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Chapter 5: MPF Schemes and Investment

MPF Intermediaries Examination · Chapter 5: MPF Schemes and Investment

Q1 Free

Regarding the approval and authorization of MPF schemes, constituent funds and pooled investment funds, which of the following correctly describes the division of work between the MPFA and the SFC?

  • A. MPFA only handles complaints while the SFC is responsible for all product approvals
  • B. MPFA authorizes the disclosure of information in offering documents while the SFC registers MPF schemes
  • C. MPFA registers MPF schemes and approves constituent funds and pooled investment funds; the SFC authorizes these and vets the disclosure in offering documents
  • D. Their functions are identical and approval by either is valid
Show Answer

Correct Answer: C

  • Per Study Notes 5.1, the MPFA registers MPF schemes and approves constituent funds and pooled investment funds under the MPF Ordinance, while the SFC authorizes them and vets the disclosure in offering documents, advertisements and marketing materials, and licenses investment managers. The functions are complementary.
  • Option B swaps the roles; C wrongly equates them; D mischaracterizes the MPFA as merely a complaints body.
Q2 Free

What is the relationship between the Code on MPF Investment Funds and the SFC Code on MPF Products?

  • A. The former applies only to employer sponsored schemes and the latter only to master trust schemes
  • B. The former is issued by the SFC and the latter by the MPFA
  • C. The two codes are complementary, covering operational/investment requirements and authorization/disclosure requirements respectively
  • D. The two codes overlap and trustees need only comply with one
Show Answer

Correct Answer: C

  • Per Study Notes 5.1(c), the Code on MPF Investment Funds (MPFA) focuses on operational and investment compliance, while the SFC Code on MPF Products focuses on authorization and offering document disclosure. They are complementary.
  • A swaps the issuers; B contradicts the complementary nature; D's scheme-type division has no basis.

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