Free MPF Intermediaries Exam Practice Questions
14 sample questions · all 7 Parts · answers & explanations
These are the same questions a non-premium user previews for free in the app — the first two questions of each of the 7 Parts. Tap an answer to check yourself and read the explanation. The full app has the complete question bank and mock papers covering all 7 chapters of the MPFA's official study notes.
Under the three-pillar retirement protection framework proposed by the World Bank in 1994, which pillar does the Hong Kong MPF System belong to?
Why: According to Section 1.4 of the Study Notes, the World Bank's 1994 three-pillar framework defines Pillar Two as 'a mandatory, privately-managed, fully-funded contribution scheme.' The MPF System was designed precisely on this template and is therefore a Pillar Two system. Even after the World Bank expanded the framework to five pillars in 2005, MPF remains the second pillar. Option A describes Pillar One (a publicly-financed safety net such as CSSA), which is not a contribution-based scheme like MPF. Option D refers to Pillar Four under the 2005 five-pillar framework, not the 1994 three-pillar framework referenced in the question.
Mr Chan is a relevant employee earning a monthly salary of HK$6,500, which is below the minimum relevant income level. Under the MPF System, what mandatory contribution arrangement applies to him and his employer each month?
Why: Per Section 1.5(b) of the Study Notes, a relevant employee earning less than the minimum relevant income level (HK$7,100/month) is not required to make mandatory contributions, but the employer must still contribute 5% of that employee's relevant income. Mr Chan's HK$6,500 salary falls below the threshold, so he is exempt from contributing while his employer must still contribute 5%. Option A is wrong because the employee is exempt below the threshold. Option B is wrong because the employer's obligation does not disappear with the employee's exemption. Option D reverses the exemption direction — the policy protects low-income workers, so it is the employee (not the employer) who is exempt.
Under which ordinance was the Mandatory Provident Fund Schemes Authority (MPFA) established in September 1998?
Why: The MPFA was established in September 1998 pursuant to the Mandatory Provident Fund Schemes Ordinance (MPFSO, Cap.485) to ensure compliance with the MPFSO and to regulate, supervise and monitor the operation of the MPF System. Cap.426 is the ORSO under which the MPFA was later (in 2000) designated as Registrar of Occupational Retirement Schemes, but it is not the founding statute of the MPFA.
Which of the following is NOT a statutory function of the MPFA under the MPFSO?
Why: Determining the NAV per unit of constituent funds is an operational responsibility of approved trustees and investment managers, not an MPFA statutory function. The MPFA's functions include approving trustees, registering schemes, regulating trustee affairs, and regulating sales and marketing. Options A, B and D are all explicit MPFA functions listed under section 6E of the MPFSO.
Under the MPF legislation, what is the minimum financial requirement that a trustee must meet?
Why: Per Study Notes section 3.1.1, trustees must meet stringent requirements including paid-up share capital and net assets of at least HK$150 million each before MPFA approval. The lower HK$50 million threshold applies only to registered trust companies acting as custodians under specific conditions (section 3.2), not to trustees themselves.
Which of the following is covered by the MPF scheme's professional indemnity insurance?
Why: Per Study Notes section 3.1.2, professional indemnity insurance covers fraud and negligence by the trustee or delegated service providers, and prescribed risks like loss of scheme assets in transit. Option D is explicitly excluded — the insurance does not cover losses attributable to investing scheme funds in the ordinary course of business.
Under trust law, what is the legal position of an MPF scheme trustee in respect of the trust assets?
Why: Per Study Notes 4.1.1, a trustee is the registered owner of trust property but not the beneficial owner. The trustee merely holds the assets on trust and cannot dispose of or benefit from them except as permitted by the trust deed. Option A is wrong because the trustee is not the beneficial owner. Options C and D contradict basic trust-law concepts.
Which of the following is NOT a fiduciary duty of an MPF trustee?
Why: Study Notes 4.1.2 expressly requires trustees to act in the interest of beneficiaries, not their own. Option C violates this core fiduciary principle. The other three options correspond to items (a), (e) and (d) of 4.1.2 respectively.
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?
Why: 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.
What is the relationship between the Code on MPF Investment Funds and the SFC Code on MPF Products?
Why: 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.
Under the Occupational Retirement Schemes Ordinance (ORSO), which of the following schemes does NOT require an application for either ORSO registration or ORSO exemption?
Why: Per section 6.1.2(a), schemes contained in or established by an ordinance other than ORSO (e.g. MPF schemes under the MPFSO) fall outside ORSO's ambit and need neither registration nor exemption. Option D is an ORSO-exempted scheme that must still apply for exemption; A and D both require ORSO registration or exemption applications.
Which of the following is a feature of an MPF scheme but NOT a mandatory feature of an ORSO scheme?
Why: Per the comparison table in section 6.2, MPF requires 100% immediate vesting of the employer's mandatory contributions, whereas ORSO vesting depends on the scheme's governing rules. Options A, B, D describe ORSO features (foreign-law governance possible, DC or DB, voluntary), not MPF features.
On what date did the statutory regulatory regime for MPF intermediaries take effect?
Why: Per section 7.1, the MPFSO (Amendment) Ordinance 2012 was enacted by LegCo in June 2012 but came into operation on 1 November 2012, establishing the statutory regime. B is the enactment month rather than the commencement date; A is the launch date of the MPF System itself, not the intermediary regime.
Under the statutory regime, which body is the sole authority empowered to impose disciplinary sanctions on registered MPF intermediaries?
Why: Sections 7.1 and 7.2.6 make clear that MA, IA and SFC act as frontline regulators (FRs) for supervision and investigation, but only the MPFA may impose disciplinary sanctions. FRs cannot directly issue disciplinary orders; they refer findings to the MPFA for decision.
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