Overview of Regulatory Framework 規管架構概覽

MPF Scheme Oversight and Its Regulatory Basis 強積金計劃的監督及規管依據

Start with two questions: who supervises MPF scheme administration and management, and what framework applies? The authority is the MPFA, and the framework includes MPF legislation together with relevant codes and guidelines. [Source: MPFA Study Notes, Tenth Edition, section 2.1](https://www.mpfa.org.hk/en/-/media/files/supervision/mpf-intermediaries/registration-requirements/study_notes_10th_v1_eng.pdf#page=17)

Legislation, codes and guidelines all matter when understanding this framework. An answer referring only to legislation, or suggesting that scheme administration and management are entirely matters of industry choice, gives an incomplete account of the MPFA’s supervisory role.

The Registrar of Occupational Retirement Schemes 職業退休計劃註冊處處長的身分

Under the Occupational Retirement Schemes Ordinance (ORSO), Cap. 426, the MPFA holds the role of Registrar of Occupational Retirement Schemes. Its regulatory responsibilities therefore also cover occupational retirement schemes. [Source: MPFA, Mission and Role](https://www.mpfa.org.hk/en/mpfa/mission-and-role)

One authority can perform different functions under different legal frameworks. In an employer’s retirement scheme scenario, first identify whether the question concerns an MPF scheme or an occupational retirement scheme, then identify the MPFA’s relevant role.

Guidance for the Industry 向業界提供指導

Circulars and standards are further ways in which the MPFA guides the industry. Remember their purpose alongside the wider framework: legislation and relevant codes and guidelines inform supervision, while circulars and standards provide industry guidance. Issuing a circular or standard does not mean that legislation and other relevant regulatory documents have been replaced. [Source: MPFA Study Notes, Tenth Edition, section 2.1](https://www.mpfa.org.hk/en/-/media/files/supervision/mpf-intermediaries/registration-requirements/study_notes_10th_v1_eng.pdf#page=17)

Oversight of the eMPF Platform 積金易平台的監督

The MPFA also oversees how the eMPF Platform operates. Its responsibilities include approving operating rules and issuing directions or instructions it considers appropriate to protect the Platform’s integrity and stability, addressing both the system operator and MPF trustees. [Source: MPFA, Mission and Role](https://www.mpfa.org.hk/en/mpfa/mission-and-role)

Remember both the recipients and the purpose: directions or instructions may address the system operator and MPF trustees, and serve to safeguard the Platform’s integrity and stability. An answer naming only the system operator leaves out another relevant group.