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The Mandatory Provident Fund Schemes Authority (MPFA) announced today (Saturday) that it has approved the first batch of 21 MPF corporate trustees.

These approved corporate trustees may act as trustees of master trust schemes, employer sponsored schemes, industry schemes as well as approved pooled investment funds established as unit trusts.

Since the applicants submitted their applications for approval in August 1999, the MPFA has undertaken detailed examination of the applications and consulted the relevant law enforcement agencies to ensure that the applicants satisfy all the regulatory requirements. The process also included on-site visits and meetings with the applicants.

Certificates of Approval are issued and effective today.

MPFA Chairman the Hon Charles Lee Yeh-kwong said, "We will continue to monitor the operations of the approved trustees to ensure that they comply with MPF requirements at all times, and that they have fully-tested computer systems and other necessary resources in place to ensure the smooth operation of MPF schemes.

"Trustees play a central role in the MPF System. They have specific duties and responsibilities prescribed in the MPF legislation. They have to properly carry out their fiduciary responsibilities and act in the best interests of scheme members."

A register of approved MPF trustees will be available at the MPFA's office for public inspection.

There are no deadlines set for the submission of applications for approval as MPF individual trustees or corporate trustees. For employer sponsored schemes, the registration deadline is May 3, 2000, while the details of the tendering exercise for industry schemes will be announced shortly.

The MPFA is still processing applications for registration of master trust schemes and for approval of pooled investment funds. The Securities and Futures Commission ("SFC") is also scrutinizing the offering documents and marketing materials of these schemes and investment funds.

"It is expected that the approved MPF trustees can start promoting master trust schemes in February 2000 after the schemes are registered by the MPFA and the related marketing materials are approved by the SFC," added Mr Lee.

The following is the list of companies approved as MPF trustees today:

End/Saturday, October 30, 1999