System and ensuring compliance with the ordinance. It is also the Registrar of Occupational Retirement Schemes. To protect the interests of MPF scheme members, the MPFA closely monitors the operation of MPF trustees and other service providers, investigates cases of non-compliance identified through reports, complaints or proactive inspections, and takes enforcement actions accordingly. The MPFA also conducts MPF investment education to strengthen public awareness of the need to take care of their MPF investment and disseminates messages that will assist scheme members in choosing appropriate funds.
Recent Developments
The Government and the MPFA implemented the Financial Secretary's budgetary measure announced in the 2008-09 Budget to make a one-off injection of $6,000 into the account of each eligible MPF/ORSO scheme member who earned not more than $10,000 a month in order to enhance their retirement protection. By end- December 2009, over 1.4 million eligible persons received special injections. amounted to over $8.4 billion.
As part of its continuing efforts to enhance the operation of the MPF system, the Government introduced the Mandatory Provident Fund Schemes (Amendment) Bill 2009 in May 2009. The Bill, which seeks to encourage more active management of MPF investments by employees and promote stronger market competition, was passed by the Legislative Council in July 2009. The MPFA is making preparations with MPF trustees to implement the legislation.
Companies Registry
The Companies Registry (the Registry) administers and enforces the major part of the Companies Ordinance (CO). The Registry registers local and non-Hong Kong companies and documents required to be filed under the CO and related ordinances, deregisters defunct solvent private companies and provides the public with services. and facilities for inspecting and obtaining company information kept by the Registry. It administers and enforces several other ordinances including the Trustee Ordinance (insofar as it relates to trust companies), the Registered Trustees Incorporation Ordinance and the Limited Partnerships Ordinance. The Registry is also responsible for processing applications related to money lenders licences as well as maintaining a register of money lenders for inspection by members of the public.
The Registry has been operating as a trading fund department since 1993. Consequently, it can deploy its resources more flexibly to meet customers' demands and expectations. The department achieved a surplus of $134.7 million in 2008-09.
The Registry has continued to implement the Integrated Companies Registry Information System in phases to fully computerise its operations and enable electronic delivery of services in filing, processing, storing and providing company information. The electronic search services have been well received by customers and over 98 per cent of company searches are conducted online nowadays. Electronic
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