Regulation of MPF Intermediaries 強積金中介人的規管

From Administrative Arrangements to Statutory Regulation 由行政安排轉為法定規管

When the MPF System began, intermediaries were regulated through administrative arrangements. As public expectations of investor protection increased, the Government agreed to strengthen regulation through a statutory framework to give scheme members better protection.

The Legislative Council enacted the Mandatory Provident Fund Schemes (Amendment) Ordinance 2012 in June 2012, and the statutory regime began operating on 1 November 2012. Distinguish the month of enactment from the commencement date. [MPFA: 2012–13 Annual Report](https://www.mpfa.org.hk/-/media/files/information-centre/publications/mpfa-annual-reports/cht/2012-13/full-version-c.pdf)

MPFA’s Three Main Functions 積金局的三項主要職能

MPFA administers MPF intermediary registration and issues guidelines explaining compliance with statutory requirements. It also imposes disciplinary sanctions on intermediaries for non-compliance. [MPFA: Intermediary Regulation](https://www.mpfa.org.hk/en/supervision/mpf-intermediaries/regulation)

Remember these functions as registration, guidelines and disciplinary sanctions. They remain with MPFA whether an intermediary’s core business is banking, insurance or securities.

Division of Work Among Frontline Regulators 前線監督的分工

Frontline regulators supervise and investigate registered MPF intermediaries within their regulatory scope. The Monetary Authority covers banking, the Insurance Authority covers insurance, and the Securities and Futures Commission covers securities, according to the intermediary’s core business. [MPFA: Regulatory Approach](https://www.mpfa.org.hk/en/supervision/mpf-intermediaries/regulation)

For example, a registered MPF intermediary whose core business is securities comes under the SFC for frontline supervision and investigation. MPFA decides on MPF intermediary disciplinary sanctions. The key distinction is between supervising and investigating an intermediary and imposing disciplinary sanctions.

Scope of the Statutory Regime 法定制度涵蓋的範圍

The regime first addresses participation in intermediary business: prohibitions on carrying on regulated activities, registration requirements for MPF intermediaries, and the regulatory scope of frontline regulators.

Regulation after registration includes conduct requirements and other requirements, supported by supervisory and disciplinary powers. Candidates should recognise that compliance responsibilities continue after registration.

The regime also provides an appeal mechanism for registration decisions and disciplinary sanctions. Both categories of decision fall within this mechanism.