第5部份：MPF 計劃及投資

Q1 免費 Free

關於強積金計劃、成分基金及滙集投資基金的審批與認可，下列何者正確描述積金局與證監會的分工？

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. 積金局只負責處理投訴；證監會則負責所有產品審批工作
• B. 積金局負責認可發售文件中的資料披露，證監會則負責註冊強積金計劃
• C. 積金局註冊強積金計劃及審批成分基金與滙集投資基金；證監會認可該等計劃及基金，並審查發售文件中的資料披露
• D. 兩者職能完全相同，任何一方批准均屬有效

• 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

顯示答案 / Show Answer

正確答案 / Correct Answer: C

• 根據 Study Notes 5.1，積金局根據強積金條例及其附屬法規負責註冊強積金計劃及審批成分基金與滙集投資基金；證監會則負責認可該等計劃及基金、審查及認可發售文件、廣告及推廣資料的披露，並發牌予投資經理。兩者職能互補。
• 選項 B 把職能對調；C 錯誤地視兩者職能相同；D 把積金局貶為投訴處理機構，與條例分工不符。

• 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 免費 Free

《強積金投資基金守則》與《證監會強積金產品守則》的關係為何？

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

• A. 前者只適用於僱主營辦計劃，後者只適用於集成信託計劃
• B. 前者由證監會發出，後者由積金局發出
• C. 兩部守則互為補充，分別涵蓋運作/投資要求及認可/披露要求
• D. 兩部守則重複，受託人只需遵守其中一部

• 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

顯示答案 / Show Answer

正確答案 / Correct Answer: C

• 根據 Study Notes 5.1(c)，《強積金投資基金守則》由積金局發出，集中於運作與投資合規；《證監會強積金產品守則》由證監會發出，集中於認可程序與發售文件披露。兩部守則互為補充。
• 選項 B 把發證機構對調；B 違反互為補充原則；D 計劃類型分配並無依據。

• 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.