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The following is issued on behalf of the Mandatory Provident Fund Schemes Authority:

The Mandatory Provident Fund Schemes Authority (MPFA) announced today (Monday) that it has approved BOCI-Prudential Trustee Limited as an MPF corporate trustee.

This is a new trustee approved by the MPFA after the first batch of MPF corporate trustees approved on October 30, 1999.

According to the MPFS Ordinance, approved corporate trustees may act as trustees to master trustee schemes, employer sponsored schemes, industry schemes, as well as approved pooled investment funds established as unit trusts.

The applicant submitted its application for approval in September 1999. The MPFA has undertaken extensive vetting to ensure that the applicant satisfies all the regulatory requirements. The process also included on-site visit and meetings with the applicant.

At the same time, BOC Group Trustee Company Limited, which was one of the 21 approved corporate trustees, surrendered its license to MPFA. The total number of corporate trustees remains at 21.

The MPFA has updated the register of approved MPF trustees to reflect the changes.

End/Monday, December 6, 1999

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