p.7
Types of Registered Intermediaries
What defines a Type A regulatee in relation to the Insurance Authority?
A company authorized to carry on long term business or a licensed long term insurance broker company.
p.14
Approval Criteria for Registration
What is required for an individual to be approved as a Responsible Officer under section 34W(1) of the MPFSO?
The individual must be a subsidiary intermediary attached to the applicant.
p.8
Roles of Principal and Subsidiary Intermediaries
What is the role of an executive officer of a registered institution under section 71D of the BO?
To be responsible for directly supervising the conduct of each business that constitutes Type 1 or Type 4 regulated activity.
p.8
Types of Registered Intermediaries
Who is licensed under section 120 of the SFO?
A person licensed to carry on Type 1 or Type 4 regulated activity.
p.21
Grant of Registration and Approval
What must the MPFA do once all requirements for registration are met?
Grant registration and/or approval and give written notice to all related persons.
p.7
Types of Registered Intermediaries
What defines a Type B regulatee in relation to the Insurance Authority?
A licensed long term individual insurance agent, agency, or technical representative.
p.21
Grant of Registration and Approval
How can the MPFA send written notices?
By post, email, or the MPFA designated electronic system (eService).
p.20
Application Procedures for Registration
What occurs when the MPFA rejects an application for registration as a principal intermediary?
Accompanying applications under section 34T(2)(a) or (b) will also be rejected.
p.7
Types of Registered Intermediaries
What is a Type A regulatee in relation to the Monetary Authority?
An authorized financial institution registered for Type 1 or Type 4 regulated activity under the SFO.
p.22
Roles of Principal and Subsidiary Intermediaries
What does MPFA do after registering a principal intermediary?
Assigns an industry regulator as the frontline regulator of the person.
p.22
Roles of Principal and Subsidiary Intermediaries
What happens if a principal intermediary is a Type A regulatee of only one industry regulator?
That industry regulator is assigned as the frontline regulator.
p.8
Types of Registered Intermediaries
What does Type 1 or Type 4 regulated activity refer to?
Activities defined within the meaning of the SFO.
p.9
Types of Registered Intermediaries
What defines a principal intermediary under the MPFSO?
A person registered under the MPFSO for carrying on regulated activities, who is a Type A regulatee and meets all other statutory requirements.
p.20
Application Procedures for Registration
Under what circumstances will the MPFA reject an application?
If the statutory requirements are not met or insufficient information is provided.
p.4
Introduction to MPF Intermediary Registration
What document became obsolete after 31 October 2012?
The 'Guide to Registration as MPF Intermediaries' issued in October 2008.
p.1
Introduction to MPF Intermediary Registration
What is the purpose of the MPF Intermediary Registration Handbook?
To provide guidelines and procedures for the registration of MPF intermediaries.
p.17
Application Procedures for Registration
What is required if an individual has not yet been registered as a subsidiary intermediary?
The individual must complete an application form for registration as a subsidiary intermediary and approval of attachment [Form INT - 2].
p.11
Approval Criteria for Registration
What must not have happened to the principal applicant within one year before the application?
The principal applicant must not have had any qualification as a Type A regulatee revoked on disciplinary grounds.
p.4
Conditions Imposed on Registration
What is the role of the Handbook in relation to legislative provisions?
It is complementary to and does not replace any legislative provisions or guidelines issued by the Authority or industry regulators.
p.9
Types of Registered Intermediaries
What is the role of a subsidiary intermediary?
A person registered under the MPFSO for carrying on regulated activities for a principal intermediary to which they are attached, and must be a Type B regulatee.
p.7
Types of Registered Intermediaries
What does a Type A regulatee mean in relation to the Securities and Futures Commission?
A corporation licensed to carry on Type 1 or Type 4 regulated activity under the SFO.
p.17
Application Procedures for Registration
What must a principal intermediary complete if a subsidiary intermediary is already registered but not attached?
An application form for approval of attachment of a subsidiary intermediary to a principal intermediary [Form INT - 5].
p.9
Types of Registered Intermediaries
What must a principal intermediary establish and maintain?
Proper controls and procedures for securing compliance with Part 4A of the MPFSO for itself and each subsidiary intermediary.
p.1
Prohibition of Regulated Activities
What does the prohibition against carrying on regulated activities entail?
It restricts certain activities unless exceptions apply.
p.12
Application Procedures for Registration
What is the purpose of the application under section 34W(1) of the MPFSO?
To approve the individual as a responsible officer in relation to the principal applicant.
p.21
Conditions Imposed on Registration
Can the MPFA amend or revoke conditions after registration?
Yes, the MPFA may amend or revoke any conditions imposed.
p.13
Application Procedures for Registration
What must accompany the application for registration as a subsidiary intermediary?
An application made by a principal intermediary for approval of attachment of the principal applicant.
p.15
Application Procedures for Registration
What is the first step for a corporation seeking to be a principal intermediary under section 34T(1) of the MPFSO?
Complete an application form for registration as a principal intermediary (Form INT-1).
p.15
Application Procedures for Registration
What must accompany the application form for a principal intermediary?
An application form for registration as a subsidiary intermediary who will act as a responsible officer (Form INT-2).
p.15
Application Procedures for Registration
What should a corporation do if it wants to engage an already-registered subsidiary intermediary?
Complete an application for approval of attachment (Form INT-5) instead of Form INT-2.
p.20
Application Procedures for Registration
What happens when the MPFA rejects an application for registration as a subsidiary intermediary?
The accompanying application for approval of attachment to a principal intermediary will also be rejected.
p.1
Types of Registered Intermediaries
Who can be registered as a registered intermediary?
Individuals or entities that meet specific criteria outlined in the handbook.
p.16
Application Procedures for Registration
What must an individual complete to register as a subsidiary intermediary?
An application form for registration as a subsidiary intermediary and approval of attachment to a principal intermediary.
p.18
Application Procedures for Registration
What is required for a limited company with two or more directors to sign the application forms?
Two directors authorized by the board of directors.
p.18
Application Procedures for Registration
Where can application forms be obtained?
From the MPFA office or downloaded from the MPFA website.
p.8
Introduction to MPF Intermediary Registration
What does SFO stand for?
Securities and Futures Ordinance.
p.13
Approval Criteria for Registration
What must the principal applicant not be disqualified by according to section 34ZW(3)(a)(ii) of the MPFSO?
The MPFA from being registered as an intermediary for carrying on regulated activities.
p.7
Types of Registered Intermediaries
What is a Type B regulatee in relation to the Monetary Authority?
A relevant individual registered under the Banking Ordinance engaged in Type 1 or Type 4 regulated activity.
p.4
Approval Criteria for Registration
What is the purpose of the 'Handbook on MPF Intermediary Registration'?
To outline main provisions of the MPFSO related to registration matters and provide guidance on approval criteria and application procedures.
p.4
Conditions Imposed on Registration
Does the Handbook have the force of law?
No, it does not have the force of law and should not override any legal provisions.
p.22
Roles of Principal and Subsidiary Intermediaries
What occurs after MPFA approves an individual as a responsible officer of a principal intermediary?
The frontline regulator of the principal intermediary is assigned as the frontline regulator of the individual.
p.7
Types of Registered Intermediaries
Who can be registered as a registered intermediary?
Only a person who is a Type A or Type B regulatee and has satisfied other statutory requirements of the MPFSO.
p.9
Types of Registered Intermediaries
Who qualifies as a responsible officer of a principal intermediary?
An individual approved under the MPFSO with specified responsibilities related to the principal intermediary, who must also be a subsidiary intermediary.
p.9
Types of Registered Intermediaries
What are the specified responsibilities of a responsible officer?
To ensure the principal intermediary has proper controls and procedures for compliance with Part 4A of the MPFSO and to secure observance by subsidiary intermediaries.
p.12
Application Procedures for Registration
What must the principal applicant do to approve the attachment of an individual?
Apply under section 34V(1) of the MPFSO.
p.15
Application Procedures for Registration
How many responsible officers must a principal intermediary have?
At least one responsible officer, who must be a subsidiary intermediary attached to the principal intermediary.
p.6
Prohibition of Regulated Activities
What does Section 34L (2) of the MPFSO state?
It prohibits a person from holding themselves out as carrying on regulated activities in the course of their business or employment, or for reward.
p.17
Roles of Principal and Subsidiary Intermediaries
What does the MPFA not encourage regarding responsible officers?
An individual acting as a responsible officer of more than one principal intermediary.
p.10
Roles of Principal and Subsidiary Intermediaries
What support must be provided to the responsible officer?
Sufficient resources and support for carrying out specified responsibilities.
p.17
Application Procedures for Registration
What must a principal intermediary or corporation seeking to be a principal intermediary do?
Consent to the attachment of the subsidiary intermediary and complete an application for approval of attachment [Form INT - 5].
p.2
Approval Criteria for Registration
What is the purpose of the approval of application section?
To outline the process for approving applications for registration.
p.11
Approval Criteria for Registration
What disqualifies a principal applicant from being registered as an intermediary?
Being disqualified by the MPFA under section 34ZW(3)(a)(ii) of the MPFSO.
p.16
Application Procedures for Registration
What must a licensed long-term insurance agency complete to register as a subsidiary intermediary?
An application form for registration and approval of attachment to a principal intermediary.
p.2
Roles of Principal and Subsidiary Intermediaries
What is the role of a frontline regulator for a principal intermediary?
To oversee and ensure compliance of the principal intermediary.
p.4
Introduction to MPF Intermediary Registration
What significant change occurred on 1 November 2012 regarding MPF intermediaries?
The existing administrative arrangements for the regulation of MPF intermediaries' sales and marketing activities were replaced by a new statutory regulatory regime.
p.14
Approval Criteria for Registration
What authority must the individual have within the applicant for approval as a Responsible Officer?
The individual must have sufficient authority and will be provided with sufficient resources and support.
p.14
Approval Criteria for Registration
What is the time frame regarding previous approvals for an individual applying as a Responsible Officer?
The individual must not have had an approval revoked by the MPFA within one year before the application date.
p.11
Approval Criteria for Registration
What is a requirement for a principal applicant to register as a principal intermediary?
The principal applicant must be a Type A regulatee of an industry regulator.
p.6
Prohibition of Regulated Activities
What does Section 34L (1) of the MPFSO prohibit?
It prohibits a person from carrying on regulated activities in the course of their business or employment, or for reward.
p.16
Roles of Principal and Subsidiary Intermediaries
Why are intermediaries encouraged to have more than one responsible officer?
To minimize the risk of not being able to carry on regulated activities if the approval of the only responsible officer is revoked or suspended.
p.6
Prohibition of Regulated Activities
What titles are prohibited under Section 34L (3) of the MPFSO?
The titles 'principal intermediary' and 'subsidiary intermediary', or any title suggesting the person carries on regulated activities.
p.10
Roles of Principal and Subsidiary Intermediaries
What records must a principal intermediary keep?
Records of activities carried out by itself and every subsidiary intermediary.
p.18
Application Procedures for Registration
What are the required supporting documents for registration as a principal intermediary?
A copy of the business registration certificate and a copy of the certificate of incorporation or registration for a limited company.
p.19
Application Procedures for Registration
Can an applicant withdraw their application after submission?
Yes, prior to approval or rejection, but the application fee will not be refunded.
How should references to 'it' or 'its' in relation to a registered intermediary be construed?
As including 'he' or 'his', 'she' or 'her', as the case may be.
p.12
Application Procedures for Registration
What is required for an individual to apply as a responsible officer for a principal applicant?
The individual must not yet be registered as a subsidiary intermediary.
p.21
Conditions Imposed on Registration
What conditions can the MPFA impose on registration?
Any conditions it considers appropriate for principal or subsidiary intermediaries.
p.10
Roles of Principal and Subsidiary Intermediaries
What authority must the responsible officer have within the principal intermediary?
Sufficient authority for carrying out specified responsibilities.
p.1
Types of Registered Intermediaries
What are the two types of regulated persons mentioned?
Principal Intermediary and Subsidiary Intermediary.
p.12
Approval Criteria for Registration
What disciplinary condition must be met regarding the principal applicant's qualifications?
The principal applicant must not have had any qualification as a Type B regulatee revoked on disciplinary grounds within the past year.
p.1
Application Procedures for Registration
What is involved in the application procedures for registration?
Includes obtaining forms, signing requirements, and submitting applications.
p.11
Approval Criteria for Registration
What does the term 'principal applicant' refer to?
A person who applies under section 34T(1) for registration as an intermediary to carry on regulated activities.
p.2
Forms and Fees for Application
What forms are required for a subsidiary intermediary?
Forms to be completed and signed by subsidiary and/or principal intermediary.
p.20
Application Procedures for Registration
What happens to the application fee if the MPFA rejects an application?
The application fee will not be refunded.
p.4
Application Procedures for Registration
What do the Guidelines VI.1 provide?
They set out prescribed forms for registration and specify qualifying examinations required for MPF intermediaries.
p.22
Roles of Principal and Subsidiary Intermediaries
How does MPFA assign a frontline regulator for a principal intermediary with multiple industry regulators?
It considers the majority of the business activities of the principal intermediary.
p.17
Application Procedures for Registration
What must be done for the application form for a subsidiary intermediary?
It must be signed by the relevant principal intermediary.
p.20
Application Procedures for Registration
What must the MPFA provide when it rejects an application?
A written notice with a statement of reasons for rejection.
p.12
Approval Criteria for Registration
What type of regulator must the principal applicant be to apply for registration as a subsidiary intermediary?
A Type B regulatee of an industry regulator.
p.21
Conditions Imposed on Registration
What must the MPFA provide when conditions are imposed or amended?
A written notification to the relevant parties and a statement of reasons.
p.19
Application Procedures for Registration
What is required for an individual intermediary's application?
A copy of the principal applicant’s Hong Kong Identity Card.
p.12
Approval Criteria for Registration
What is the significance of section 34ZW(3)(a)(i) of the MPFSO in the application process?
It states that the principal applicant must not have had a registration as a registered intermediary revoked within the past year.
p.10
Roles of Principal and Subsidiary Intermediaries
What must a responsible officer of a principal intermediary do?
Use their best endeavours to carry out specified responsibilities.
p.21
Grant of Registration and Approval
What must the MPFA approve when registering a principal intermediary?
The accompanying applications under section 34T(2)(a) or (b) of the MPFSO at the same time.
p.14
Approval Criteria for Registration
What disqualifications must be checked for an individual applying as a Responsible Officer?
The individual must not be disqualified by the MPFA under section 34ZW(4)(a)(ii) of the MPFSO.
p.13
Approval Criteria for Registration
What happens if the principal applicant has been registered as a subsidiary intermediary within the last three years?
The registration must not have been revoked due to non-compliance with the continuing training requirement.
p.20
Application Procedures for Registration
Are relevant parties allowed to make representations regarding a rejected application?
Yes, they will be given an opportunity to make representations.
p.11
Approval Criteria for Registration
What must not have happened to the principal applicant's registration within one year before the application?
The principal applicant must not have had a registration as a registered intermediary revoked by the MPFA.
p.6
Prohibition of Regulated Activities
Can a principal intermediary use the title 'principal intermediary'?
Yes, Section 34L allows them to take or use that title.
p.6
Prohibition of Regulated Activities
Where can one find FAQs about the prohibition under the MPFSO?
On the MPFA website (www.mpfa.org.hk).
What does a term in the Handbook carry if it is used or defined in the MPFSO or MPFSGR?
The same meaning as used or defined in the MPFSO or MPFSGR.
What does a reference to a 'section' in the Handbook mean?
A reference to a section in the MPFSO or MPFSGR.
p.13
Approval Criteria for Registration
What is required of the principal applicant if they are an individual?
They must have passed a qualifying examination specified by the MPFA within one year before the application date.
p.10
Roles of Principal and Subsidiary Intermediaries
What must a principal intermediary do to ensure compliance by subsidiary intermediaries?
Use its best endeavours to secure observance of established controls and procedures.
p.13
Approval Criteria for Registration
What are the conditions for approving an application for attachment of a subsidiary intermediary?
The applicant must consent, the subsidiary intermediary must be employed by or act as an agent for the applicant, and must be a Type B regulatee of the industry regulator.
p.20
Application Procedures for Registration
What can be done if the MPFA decides to reject an application after considering representations?
An appeal can be submitted to the Mandatory Provident Fund Schemes Appeal Board within two months.
p.1
Application Procedures for Registration
What should be done if an application needs to be withdrawn?
Follow the specified procedures for withdrawal as outlined in the handbook.
p.2
Notification of Changes in Circumstances
What must a principal intermediary do to notify changes in circumstances?
Submit a notification as outlined in the relevant section.
What is the definition source for 'frontline regulator'?
Section 34 E of the MPFSO.
p.15
Application Procedures for Registration
What is required for the approval of an individual as a responsible officer?
Complete Form INT-4, Application for Approval of an Individual as a Responsible Officer, signed by the individual.
p.22
Roles of Principal and Subsidiary Intermediaries
What is the frontline regulator assignment process for a subsidiary intermediary?
The frontline regulator of the principal intermediary is assigned as the frontline regulator of the subsidiary intermediary.
p.11
Approval Criteria for Registration
What is required regarding the suspension of qualifications for the principal applicant?
The principal applicant must not have any qualification as a Type A regulatee suspended.
p.4
Conditions Imposed on Registration
What should individuals do if they have doubts regarding registration matters?
They should obtain their own legal and/or professional advice.
p.1
Types of Registered Intermediaries
What is a Responsible Officer in the context of MPF intermediaries?
An individual responsible for overseeing the operations of an intermediary.
p.2
Approval Criteria for Registration
What happens if an application is rejected?
The rejection of application section details the reasons and process for rejection.
p.2
Conditions Imposed on Registration
What conditions may be imposed on the approval of an application?
Conditions imposed on approval of application are specified in the relevant section.
p.10
Types of Registered Intermediaries
What is required for a subsidiary intermediary to carry on regulated activities?
Must be employed by or act as an agent of a principal intermediary and be approved by the MPFA.
p.2
Register of Intermediaries
What is included in the register of intermediaries?
Particulars of principal and subsidiary intermediaries.
What do references to legislation, regulations, rules, codes, or guidelines include?
Such legislation, regulations, rules, codes, or guidelines as they are replaced, amended, or supplemented from time to time.
p.18
Application Procedures for Registration
Who signs the application forms if the principal applicant is a limited company with a sole director?
The director of the principal applicant.
p.16
Approval Criteria for Registration
What must a principal intermediary do to approve an individual as its responsible officer?
Complete an application form for approval of the individual as a responsible officer.
p.2
Performance Pledges for Registration
What is the purpose of performance pledges for registration?
To establish commitments for the registration of intermediaries and approval of responsible officers.
p.6
Prohibition of Regulated Activities
What exceptions does Section 34L of the MPFSO provide?
It allows principal intermediaries and subsidiary intermediaries to carry on regulated activities under certain conditions.
p.1
Approval Criteria for Registration
What are the basic approval criteria for a Principal Intermediary?
Criteria that must be met for registration as a Principal Intermediary.
p.11
Application Procedures for Registration
What must accompany an application for registration as a principal intermediary?
An application for approval of attachment of a subsidiary intermediary and for the subsidiary intermediary as a responsible officer.
p.18
Application Procedures for Registration
What must be ensured before submitting an application?
The application form(s) must be fully completed, supporting documents enclosed, and application fees paid.
p.10
Roles of Principal and Subsidiary Intermediaries
What is the compliance requirement for the principal intermediary under section 34ZL(1) of the MPFSO?
To ascertain compliance with the specified regulations.
p.10
Roles of Principal and Subsidiary Intermediaries
Who must be a responsible officer of a principal intermediary?
At least one responsible officer must be a subsidiary intermediary attached to it.
p.6
Prohibition of Regulated Activities
What does Section 34M(3) to (6) of the MPFSO outline?
It outlines certain circumstances under which other persons or corporations may carry on regulated activities or give regulated advice.
p.19
Application Procedures for Registration
What happens if the application forms are sent by post with insufficient postage?
They will be returned to the sender or disposed of by Hongkong Post.
p.2
Notification of Changes in Circumstances
What is the significance of the date of notification?
It marks when the notification of changes is officially recognized.
