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Monetary Authority

The Hong Kong Monetary Authority is the government authority responsible for maintaining monetary and banking stability. It maintains currency stability within the framework of the Linked Exchange Rate system, helps maintain Hong Kong's status as an international financial centre, and manages the Exchange Fund.

Mandatory Provident Fund Schemes Authority

The mission of the Mandatory Provident Fund Schemes Authority is to ensure the provision of retirement protection for Hong Kong's workforce through an effective and efficient system of prudential regulation and supervision of privately managed provident fund schemes.

Legislative Council

The Legislative Council's main functions are to enact laws, control public expenditure, and monitor the work of the Government.

Financial Services & the Treasury

The Financial Services & the Treasury Bureau works closely with market regulators and participants to strengthen Hong Kong's role as an international financial centre. The Treasury formulates and implements policies and procedures to ensure effective control and management of public revenues and expenditure.

MPF regulations reviewed

March 28, 2011

The Financial Services & the Treasury Bureau has submitted a Legislative Council paper on enhancing the regulation of Mandatory Provident Fund intermediaries' sales and marketing activities.

 

The bureau will table a bill at the Legislative Council this year, aiming to complete legislative amendments by mid-2012.

 

The legislative proposals will establish a statutory regulatory regime for MPF intermediaries before the implementation of the Employee Choice Arrangement to better protect the interests of more than 2.5 million MPF scheme members.

 

The legislation will include prohibitions against engaging in regulated MPF sales and marketing activities other than by registered MPF intermediaries; a registration regime for MPF intermediaries; and powers for relevant regulators to enforce conduct requirements on MPF intermediaries. It is proposed there should be a two-year transitional period for pre-existing MPF intermediaries.

 

The proposed regulatory regime for MPF intermediaries is modelled on the existing administrative arrangements, with modifications and enhancement as appropriate. The Mandatory Provident Fund Schemes Authority will continue to be responsible for setting the standards for the industry and remain as the registration authority, while the Hong Kong Monetary Authority, Insurance Authority, and Securities & Futures Commission will be the frontline regulators.

 

The bureau said this approach will minimise disruption to the existing regulatory arrangements and facilitate early implementation of the Employee Choice Arrangement.

 

Click here for the legislative paper. Comments should be emailed to the bureau by April 30.

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