ENG-2015 — Page 111

4

Financial and Monetary Affairs

interests. Some of the enhancements were implemented in August and the ordinance will take full effect in February 2016.

In November, the government and the MPFA introduced the Mandatory Provident Fund Schemes (Amendment) Bill 2015 to mandate each MPF trustee to provide in each MPF scheme a highly standardised and fee-controlled Default Investment Strategy (DIS) (formerly known as the 'core fund') consistent with the overall objective of retirement savings. The Bill proposes that the total payment of management fees for the DIS must not exceed a daily rate equivalent to an annualised rate of 0.75 per cent of the NAV of the Constituent Funds under the DIS, and adopts an investment strategy which decreases the level of risk according to a scheme member's age. Subject to the scrutiny process, the government and the MPFA plan to implement the DIS in December 2016.

Companies Registry

The registry administers and enforces most parts of the Companies Ordinance. It registers local and non-Hong-Kong companies and statutory returns, de-registers defunct solvent companies and provides the public with services and facilities for inspecting and obtaining company information kept by the registry. It also processes applications relating to money lenders' licences and maintains a register of money lenders for inspection by the public.

The registry operates as a trading fund department, allowing it to deploy resources more flexibly to meet public demands and expectations.

The registry provides electronic search services through the Cyber Search Centre. More than 99 per cent of company searches are now conducted online. The public may also retrieve company information through the Company Search Mobile Service. Electronic Certificates of Incorporation and Business Registration Certificates can normally be issued together in less than one hour after receipt of the applications through the e-Registry portal. The electronic filing service at the e-Registry portal was enhanced to cover all specified forms on 3 March. Electronic forms can be filed and made available for search within 24 hours to facilitate business.

Companies Registry Statistics

New local companies

2013

174,031

2014

167,280

2015

139,209

Local companies on the register

1,162,931

1,272,693

1,288,666

New non-Hong Kong companies

780

811

894

Non-Hong Kong companies on the register

9,258

9,624

10,029

Bankruptcies, Individual Voluntary Arrangement and Compulsory Winding-up The Official Receiver's (OR's) Office ensures service in personal and corporate insolvencies is of high quality on a par with international standards.

When acting as the trustee-in-bankruptcy or liquidator, the OR or a private-sector insolvency practitioner investigates the affairs of the bankrupt or wound-up company, realises assets and

79