Hong Kong Ordinances

MANDATORY PROVIDENT FUND SCHEMES ORDINANCE - SECT 20A

Suspension of approval of approved trustee

(Past version on 03/08/1999).

(1) The Authority may suspend the approval of an approved trustee if it
reasonably suspects that-

   (a)  the trustee has failed to comply with a condition to which the
        approval is subject; or

   (b)  the trustee is for any reason unable to carry out any of the duties of
        an approved trustee in relation to a registered scheme; or

   (c)  if the regulations specify requirements that are to be complied with
        as to the financial resources (including capital adequacy) or the
        qualifications of approved trustees, the trustee is not, or is no
        longer, able to satisfy those requirements; or

   (d)  the trustee has failed to comply with section 22; or (Amended 18 of
        2008 s. 27)

   (e)  the trustee has failed to comply with section 42B(6) or (7) of the
        Mandatory Provident Fund Schemes (General) Regulation ( Cap 485 sub.
        leg. A). (Added 18 of 2008 s. 27)

(2) The Authority must not, unless it appears to it that the interests of
scheme members would otherwise be detrimentally affected, suspend the approval
of an approved trustee without giving the trustee an opportunity to make
representations (either orally or in writing or both) as to why the approval
should not be suspended.

(3) If the Authority suspends the approval of an approved trustee, it must
give written notice of the suspension to the trustee and must include in the
notice a statement setting out the reasons for the suspension.

(4) A suspension of the approval of an approved trustee takes effect from the
date specified in the notice given under subsection (3) or, if a later date is
specified, from that date, irrespective of whether or not the trustee appeals
against the suspension under Part V. (Added 4 of 1998 s. 2)