Loading…
IIQEPrepStudyingPaper 1
Switch exam
MPF intermediaries
MPFMPF Intermediaries ExaminationIIQE MPF · Topic 2
MPF exam chapter 2 (6% of the paper): the MPFA's functions, what the SFC, the IA and the Monetary Authority each regulate in MPF, and the legislation stack from the MPFSO (Cap. 485) and its regulations to the MPFA's codes, guidelines and standards.
5 min read4 sections
Checked against the MPF Study Notes, Tenth Edition (June 2026; for exams from 1 Oct 2026), chapter 2. Reviewed 6 Nov 2026.. Independent prep, not endorsed by the MPFA or any examination provider.
Chapter 2 is 6% of the paper, about five questions. Most of them ask which regulator does a given job, so a single table carries the chapter.
| Regulator | Its MPF role |
|---|---|
| MPFA | Registers MPF schemes, approves and supervises trustees, registers MPF intermediaries and is the sole authority for disciplining them, makes rules and guidelines, oversees the eMPF Platform, and is Registrar of Occupational Retirement Schemes |
| Securities and Futures Commission (SFC) | Authorises MPF schemes, constituent funds and pooled investment funds by vetting their offering documents and marketing materials; licenses investment managers and custodians engaged in securities lending; frontline regulator for intermediaries whose core business is securities |
| Insurance Authority (IA) | Makes sure insurers providing MPF services are run properly and can meet their liabilities under the Insurance Ordinance (Cap. 41); frontline regulator for intermediaries whose core business is insurance |
| Monetary Authority (MA) | Regulates banks and other authorized institutions acting as custodians, guarantors of MPF products or providers of financial support to trustees; frontline regulator for intermediaries whose core business is banking |
The regulators coordinate through memoranda of understanding, including one between the MPFA and the SFC on MPF products and one covering the MPFA, the MA, the IA and the SFC on regulated persons.
Trap: the SFC, not the MPFA, authorises MPF product documents and marketing materials. The MPFA registers the scheme; the SFC vets what is said about it.
Every note. Every question. One pass.
2 more sections of this note are part of Premium.
Passes from HK$148, pay once, no auto-renew
The MPFA regulates and supervises the MPF System. The SFC authorises MPF products and their marketing materials, the IA supervises insurers involved in MPF, and the Monetary Authority supervises banks acting as custodians or guarantors. The IA, SFC and Monetary Authority are also frontline regulators for MPF intermediaries.
They are MPF subsidiary legislation: the MPF Schemes (General) Regulation (Cap. 485A), the MPF Schemes (Exemption) Regulation (Cap. 485B), both made in 1998, and the MPF Schemes (Fees) Regulation (Cap. 485C), made in 1999.
Yes. The MPFA is the Registrar of Occupational Retirement Schemes under ORSO (Cap. 426), a role it took over on 10 January 2000.
Takeaway: MPFA runs the system and disciplines intermediaries; SFC authorises products and licenses managers; IA and MA cover insurers and banks.
The Mandatory Provident Fund Schemes Ordinance (MPFSO, Cap. 485) is the principal law. It sets up privately managed, employment-related schemes, provides for contributions, scheme registration, trustee approval and control, exempt classes of persons, the MPFA itself, and the regulation of sales, marketing and advice.
| Layer | Made by | Examples |
|---|---|---|
| Ordinance | Legislative Council | MPFSO (Cap. 485) |
| Regulations (subsidiary legislation) | Chief Executive in Council, under MPFSO s.46 | General Regulation (Cap. 485A) and Exemption Regulation (Cap. 485B), 1998; Fees Regulation (Cap. 485C), 1999 |
| Rules (subsidiary legislation) | MPFA, under MPFSO s.47 | Rules on scheme administration and payment of mandatory contributions |
| Codes, guidelines and standards | MPFA | Code on MPF Investment Funds; Code on Disclosure for MPF Investment Funds; Compliance Standards for MPF Approved Trustees; Guidelines on Conduct Requirements for Registered Intermediaries |
Regulations under s.46 cover matters such as trustee requirements, enrolment, contributions, portability, withdrawal, investment rules, ORSO exemption and fees. The MPFA also issues circulars to guide the industry.
The statutory regime for MPF intermediaries came in through the MPF Schemes (Amendment) Ordinance 2012, in force from 1 November 2012 (see chapter 7).
Trap: regulations are made by the Chief Executive in Council, not by the MPFA. The MPFA's own subsidiary legislation is rules under s.47.
Takeaway: Cap. 485 is the parent law; 485A general, 485B exemption, 485C fees. Section 46 regulations come from the Chief Executive in Council, section 47 rules from the MPFA.