Other Regulators 其他規管機構

Securities and Futures Commission (SFC) 證券及期貨事務監察委員會（證監會）

To identify the SFC’s product authorisation role, focus on the information disclosed to investors. The SFC examines disclosures in MPF product offering documents and marketing materials, with authorisation covering MPF schemes, their constituent funds and pooled investment funds.

The SFC also licenses certain service providers, such as investment managers managing investment portfolios and custodians conducting securities lending. When a question mentions a custodian, the securities lending activity is a key condition identifying this licensing role.

The SFC supervises and investigates relevant registered MPF intermediaries whose core business is securities. First identify the subject of the question: product authorisation, service provider licensing and intermediary supervision are three different functions.

MPFA and the SFC have a memorandum of understanding on MPF product regulation which sets out their respective responsibilities, helping them coordinate their work to protect scheme members. [Source: MPFA Study Notes, Tenth Edition, section 2.3](https://www.mpfa.org.hk/en/-/media/files/supervision/mpf-intermediaries/registration-requirements/study_notes_10th_v1_eng.pdf)

Insurance Authority (IA) 保險業監管局（保監局）

The IA’s MPF responsibilities have two aspects: insurance companies and intermediaries. At company level, the focus is whether insurers providing MPF services operate properly and hold sufficient assets to meet their liabilities as required by the Insurance Ordinance (Cap. 41).

At intermediary level, the IA supervises and investigates relevant registered MPF intermediaries whose core business is insurance. An insurer’s asset sufficiency and an intermediary’s compliance when selling MPF products are different regulatory matters.

MPFA also has a memorandum of understanding with the IA to strengthen cooperation in supervising MPF funds, entities and intermediaries. This cooperation extends beyond the financial position of insurance companies. [Source: MPFA Study Notes, Tenth Edition, section 2.3](https://www.mpfa.org.hk/en/-/media/files/supervision/mpf-intermediaries/registration-requirements/study_notes_10th_v1_eng.pdf)

Monetary Authority (MA) 金融管理專員

The MA regulates Hong Kong authorized institutions, including banks, involved in the MPF System, focusing on their financial soundness. Relevant roles include acting as custodians, guaranteeing MPF investment products and providing continuous financial support to trustees or custodians, so several types of service fall within this function.

The MA supervises and investigates relevant registered MPF intermediaries whose core business is banking. Distinguish a bank’s financial soundness as a service provider from the sales conduct of banking sector intermediaries.

MPFA has also signed a memorandum of understanding with the MA, IA and SFC concerning regulated persons in respect of registered schemes under the MPFSO. Such cooperation supports the regulators’ respective responsibilities and protects scheme members. [Source: MPFA Study Notes, Tenth Edition, section 2.3](https://www.mpfa.org.hk/en/-/media/files/supervision/mpf-intermediaries/registration-requirements/study_notes_10th_v1_eng.pdf)