Hong Kong Ordinances

MANDATORY PROVIDENT FUND SCHEMES ORDINANCE - SECT 21

Application for registration as employer sponsored scheme or master trust scheme

(Past version on 15/02/2002).
(Past version on 03/08/1999).

(1) An application for the registration of a provident fund scheme as an
employer sponsored scheme may be made to the Authority only-

   (a)  by a company that is an approved trustee or has applied for approval
        as such under section 20; or

   (b)  by 2 or more natural persons who are approved trustees, or have
        applied for approval under that section, and at least 1 of whom must
        be an independent trustee; or

   (c)  by such a company and 1 or more such natural persons.

(2) An application for the registration of a provident fund scheme as a
master trust scheme may be made to the Authority only by an approved  trustee
that is a company or by a company that has applied for approval under
section 20.

(3) If an application under this section is made by 2 or more
approved trustees who are natural persons, at least 1 of those persons must be
an independent trustee. The regulations may prescribe the qualifications of
independent trustees for the purposes of this subsection.

(4) An application must-

   (a)  specify particulars of the scheme sought to be registered and contain
        such other information (if any) as is prescribed in guidelines issued
        under section 6H; and

   (b)  be accompanied-

        (i)    by a copy of the proposed rules that are to govern the scheme
               and by such other documents (if any) as are prescribed in
               guidelines issued under section 6H; and

        (ii)   by an application fee of such amount as is prescribed by the 
               regulations.

(5) The Authority may, by written notice, require an applicant to provide such
additional information and documents as are reasonably necessary to enable it
to determine the application. If such a requirement is not complied with
within a reasonable time specified in the notice, the Authority may reject the
application.

(6) As soon as practicable after receiving an application for the registration
of a provident fund scheme, the Authority must consider the application.

(7) The Authority may register a scheme only if satisfied that the scheme-

   (a)  complies with, or will if registered comply with, such requirements
        and standards as are prescribed by the regulations referred to in
        section 21C; and

   (b)  will be governed by the law of Hong Kong.

(8) The Authority may, as a condition of registering a provident  fund scheme
under this section, require the applicant to give to the Authority an
undertaking with respect to the administration of the scheme by deed, or by a
document of like effect acceptable to the Authority, including-

   (a)  in the case of an application to register a scheme as an
        employer sponsored scheme, an undertaking not to refuse-

        (i)    an application for membership of the scheme made by or on
               behalf of a relevant employee of the participating employer; or

        (ii)   an application for participation in the scheme made by or on
               behalf of an employer; and

   (b)  in the case of an application to register a scheme as a master 
        trust scheme, an undertaking not to refuse-

        (i)    an application for membership of the scheme made by or on
               behalf of- (A) any relevant employee; or (B) any
               self-employed person who is 18 years of age or over and below
               retirement age; or

        (ii)   an application for participation in the scheme made by or on
               behalf of an employer; or

        (iii)  an application for membership of the scheme made by a person
               only for the purpose of maintaining a preserved account within
               the scheme. (Replaced 1 of 2008 s. 16)

(8A) Without prejudice to the operation of subsection (8), on registering a
provident fund scheme, the Authority may impose such conditions with respect
to the administration or marketing of the scheme as it considers appropriate.
(Added 2 of 2002 s. 11)

(9) The Authority must not reject an application under this section without
giving the applicant an opportunity to make representations

(either orally or in writing or both) as to why the application should not be
rejected.

(10) If the Authority rejects an application made under this section, it must
give written notice of the rejection to the applicant and must include in the
notice a statement setting out the reasons for the rejection.

(11) On registering a provident fund scheme, the Authority must issue to the
approved trustee of the scheme a certificate of registration and, if the
Authority has imposed conditions under subsection (8A) with respect to the
administration or marketing of the scheme, must specify those conditions in
the certificate or in a document accompanying the certificate. The certificate
must specify whether the scheme is an employer sponsored scheme or a
master trust scheme. (Amended 2 of 2002 s. 11)

(12) Where the Authority-

   (a)  has decided that it is appropriate to-

        (i)    amend any conditions imposed under subsection (8A) or this
               subsection with respect to the administration or marketing of a
               registered  scheme; or

        (ii)   impose conditions with respect to the administration or
               marketing of a registered scheme; and

   (b)  has given to the approved trustee-

        (i)    not less than 30 days' advance notice of its decision,
               specifying its grounds; and

        (ii)   an opportunity to make written representations as to why the
               conditions should not be amended or imposed, then the Authority
               may, by written notice served on the approved trustee-

   (c)  amend any conditions imposed under subsection (8A) or this subsection
        with respect to the administration or marketing of the scheme; or

   (d)  impose conditions with respect to the administration or marketing of
        the scheme. (Added 2 of 2002 s. 11)

(13) The Authority may waive a person's compliance with a condition imposed
under subsection (8A) or (12)-

   (a)  in a particular case; and

   (b)  where the person satisfies the Authority that such compliance is not,
        or has not been, reasonably practicable in all the circumstances of
        that case. (Added 2 of 2002 s. 11)

(14) The Authority shall not impose under this section any conditions with
respect to the marketing of a registered scheme, or amend any conditions
imposed under this section with respect to the marketing of the scheme, unless
the imposition or amendment, as the case may be, falls within the ambit of
the guidelines. (Added 2 of 2002 s. 11) (Replaced 4 of 1998 s. 2)