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 Authority MPFA before they are allowed to handle the scheme's assets. However, it is understood that up to 20 depositories in the region have yet to be approved by the authority.

There are also concerns...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222