Custodians urge more effective approval process

Slow approval of depositories and sub custodians by Hong Kong''s pensions regulator may botch managers'' investment strategy overseas.

A group of major custodiansĀ involved with Hong Kong's Mandatory Provident Fund MPF have sent a request to the city's pension regulator demanding a speeding up of the approval processĀ for depositories and sub custodians. Without it, they believe managers' investment options could be severely restricted when the retirement scheme kicks off in two weeks time.

Under MPF rules, all sub custodians and depositories used by MPF custodians have to be approved by the Mandatory Provident Fund...

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