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- Code Published to Improve Information Disclosure on MPF Funds
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Code Published to Improve Information Disclosure on MPF Funds
The Mandatory Provident Fund Schemes Authority (MPFA) has issued a Code on Disclosure for MPF Investment Funds to MPF trustees and service providers to enhance the transparency of fees and charges and performance through improvements to the disclosure of information about MPF funds.
A Consultation Paper on the Draft Code on Disclosure for MPF Investment Funds was published early this year for comments from members of the public and the industry. Views collected during the consultation period have been fully considered, and appropriate amendments have been made in the Code.
A spokesperson for the MPFA explained that the Code seeks to provide scheme members with clearer and easier-to-understand information to enable them to make more effective MPF investment decision.
"The requirements of the Code include the use of mechanisms such as simplified language, improving the consistency of presentation and language, and a variety of tools that will assist members in understanding the MPF information such as a fee table for all registered MPF schemes, an on-going cost illustration that shows the cost over defined time horizons, and fund expense ratios which show the total level of expenses incurred by a fund. The Code also provides a set of good disclosure principles to guide the trustees."
The spokesperson added that the requirements will be implemented in phases to allow better adaptation by scheme members and the industry.
"To enable scheme members to understand the requirements of the Code, the MPFA will strengthen public education on the disclosure project including production of information leaflets, communication with the public through the media, seminars and exhibitions, and introduction of a Disclosure Corner on the MPFA website."
The Disclosure Project for MPF funds was initiated by the MPFA, which has worked very closely with the industry in the past year in developing the Code. The industry is supportive of the project and has contributed significantly to the development of the Code.
Copies of the Code are available at all District Offices and the MPFA office on 5/F, One International Financial Centre, 1 Harbour View Street, Central. The Code can also be downloaded from the MPFA website.
- END -
Monday, 5 July 2004
A Consultation Paper on the Draft Code on Disclosure for MPF Investment Funds was published early this year for comments from members of the public and the industry. Views collected during the consultation period have been fully considered, and appropriate amendments have been made in the Code.
A spokesperson for the MPFA explained that the Code seeks to provide scheme members with clearer and easier-to-understand information to enable them to make more effective MPF investment decision.
"The requirements of the Code include the use of mechanisms such as simplified language, improving the consistency of presentation and language, and a variety of tools that will assist members in understanding the MPF information such as a fee table for all registered MPF schemes, an on-going cost illustration that shows the cost over defined time horizons, and fund expense ratios which show the total level of expenses incurred by a fund. The Code also provides a set of good disclosure principles to guide the trustees."
The spokesperson added that the requirements will be implemented in phases to allow better adaptation by scheme members and the industry.
"To enable scheme members to understand the requirements of the Code, the MPFA will strengthen public education on the disclosure project including production of information leaflets, communication with the public through the media, seminars and exhibitions, and introduction of a Disclosure Corner on the MPFA website."
The Disclosure Project for MPF funds was initiated by the MPFA, which has worked very closely with the industry in the past year in developing the Code. The industry is supportive of the project and has contributed significantly to the development of the Code.
Copies of the Code are available at all District Offices and the MPFA office on 5/F, One International Financial Centre, 1 Harbour View Street, Central. The Code can also be downloaded from the MPFA website.
- END -
Monday, 5 July 2004