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To ensure that only qualified intermediaries can market MPF schemes in early 2000, the MPFA will introduce an examination requirement for all MPF intermediaries.

Announcing the examination arrangements at a press conference today (Wednesday), the Managing Director of the MPFA, Mr Alan Wong, said, "The MPF System is established for the entire workforce's retirement protection. It is important to ensure that all MPF intermediaries are effectively and prudently regulated.

"Intermediaries wishing to sell or advise on MPF schemes must pass an MPF intermediaries examination recognized by the MPFA.

"The MPF Intermediaries Examination conducted by the Hong Kong Securities Institute (HKSI) and the Mandatory Provident Fund Schemes Examination conducted by the Vocational Training Council (VTC) are the two examinations recognized by the MPFA."

The two-hour examination will cover key features of the MPF, regulatory framework, interface arrangements for existing occupational retirement schemes, registration of MPF schemes and approval of investment funds as well as a code of conduct for MPF intermediaries.

Mr Wong said, "Both the HKSI and VTC will adopt the same syllabus and standards and the examination questions will be drawn from the same question bank."

The examination will be open to the public. It is envisaged that more than 50,000 intermediaries from the insurance, securities and banking sectors will take part in the examination.

The MPFA will issue MPF Intermediaries Cards to qualified intermediaries.

"Only those who have successfully passed the examination and are being supervised by one of the three regulatory regimes (namely the Hong Kong Monetary Authority, the Insurance Authority and the Securities and Futures Commission) can apply for the MPF Intermediaries Cards from the MPFA and have their names included in the MPF Intermediaries Register.

"According to our timetable, qualified intermediaries may start marketing MPF schemes from February 2000," said Mr Wong.

To facilitate candidates to study for the examination, a set of study notes has been prepared. The study notes can be downloaded from the website of the MPFA. Hard copies of the study notes are also available at the offices of the HKSI and the VTC at a nominal fee (HK$30).

Preparatory courses for the examination are also being offered by the two examination bodies to assist candidates. Examination handbooks and enrolment forms are available from the offices of the HKSI and the VTC or may be downloaded from their websites.

– Ends –

14 July 1999