Where can one find the forms to be signed by principal and subsidiary intermediaries?
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In Appendix A.
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Where can one find the forms to be signed by principal and subsidiary intermediaries?
In Appendix A.
What section is referenced in the document?
Appendix C
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.
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.
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.
Who is licensed under section 120 of the SFO?
A person licensed to carry on Type 1 or Type 4 regulated activity.
What is the date of the document?
June 2024
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.
What defines a Type B regulatee in relation to the Insurance Authority?
A licensed long term individual insurance agent, agency, or technical representative.
How can the MPFA send written notices?
By post, email, or the MPFA designated electronic system (eService).
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.
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.
What does MPFA do after registering a principal intermediary?
Assigns an industry regulator as the frontline regulator of the person.
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.
What is the version number mentioned in the document?
Version 1.5
What does Type 1 or Type 4 regulated activity refer to?
Activities defined within the meaning of the SFO.
What page number is indicated in the document?
Page 3
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.
Under what circumstances will the MPFA reject an application?
If the statutory requirements are not met or insufficient information is provided.
What document became obsolete after 31 October 2012?
The 'Guide to Registration as MPF Intermediaries' issued in October 2008.
What is the purpose of the MPF Intermediary Registration Handbook?
To provide guidelines and procedures for the registration of MPF intermediaries.
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].
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.
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.
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.
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.
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].
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.
What does the prohibition against carrying on regulated activities entail?
It restricts certain activities unless exceptions apply.
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.
Can the MPFA amend or revoke conditions after registration?
Yes, the MPFA may amend or revoke any conditions imposed.
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.
How many partners need to sign the application forms if the principal applicant is a partnership?
Two partners.
What is the content mentioned in the appendix?
Forms.
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).
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).
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.
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.
Who can be registered as a registered intermediary?
Individuals or entities that meet specific criteria outlined in the handbook.
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.
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.
Where can application forms be obtained?
From the MPFA office or downloaded from the MPFA website.
What does SFO stand for?
Securities and Futures Ordinance.
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.
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.
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.
Does the Handbook have the force of law?
No, it does not have the force of law and should not override any legal provisions.
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.
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.
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.
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.
What must the principal applicant do to approve the attachment of an individual?
Apply under section 34V(1) of the MPFSO.
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.
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.
What does the MPFA not encourage regarding responsible officers?
An individual acting as a responsible officer of more than one principal intermediary.
What support must be provided to the responsible officer?
Sufficient resources and support for carrying out specified responsibilities.
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].
What is the purpose of the approval of application section?
To outline the process for approving applications 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.
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.
What is the role of a frontline regulator for a principal intermediary?
To oversee and ensure compliance of the principal intermediary.
What is the form number for the application to approve an individual as a responsible officer?
Form INT - 4.
Where can one find details about total application fees for different scenarios?
In Appendix B.
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.
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.
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.
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.
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.
Who must sign the application forms if the principal applicant is a sole proprietorship?
The sole proprietor.
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.
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.
What records must a principal intermediary keep?
Records of activities carried out by itself and every subsidiary intermediary.
What is the form number for an individual applying as a subsidiary intermediary?
Form INT - 2.
What is the fee for the approval of attachment of a subsidiary intermediary to a principal intermediary?
$130.
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.
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.
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.
Under which section of the MPFSO can an individual apply for registration as an intermediary?
Section 34U(1).
What conditions can the MPFA impose on registration?
Any conditions it considers appropriate for principal or subsidiary intermediaries.
What authority must the responsible officer have within the principal intermediary?
Sufficient authority for carrying out specified responsibilities.
What are the two types of regulated persons mentioned?
Principal Intermediary and Subsidiary Intermediary.
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.
What is involved in the application procedures for registration?
Includes obtaining forms, signing requirements, and submitting applications.
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.
What forms are required for a subsidiary intermediary?
Forms to be completed and signed by subsidiary and/or principal intermediary.
What happens to the application fee if the MPFA rejects an application?
The application fee will not be refunded.
What do the Guidelines VI.1 provide?
They set out prescribed forms for registration and specify qualifying examinations required for MPF 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.
What must be done for the application form for a subsidiary intermediary?
It must be signed by the relevant principal intermediary.
What must the MPFA provide when it rejects an application?
A written notice with a statement of reasons for rejection.
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.
What must the MPFA provide when conditions are imposed or amended?
A written notification to the relevant parties and a statement of reasons.
What is required for an individual intermediary's application?
A copy of the principal applicant’s Hong Kong Identity Card.
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.
For more information on which forms to use in different scenarios, where should one refer?
Appendix B.
What is the form number for a licensed long-term insurance agency applying as a subsidiary intermediary?
Form INT - 3.
What must a responsible officer of a principal intermediary do?
Use their best endeavours to carry out specified responsibilities.
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.
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.
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.
Are relevant parties allowed to make representations regarding a rejected application?
Yes, they will be given an opportunity to make representations.
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.
Can a principal intermediary use the title 'principal intermediary'?
Yes, Section 34L allows them to take or use that title.
Where can one find FAQs about the prohibition under the MPFSO?
On the MPFA website (www.mpfa.org.hk).
What is the application fee for approval as a responsible officer?
$660.
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.
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.
What must a principal intermediary do to ensure compliance by subsidiary intermediaries?
Use its best endeavours to secure observance of established controls and procedures.
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.
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.
What is the application fee for registration as a subsidiary intermediary?
$290.
What should be done if an application needs to be withdrawn?
Follow the specified procedures for withdrawal as outlined in the handbook.
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.
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.
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.
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.
What should individuals do if they have doubts regarding registration matters?
They should obtain their own legal and/or professional advice.
What is a Responsible Officer in the context of MPF intermediaries?
An individual responsible for overseeing the operations of an intermediary.
What happens if an application is rejected?
The rejection of application section details the reasons and process for rejection.
What conditions may be imposed on the approval of an application?
Conditions imposed on approval of application are specified in the relevant section.
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.
What is included in the register of intermediaries?
Particulars of principal and subsidiary intermediaries.
What is the definition source for 'registered intermediary'?
Section 2 of the MPFSO.
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.
Who signs the application forms if the principal applicant is a limited company with a sole director?
The director of the principal applicant.
What is the application fee for registration as a principal intermediary?
$2,340.
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.
What is the purpose of performance pledges for registration?
To establish commitments for the registration of intermediaries and approval of responsible officers.
What exceptions does Section 34L of the MPFSO provide?
It allows principal intermediaries and subsidiary intermediaries to carry on regulated activities under certain conditions.
What are the basic approval criteria for a Principal Intermediary?
Criteria that must be met for registration as a Principal Intermediary.
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.
What must be ensured before submitting an application?
The application form(s) must be fully completed, supporting documents enclosed, and application fees paid.
How should application forms and fees be submitted to the MPFA?
By hand or by post.
What is the compliance requirement for the principal intermediary under section 34ZL(1) of the MPFSO?
To ascertain compliance with the specified regulations.
Who must be a responsible officer of a principal intermediary?
At least one responsible officer must be a subsidiary intermediary attached to it.
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.
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.
What is the significance of the date of notification?
It marks when the notification of changes is officially recognized.
