ENG-2017 — Page 121

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Financial and Monetary Affairs

Recent Developments

The default investment strategy was launched on 1 April to standardise the default investment arrangement of all MPF schemes. The major features of the strategy are a globally diversified investment approach and age-based de-risking. Management fees and recurrent out-of-pocket expenses are capped at, respectively, 0.75 per cent and 0.2 per cent of the NAV of the constituent funds under the default investment strategy. The launch of the strategy is a major reform of the MPF System to provide scheme members with better retirement protection.

The government and the MPFA aim to put in place by 2022 a centralised electronic platform to standardise, streamline and automate MPF scheme administration.

Company Registration

The Companies Registry administers and enforces 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 for 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 expectations.

The registry provides electronic search services through the Cyber Search Centre, which handles more than 99 per cent of company searches. The public may also retrieve company information through the Company Search Mobile Service any time and anywhere.

Electronic Certificates of Incorporation and Business Registration Certificates are normally issued together less than one hour after receipt of the applications through the e-Registry portal. A full-scale electronic filing service covering all specified forms is also available. Electronic forms can be filed and made available for searching within 24 hours to facilitate business. The registry launched a free mobile application, CR eFiling, to facilitate the filing of electronic forms. in February.

Companies Registry Statistics

New local companies

2015

139,209

2016

2017

144,883

160,229

Local companies on the register

1,288,666

1,341,223

1,383,946

New non-Hong Kong companies

Non-Hong Kong companies on the register

894

10,029

874

1,028

9,983

10,434

Individual and Corporate Insolvencies

The Official Receiver's Office ensures service in personal and corporate insolvencies is of high quality on a par with international standards.

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