Mandatory Provident Fund Schemes Examination Set Two
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- Question 1 of 10
1. Question
Which among the following describes MPF Exempted ORSO Scheme with Closed Membership?
I. Existing members could continue to accrue benefits under the ORSO scheme.
II. New relevant employees are not permitted to join this ORSO scheme.
III. New relevant employees need to be covered under an MPF scheme.
IV. The scheme is an MPF exempted ORSO scheme.CorrectMPF Exempted ORSO Scheme with Closed Membership
The scheme is an MPF exempted ORSO scheme, but new relevant employees are not permitted to join this ORSO scheme and need to be covered under an MPF scheme. Existing members could continue to accrue benefits under the ORSO scheme. Again, existing members had to be offered the option to join an MPF scheme.IncorrectMPF Exempted ORSO Scheme with Closed Membership
The scheme is an MPF exempted ORSO scheme, but new relevant employees are not permitted to join this ORSO scheme and need to be covered under an MPF scheme. Existing members could continue to accrue benefits under the ORSO scheme. Again, existing members had to be offered the option to join an MPF scheme. - Question 2 of 10
2. Question
What is the time period in which the employer must notify the Registrar of Occupational Retirement Schemes and each scheme member in the event of the winding up of an ORSO scheme?
CorrectIn the event of the winding up of an ORSO scheme, the employer must notify the Registrar of Occupational Retirement Schemes and each scheme member of that fact, within 14 days of the commencement of the winding up.
IncorrectIn the event of the winding up of an ORSO scheme, the employer must notify the Registrar of Occupational Retirement Schemes and each scheme member of that fact, within 14 days of the commencement of the winding up.
- Question 3 of 10
3. Question
Which among the following is true for Exhibition and Provision of Exemption Certificate requirement for MPF exempted ORSO scheme?
I. Provide each member with a copy of the MPF exemption certificate.
II. Display the exemption certificate at all times in a conspicuous position at if there is no such office, each premise where a member of the ORSO scheme is employed by them.
III. Provide each member with a copy of the ORSO certification.
IV. Display the exemption certificate at all times in a conspicuous position at the relevant employer’s principal office in Hong Kong.CorrectExhibition and Provision of Exemption Certificate
(i) display the exemption certificate at all times in a conspicuous position at:
the relevant employer’s principal office in Hong Kong;
if there is no such office, each premise where a member of the ORSO scheme is employed by them.
(ii) provide each member with a copy of the MPF exemption certificate.IncorrectExhibition and Provision of Exemption Certificate
(i) display the exemption certificate at all times in a conspicuous position at:
the relevant employer’s principal office in Hong Kong;
if there is no such office, each premise where a member of the ORSO scheme is employed by them.
(ii) provide each member with a copy of the MPF exemption certificate. - Question 4 of 10
4. Question
What is the penalties relating to prohibitions against carrying on Regulated Activities on summary conviction?
Correct(1) On conviction on indictment to a fine of $5,000,000 and to imprisonment for 7 years and, in the case of a continuing offence, to a further fine of $100,000 for each day on which the offence is continued; or
(2) On summary conviction to a fine of $500,000 and to imprisonment for 2 years and, in the case of a continuing offence, to a further fine of $10,000 for each day on which the offence is continued.Incorrect(1) On conviction on indictment to a fine of $5,000,000 and to imprisonment for 7 years and, in the case of a continuing offence, to a further fine of $100,000 for each day on which the offence is continued; or
(2) On summary conviction to a fine of $500,000 and to imprisonment for 2 years and, in the case of a continuing offence, to a further fine of $10,000 for each day on which the offence is continued. - Question 5 of 10
5. Question
Which among the following defines a principal intermediary?
CorrectPrincipal intermediary refers to a business entity (Type A regulatee) registered by the MPFA as an intermediary to carry on regulated activities.
IncorrectPrincipal intermediary refers to a business entity (Type A regulatee) registered by the MPFA as an intermediary to carry on regulated activities.
- Question 6 of 10
6. Question
All registered MPF intermediaries are subject to supervisory oversight by FRs. Which among the following criteria set out in the relevant legislation?
I. SFC to be the FR of the remaining principal intermediaries who are regulatees in the securities sector only.
II. SFC to be the FR of all principal intermediaries who are its regulatees.
III. IA to be the FR of the other principal intermediaries who are its regulatees.
IV. MA to be the FR of all principal intermediaries who are its regulatees.CorrectAll registered MPF intermediaries are subject to supervisory oversight by frontline regulators (“FRs”) in accordance with the following criteria which is set out in the relevant legislation :
(a) MA to be the FR of all principal intermediaries who are its regulatees, including those who have dual capacities and are concurrently also regulatees in the insurance and/or securities sectors;
(b) IA to be the FR of the other principal intermediaries who are its regulatees, including those who are concurrently also regulatees in the securities sector; and
(c) SFC to be the FR of the remaining principal intermediaries who are regulatees in the securities sector only.IncorrectAll registered MPF intermediaries are subject to supervisory oversight by frontline regulators (“FRs”) in accordance with the following criteria which is set out in the relevant legislation :
(a) MA to be the FR of all principal intermediaries who are its regulatees, including those who have dual capacities and are concurrently also regulatees in the insurance and/or securities sectors;
(b) IA to be the FR of the other principal intermediaries who are its regulatees, including those who are concurrently also regulatees in the securities sector; and
(c) SFC to be the FR of the remaining principal intermediaries who are regulatees in the securities sector only. - Question 7 of 10
7. Question
Which among the following defines and describes an index-tracking fund?
I. It promises to pay interest during the life of the bond and repay the principal upon maturity of the bond.
II. It is the least risky compared with other types of funds.
III. It aim at producing or achieving investment returns that closely match or correspond to the performance of the index being tracked.
IV. It is a collective investment scheme with the primary objective of tracking or replicating the investment performance of an index in either equities or debt securities.CorrectAn index-tracking fund is a collective investment scheme with the primary objective of tracking or replicating the investment performance of an index in either equities or debt securities. Such funds aim at producing or achieving investment returns that closely match or correspond to the performance of the index being tracked.
IncorrectAn index-tracking fund is a collective investment scheme with the primary objective of tracking or replicating the investment performance of an index in either equities or debt securities. Such funds aim at producing or achieving investment returns that closely match or correspond to the performance of the index being tracked.
- Question 8 of 10
8. Question
What is the aim of establishing comprehensive regulations governing the investment of scheme assets?
I. Ensuring that investment portfolios meet all financial standards.
II. Ensuring prudent and sound investment management.
III. Ensuring that investments are well-diversified.
IV. Ensuring that investment portfolios meet all required standards.CorrectTo safeguard scheme members against undue investment risk, comprehensive regulations governing the investment of scheme assets have been prescribed in the MPF legislation. These have the following aims:
(a) to ensure prudent and sound investment management;
(b) to ensure that investment portfolios meet all required standards; and
(c) to ensure that investments are well-diversified.IncorrectTo safeguard scheme members against undue investment risk, comprehensive regulations governing the investment of scheme assets have been prescribed in the MPF legislation. These have the following aims:
(a) to ensure prudent and sound investment management;
(b) to ensure that investment portfolios meet all required standards; and
(c) to ensure that investments are well-diversified. - Question 9 of 10
9. Question
Which of the following are among the the investment restrictions for MPF schemes?
I. Restrictions on Borrowing of Money
II. Investment Restriction on Employer Sponsored Schemes
III. Spread of Investment
IV. Restrictions on Borrowing and Lending of SecuritiesCorrectInvestment Restrictions
(a) Spread of Investment
(b) Restrictions on Borrowing and Lending of Securities
(c) Restrictions on Borrowing of Money
(d) Restrictions on Acquiring Securities that Carry an Unlimited Liability
(e) Investment Restriction on Employer Sponsored SchemesIncorrectInvestment Restrictions
(a) Spread of Investment
(b) Restrictions on Borrowing and Lending of Securities
(c) Restrictions on Borrowing of Money
(d) Restrictions on Acquiring Securities that Carry an Unlimited Liability
(e) Investment Restriction on Employer Sponsored Schemes - Question 10 of 10
10. Question
Which among the following is true for Defined Benefit Schemes?
I. The amount of benefits accrued is based on the accumulated contributions and investment income.
II. The amount of benefits a member is entitled to and based on a formula with reference to their age, years of service, final average salary etc.
III. Hybrid schemes incorporating both defined contribution schemes and defined benefit schemes features are also classified as defined benefit schemes.
IV. The employer’s contribution rates are not defined but are recommended by an actuary from time to time after performing actuarial valuations.CorrectDefined Benefit Schemes
The employer’s contribution rates are not defined but are recommended by an actuary from time to time after performing actuarial valuations. The amount of benefits a member is entitled to is generally based on a formula with reference to their age, years of service, final average salary etc. Hybrid schemes incorporating both defined contribution schemes and defined benefit schemes features are also classified as defined benefit schemes.IncorrectDefined Benefit Schemes
The employer’s contribution rates are not defined but are recommended by an actuary from time to time after performing actuarial valuations. The amount of benefits a member is entitled to is generally based on a formula with reference to their age, years of service, final average salary etc. Hybrid schemes incorporating both defined contribution schemes and defined benefit schemes features are also classified as defined benefit schemes.
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