary intermediary ("SI") attached to a PI for carrying on regulated activity on behalf of a PI, provided the individual fulfils relevant requirements (e.g., examination and training requirements):
| (i) | an individual licensed under the SFO to carry on Type 1 or Type 4 regulated activity, or both; |
| (ii) | an individual registered under the Banking Ordinance (Chapter 155, Laws of Hong Kong) to carry on Type 1 or Type 4 regulated activity, or both; and |
| (iii) | a licensed long term individual insurance agent, a licensed long term insurance agency or a licensed long term technical representative under the IO. |
Regulated Activities
A person is required to be registered with MPFA as an MPF intermediary before he can engage in MPF sales and marketing activities that may influence a prospective/existing participant of an MPF scheme in making a decision that affects the latter’s benefits in an MPF scheme.
Registration is required for a person who engages in any of the following sales and marketing activities (i.e. "
regulated activities") in the course of his employment, conducting business or for reward:
| (a) | inviting or inducing, or attempting to invite or induce, another person to make a specified MPF decision; or |
| (b) | giving advice to another person concerning a specified MPF decision. |
Advice on any of the following matters (
material decisions) is considered
regulated advice:
| (a) | joining a particular registered scheme; |
| (b) | participating in a particular registered scheme as an employer; |
| (c) | paying contributions (including voluntary contributions) to a particular registered scheme, or investing in a particular constituent fund of a particular registered scheme, and the amounts contributed/invested; |
| (d) | transferring accrued benefits from one registered scheme to another, or from a constituent fund of a registered scheme to another constituent fund of the registered scheme, and the amounts transferred; |
| (e) | transferring benefits from an occupational retirement scheme to a particular registered scheme and the amounts transferred; and |
| (f) | whether, or when, to make a claim for the payment of accrued benefits from a registered scheme, and the amount of such a claim. |
