No approval required. Not the same as an AR approach you are thinking of.
Not many FMS are capable of entering RF path terminator yet. CX 777 and 748 are capable. Dunno about other operators.
Designed to contain the noise contour. RF adjusts bank angle to make good a radius over the ground, RNAV using DF (Direct to Fix) produces splay of tracks depending on wind.
Make sure your company has a good engine-out procedure- the nominal turn point is the same as the conventional and DF procedures but the way the aircraft starts the roll in before the fix on the RF turn makes those hills at the end of Lantau look awfully close.
All within PANS-OPS of course. But that assumes all engines operating.