MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION
- CHAPTER 485A

MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - LONG TITLE  
Empowering section VerDate: 



(Cap 485, section 46)

[Sections 1 to 8, 13 and 206	}	
		24 July 1998 L.N. 294 of 1998
Part XIV (except sections 185 to 191)	}	
		12 March 1999 L.N. 69 of 1999
Sections 9 to 12, Parts II and III,
Part IV (except sections 32 to 35),
Part V (except sections 56, 59 and 66),
Part VI (except section 71),
Parts VII to X,
Sections 204 and 205, and Schedules 1 to 4	}
	}
	}}	
		
		
		3 August 1999 L.N. 69 of 1999
Sections 32 to 35, 56, 59, 66, 71,
119 to 175 and 185 to 203	}
		
		1 December 2000 L.N. 121 of 2000]

(L.N. 201 of 1998)



MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 1
(Omitted as spent) VerDate:01/12/2000




PART I

PRELIMINARY

(Omitted as spent)


MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 1
Commencement VerDate:24/07/1998



PART I

PRELIMINARY

This Regulation shall come into operation on a day to be appointed by the 
Financial Secretary by notice in the Gazette.



MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION,MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 2
Interpretation VerDate:18/07/2008



In this Regulation, unless the context otherwise requires-
"account number" (帳戶號碼) includes a reference to a combination of numbers, 
letters or other symbols that identifies a member's account with a 
registered scheme;
"accounting practice unit" (會計執業單位) means a practice unit as defined by 
section 2 of the Professional Accountants Ordinance (Cap 50);
"actuary" (精算師) has the same meaning as in section 2 of the Occupational 
Retirement Schemes Ordinance (Cap 426);
"adequate insurance" (足夠保險) has the meaning given by section 8;
"applicable accounting guideline" (適用的會計指引) means-

        (a)	the industry accounting guideline, issued by the Hong Kong 
Institute of Certified Public Accountants, called the "Financial 
Statements of Retirement Schemes", or that guideline as amended from time 
to time; or  (23 of 2004 s. 56)

        (b)	if the Hong Kong Institute of Certified Public Accountants 
issues an accounting guideline in respect of registered schemes, that 
guideline, or that guideline as amended from time to time;  (23 of 2004 s. 
56)
"approved credit rating agency" (核准信貸評級機構) means a credit rating agency 
approved by the Authority for the purposes of this Regulation;
"approved futures exchange" (核准期貨交易所) means-

        (a)	a recognized futures market; or

        (b)	any futures exchange established in a place outside Hong Kong 
that is declared by the Authority by notice published in the Gazette to be 
an approved futures exchange for the purposes of this Regulation;  (5 of 
2002 s. 407)
"approved overseas bank" (核准海外銀行) has the meaning given by section 3;
"approved overseas insurer" (核准海外保險人) has the meaning given by section 4;
"approved overseas trust company" (核准海外信託公司) has the meaning given by 
section 5;
"approved pooled investment fund" (核准匯集投資基金) has the meaning given by 
section 6;
"approved stock exchange" (核准證券交易所) means-

        (a)	a recognized stock market; or

        (b)	any stock exchange established in a place outside Hong Kong 
that is declared by the Authority by notice published in the Gazette to be 
an approved stock exchange for the purposes of this Regulation;  (5 of 
2002 s. 407)
"arrears" (欠款) means the mandatory contributions that are not paid by the 
contribution day;
"assets held in Hong Kong" (在香港持有的資產) has the meaning given by section 10;
"authorized financial institution" (認可財務機構) means an institution 
authorized under Part IV of the Banking Ordinance (Cap 155);
"authorized insurer" (獲授權保險人) means an insurer authorized under section 8 
of the Insurance Companies Ordinance (Cap 41);
"authorized mutual fund" (認可互惠基金) means a mutual fund authorized as a 
collective investment scheme by the Securities and Futures Commission 
under section 104 of the Securities and Futures Ordinance (Cap 571);  (5 
of 2002 s. 407)
"authorized unit trust" (認可單位信託) means a unit trust authorized as a 
collective investment scheme by the Securities and Futures Commission 
under section 104 of the Securities and Futures Ordinance (Cap 571);  (5 
of 2002 s. 407)
"central securities depository" (中央證券寄存處) means a depository in Hong Kong, 
or a depository or a clearing agency outside Hong Kong that is approved by 
the Authority for the purposes of this Regulation;
"consolidated report" (綜合報告) means a report published in accordance with 
section 89;
"constituent fund" (成分基金), in relation to a registered scheme, means the 
fund that constitutes a registered scheme, or a fund that forms part of 
the scheme, and complies with the requirements set out in section 36;
"continuous financial support" (持續財政支援), in relation to a company that 
applies to be or is an approved trustee, has the meaning given by section 
12; 
"contribution account" (供款帳戶), in relation to a member of a registered 
scheme, means an account with the scheme into which—

        (a)	mandatory contributions and voluntary contributions (if any) 
are paid in respect of any current employment or current self-employment 
of the member; and

        (b)	special contributions (if any) are paid in respect of the 
member;  (30 of 2008 s. 7)
"contribution day" (供款日)-

        (a)	in relation to a self-employed person, means the last day of 
the contribution period prescribed by section 131; and

        (b)	in relation to a participating employer, has the meaning given 
by section 122(1); 
"control objectives" (控制目標), in relation to a registered scheme, means the 
control objectives for the time being applicable to the scheme because of 
section 39;
"currency forward contract" (貨幣遠期合約) means a contract for the purchase or 
sale of a specific quantity of foreign currency, with delivery and 
settlement at a specified future date;
"custodian" (保管人), in relation to the assets of a registered scheme, 
includes the approved trustee of the scheme if acting as the custodian of 
those assets in accordance with section 50(2);  (L.N. 223 of 2000)
"deadline" (最後期限), in relation to the financial period of a registered 
scheme, means the end of the day that falls 6 months after the end of that 
period;
"debt security" (債務證券) means-

        (a)	any debenture or other document issued by a person as evidence 
of a debt owed by the person or as security for the repayment of a loan 

        (whether with or without interest); or

        (b)	debenture stock and bonds issued by a company (whether 
constituting a charge on the assets of the company or not); or

        (c)	convertible loan stock;
"delegate" (獲轉授人), in relation to a custodian, means a person to whom the 
custodian has delegated the custodian's function as a custodian;  (L.N. 
223 of 2000)
"eligible overseas bank" (合資格海外銀行) has the meaning given by section 13;
"encumbrance" (產權負擔) includes a charge, pledge, lien and mortgage;
"Fees Regulation" (《費用規例》) means the regulation (if any) made under 
section 46 of the Ordinance prescribing fees for the purposes of this 
Regulation;
"financial futures contract" (財務期貨合約) means a contract under which-  (5 of 
2002 s. 407; L.N. 145 of 2006)

        (a)	a party to the contract agrees to deliver to the other party to 
the contract at an agreed future time a specified security, or an agreed 
quantity of specified securities, at an agreed price; or

        (b)	the parties agree to make an adjustment between themselves at 
an agreed future time according to whether at that time-

        (i)	a specified security, or an agreed quantity of specified 
securities, is worth more or less than a value agreed at the time when the 
contract is entered into; or

        (ii)	a number of an index of securities stands at a higher or lower 
level than a level agreed at the time when the contract is entered into;  
(L.N. 145 of 2006)
"financial option contract" (財務期權合約) means a contract under which a party 
to the contract acquires from the other party to the contract an option or 
right, exercisable at or before a specified time, to be paid by that other 
party an amount of money to be determined by reference to the amount by 
which a number specified in the contract is more or less than the number 
of a specified index of securities as at the time when the option or right 
is exercised;  (5 of 2002 s. 407; L.N. 145 of 2006)
"financial period" (財政期), in relation to a registered scheme, has the 
meaning given by section 79;
"financial statements" (財務報表), in relation to a registered scheme, means a 
balance sheet and statement of account prepared or to be prepared in 
respect of the scheme;
"independent director" (獨立董事) means a director having the qualifications 
prescribed by section 9;
"Insurance Authority" (保險業監督) means the Insurance Authority appointed 
under section 4 of the Insurance Companies Ordinance (Cap 41);  (L.N. 223 
of 2000)
"insurer" (保險人), when it is not qualified by the word "authorized", means 
a person who is carrying on insurance business;
"market value" (市值), in relation to any property, means the price that can 
reasonably be expected to be paid for the property if it were sold by a 
willing seller to a willing buyer on the open market, with both parties 
acting at arms length;
"Monetary Authority" (金融管理專員) means the Monetary Authority appointed under 
section 5A of the Exchange Fund Ordinance (Cap 66);  (L.N. 223 of 2000)
"net assets" (淨資產), in relation to a company or corporation, means the 
amount by which the company's or corporation's, as the case may be, total 
tangible assets exceed its total liabilities;  (L.N. 223 of 2000)
"offering document" (要約文件), in relation to a registered scheme, means a 
document-

        (a)	inviting participation in the scheme by prospective 
participating employers or prospective members of the scheme; and

        (b)	containing information relating to the establishment or 
administration of the scheme;  (2 of 2002 s. 21)
"ORSO exempted scheme" (職業退休豁免計劃) has the same meaning as in section 2(1) 
of the Mandatory Provident Fund Schemes (Exemption) Regulation (Cap 485 
sub. leg. B);  (2 of 2002 s. 21)
"ORSO registered scheme" (職業退休註冊計劃) has the same meaning as in section 
2(1) of the Mandatory Provident Fund Schemes (Exemption) Regulation (Cap 
485 sub. leg. B);  (2 of 2002 s. 21)
"overseas" (海外), in relation to Hong Kong, means outside Hong Kong;
"participation agreement" (參與協議), in relation to a registered scheme, 
means an agreement-

        (a)	between a participating employer and the approved trustee of 
the scheme for the employer and his employees to participate in the scheme;

        (b)	between a self-employed person and the approved trustee of the 
scheme for the self-employed person to participate in the scheme; or

        (c)	between a person intending to maintain a preserved account in 
the scheme and the approved trustee of the scheme;  (2 of 2002 s. 21)
"prescribed capital adequacy requirements" (訂明資本充裕程度規定), in relation to a 
company that applies to be or is an approved trustee, has the meaning 
given by section 11;
"preserved account" (保留帳戶), in relation to a member of a master trust 
scheme or an industry scheme, means an account with the scheme (other than 
a contribution account)—

        (a)	into which special contributions (if any) are paid in respect 
of the member;

        (b)	in which the accrued benefits (if any) in respect of any former 
employment or former self-employment of the member are held; and

        (c)	in which the member’s benefits (if any) transferred to the 
scheme from an ORSO exempted scheme or an ORSO registered scheme are held,
	and includes a former contribution account (if any) of the member 
in which accrued benefits retained under section 147(6) are held;  (30 of 
2008 s. 7)
"recognized futures market" (認可期貨市場) has the same meaning as in section 1 
of Part 1 of Schedule 1 to the Securities and Futures Ordinance (Cap 
571);  (5 of 2002 s. 407)
"recognized stock market" (認可證券市場) has the same meaning as in section 1 of 
Part 1 of Schedule 1 to the Securities and Futures Ordinance (Cap 571);  

(5 of 2002 s. 407)
"registered trust company" (註冊信託公司) means a trust company registered under 
Part VIII of the Trustee Ordinance (Cap 29);
"scheme assets" (計劃資產) means securities and other assets acquired and held 
for the purposes of a registered scheme, and includes-

        (a)	income derived from the investment of those securities or other 
assets; and

        (b)	money payable to the scheme;
"securities" (證券) has the same meaning as in section 1 of Part 1 of 
Schedule 1 to the Securities and Futures Ordinance (Cap 571);  (5 of 2002 
s. 407)
"special contribution" (特別供款) means a contribution paid by the Authority 
under Part IIIA of the Ordinance;  (30 of 2008 s. 7)
"substantial financial institution" (具規模財務機構) has the meaning given by 
section 7;

(2 of 2002 s. 21; 5 of 2002 s. 407)
"account number" (帳戶號碼)
"accounting practice unit" (會計執業單位)
"actuary" (精算師)
"adequate insurance" (足夠保險)
"applicable accounting guideline" (適用的會計指引)
"approved credit rating agency" (核准信貸評級機構)
"approved futures exchange" (核准期貨交易所)
"approved overseas bank" (核准海外銀行)
"approved overseas insurer" (核准海外保險人)
"approved overseas trust company" (核准海外信託公司)
"approved pooled investment fund" (核准匯集投資基金)
"approved stock exchange" (核准證券交易所)
"arrears" (欠款)
"assets held in Hong Kong" (在香港持有的資產)
"authorized financial institution" (認可財務機構)
"authorized insurer" (獲授權保險人)
"authorized mutual fund" (認可互惠基金)
"authorized unit trust" (認可單位信託)
"central securities depository" (中央證券寄存處)
"consolidated report" (綜合報告)
"constituent fund" (成分基金)
"continuous financial support" (持續財政支援)
"contribution account" (供款帳戶)
"contribution day" (供款日)
"control objectives" (控制目標)
"currency forward contract" (貨幣遠期合約)
"custodian" (保管人)
"deadline" (最後期限)
"debt security" (債務證券)
"delegate" (獲轉授人)
"eligible overseas bank" (合資格海外銀行)
"encumbrance" (產權負擔)
"Fees Regulation" (《費用規例》)
"financial futures contract" (財務期貨合約)
"financial option contract" (財務期權合約)
"financial period" (財政期)
"financial statements" (財務報表)
"independent director" (獨立董事)
"Insurance Authority" (保險業監督)
"insurer" (保險人)
"market value" (市值)
"Monetary Authority" (金融管理專員)
"net assets" (淨資產)
"offering document" (要約文件)
"ORSO exempted scheme" (職業退休豁免計劃)
"ORSO registered scheme" (職業退休註冊計劃)
"overseas" (海外)
"participation agreement" (參與協議)
"prescribed capital adequacy requirements" (訂明資本充裕程度規定)
"preserved account" (保留帳戶)
"recognized futures market" (認可期貨市場)
"recognized stock market" (認可證券市場)
"registered trust company" (註冊信託公司)
"scheme assets" (計劃資產)
"securities" (證券)
"special contribution" (特別供款)
"substantial financial institution" (具規模財務機構)


MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 2
Interpretation VerDate:01/12/2006



In this Regulation, unless the context otherwise requires-
"account number" (帳戶號碼) includes a reference to a combination of numbers, 
letters or other symbols that identifies a member's account with a 
registered scheme;
"accounting practice unit" (會計執業單位) means a practice unit as defined by 
section 2 of the Professional Accountants Ordinance (Cap 50);
"actuary" (精算師) has the same meaning as in section 2 of the Occupational 
Retirement Schemes Ordinance (Cap 426);
"adequate insurance" (足夠保險) has the meaning given by section 8;
"applicable accounting guideline" (適用的會計指引) means-

        (a)	the industry accounting guideline, issued by the Hong Kong 
Institute of Certified Public Accountants, called the "Financial 
Statements of Retirement Schemes", or that guideline as amended from time 
to time; or  (23 of 2004 s. 56)

        (b)	if the Hong Kong Institute of Certified Public Accountants 
issues an accounting guideline in respect of registered schemes, that 
guideline, or that guideline as amended from time to time;  (23 of 2004 s. 
56)
"approved credit rating agency" (核准信貸評級機構) means a credit rating agency 
approved by the Authority for the purposes of this Regulation;
"approved futures exchange" (核准期貨交易所) means-

        (a)	a recognized futures market; or

        (b)	any futures exchange established in a place outside Hong Kong 
that is declared by the Authority by notice published in the Gazette to be 
an approved futures exchange for the purposes of this Regulation;  (5 of 
2002 s. 407)
"approved overseas bank" (核准海外銀行) has the meaning given by section 3;
"approved overseas insurer" (核准海外保險人) has the meaning given by section 4;
"approved overseas trust company" (核准海外信託公司) has the meaning given by 
section 5;
"approved pooled investment fund" (核准匯集投資基金) has the meaning given by 
section 6;
"approved stock exchange" (核准證券交易所) means-

        (a)	a recognized stock market; or

        (b)	any stock exchange established in a place outside Hong Kong 
that is declared by the Authority by notice published in the Gazette to be 
an approved stock exchange for the purposes of this Regulation;  (5 of 
2002 s. 407)
"arrears" (欠款) means the mandatory contributions that are not paid by the 
contribution day;
"assets held in Hong Kong" (在香港持有的資產) has the meaning given by section 10;
"authorized financial institution" (認可財務機構) means an institution 
authorized under Part IV of the Banking Ordinance (Cap 155);
"authorized insurer" (獲授權保險人) means an insurer authorized under section 8 
of the Insurance Companies Ordinance (Cap 41);
"authorized mutual fund" (認可互惠基金) means a mutual fund authorized as a 
collective investment scheme by the Securities and Futures Commission 
under section 104 of the Securities and Futures Ordinance (Cap 571);  (5 
of 2002 s. 407)
"authorized unit trust" (認可單位信託) means a unit trust authorized as a 
collective investment scheme by the Securities and Futures Commission 
under section 104 of the Securities and Futures Ordinance (Cap 571);  (5 
of 2002 s. 407)
"central securities depository" (中央證券寄存處) means a depository in Hong Kong, 
or a depository or a clearing agency outside Hong Kong that is approved by 
the Authority for the purposes of this Regulation;
"consolidated report" (綜合報告) means a report published in accordance with 
section 89;
"constituent fund" (成分基金), in relation to a registered scheme, means the 
fund that constitutes a registered scheme, or a fund that forms part of 
the scheme, and complies with the requirements set out in section 36;
"continuous financial support" (持續財政支援), in relation to a company that 
applies to be or is an approved trustee, has the meaning given by section 
12; 
"contribution account" (供款帳戶), in relation to a member of a registered 
scheme, means an account with the scheme into which mandatory 
contributions and voluntary contributions (if any) are paid in respect of 
any current employment or current self-employment of the member;
"contribution day" (供款日)-

        (a)	in relation to a self-employed person, means the last day of 
the contribution period prescribed by section 131; and

        (b)	in relation to a participating employer, has the meaning given 
by section 122(1); 
"control objectives" (控制目標), in relation to a registered scheme, means the 
control objectives for the time being applicable to the scheme because of 
section 39;
"currency forward contract" (貨幣遠期合約) means a contract for the purchase or 
sale of a specific quantity of foreign currency, with delivery and 
settlement at a specified future date;
"custodian" (保管人), in relation to the assets of a registered scheme, 
includes the approved trustee of the scheme if acting as the custodian of 
those assets in accordance with section 50(2);  (L.N. 223 of 2000)
"deadline" (最後期限), in relation to the financial period of a registered 
scheme, means the end of the day that falls 6 months after the end of that 
period;
"debt security" (債務證券) means-

        (a)	any debenture or other document issued by a person as evidence 
of a debt owed by the person or as security for the repayment of a loan 

        (whether with or without interest); or

        (b)	debenture stock and bonds issued by a company (whether 
constituting a charge on the assets of the company or not); or

        (c)	convertible loan stock;
"delegate" (獲轉授人), in relation to a custodian, means a person to whom the 
custodian has delegated the custodian's function as a custodian;  (L.N. 
223 of 2000)
"eligible overseas bank" (合資格海外銀行) has the meaning given by section 13;
"encumbrance" (產權負擔) includes a charge, pledge, lien and mortgage;
"Fees Regulation" (《費用規例》) means the regulation (if any) made under 
section 46 of the Ordinance prescribing fees for the purposes of this 
Regulation;
"financial futures contract" (財務期貨合約) means a contract under which-  (5 of 
2002 s. 407; L.N. 145 of 2006)

        (a)	a party to the contract agrees to deliver to the other party to 
the contract at an agreed future time a specified security, or an agreed 
quantity of specified securities, at an agreed price; or

        (b)	the parties agree to make an adjustment between themselves at 
an agreed future time according to whether at that time-

        (i)	a specified security, or an agreed quantity of specified 
securities, is worth more or less than a value agreed at the time when the 
contract is entered into; or

        (ii)	a number of an index of securities stands at a higher or lower 
level than a level agreed at the time when the contract is entered into;  
(L.N. 145 of 2006)
"financial option contract" (財務期權合約) means a contract under which a party 
to the contract acquires from the other party to the contract an option or 
right, exercisable at or before a specified time, to be paid by that other 
party an amount of money to be determined by reference to the amount by 
which a number specified in the contract is more or less than the number 
of a specified index of securities as at the time when the option or right 
is exercised;  (5 of 2002 s. 407; L.N. 145 of 2006)
"financial period" (財政期), in relation to a registered scheme, has the 
meaning given by section 79;
"financial statements" (財務報表), in relation to a registered scheme, means a 
balance sheet and statement of account prepared or to be prepared in 
respect of the scheme;
"independent director" (獨立董事) means a director having the qualifications 
prescribed by section 9;
"Insurance Authority" (保險業監督) means the Insurance Authority appointed 
under section 4 of the Insurance Companies Ordinance (Cap 41);  (L.N. 223 
of 2000)
"insurer" (保險人), when it is not qualified by the word "authorized", means 
a person who is carrying on insurance business;
"market value" (市值), in relation to any property, means the price that can 
reasonably be expected to be paid for the property if it were sold by a 
willing seller to a willing buyer on the open market, with both parties 
acting at arms length;
"Monetary Authority" (金融管理專員) means the Monetary Authority appointed under 
section 5A of the Exchange Fund Ordinance (Cap 66);  (L.N. 223 of 2000)
"net assets" (淨資產), in relation to a company or corporation, means the 
amount by which the company's or corporation's, as the case may be, total 
tangible assets exceed its total liabilities;  (L.N. 223 of 2000)
"offering document" (要約文件), in relation to a registered scheme, means a 
document-

        (a)	inviting participation in the scheme by prospective 
participating employers or prospective members of the scheme; and

        (b)	containing information relating to the establishment or 
administration of the scheme;  (2 of 2002 s. 21)
"ORSO exempted scheme" (職業退休豁免計劃) has the same meaning as in section 2(1) 
of the Mandatory Provident Fund Schemes (Exemption) Regulation (Cap 485 
sub. leg. B);  (2 of 2002 s. 21)
"ORSO registered scheme" (職業退休註冊計劃) has the same meaning as in section 
2(1) of the Mandatory Provident Fund Schemes (Exemption) Regulation (Cap 
485 sub. leg. B);  (2 of 2002 s. 21)
"overseas" (海外), in relation to Hong Kong, means outside Hong Kong;
"participation agreement" (參與協議), in relation to a registered scheme, 
means an agreement-

        (a)	between a participating employer and the approved trustee of 
the scheme for the employer and his employees to participate in the scheme;

        (b)	between a self-employed person and the approved trustee of the 
scheme for the self-employed person to participate in the scheme; or

        (c)	between a person intending to maintain a preserved account in 
the scheme and the approved trustee of the scheme;  (2 of 2002 s. 21)
"prescribed capital adequacy requirements" (訂明資本充裕程度規定), in relation to a 
company that applies to be or is an approved trustee, has the meaning 
given by section 11;
"preserved account" (保留帳戶), in relation to a member of a master trust 
scheme or an industry scheme, means an account with the scheme (other than 
a contribution account) in which the accrued benefits in respect of any 
former employment or former self-employment of the member are held, and 
includes-

        (a)	a former contribution account of the member retained in the 
scheme under section 147(6);

        (b)	the member's benefits, if any, transferred to the scheme from 
an ORSO exempted scheme or an ORSO registered scheme;  (2 of 2002 s. 21)
"recognized futures market" (認可期貨市場) has the same meaning as in section 1 
of Part 1 of Schedule 1 to the Securities and Futures Ordinance (Cap 
571);  (5 of 2002 s. 407)
"recognized stock market" (認可證券市場) has the same meaning as in section 1 of 
Part 1 of Schedule 1 to the Securities and Futures Ordinance (Cap 571);  

(5 of 2002 s. 407)
"registered trust company" (註冊信託公司) means a trust company registered under 
Part VIII of the Trustee Ordinance (Cap 29);
"scheme assets" (計劃資產) means securities and other assets acquired and held 
for the purposes of a registered scheme, and includes-

        (a)	income derived from the investment of those securities or other 
assets; and

        (b)	money payable to the scheme;
"securities" (證券) has the same meaning as in section 1 of Part 1 of 
Schedule 1 to the Securities and Futures Ordinance (Cap 571);  (5 of 2002 
s. 407)
"substantial financial institution" (具規模財務機構) has the meaning given by 
section 7;

(2 of 2002 s. 21; 5 of 2002 s. 407)
"account number" (帳戶號碼)
"accounting practice unit" (會計執業單位)
"actuary" (精算師)
"adequate insurance" (足夠保險)
"applicable accounting guideline" (適用的會計指引)
"approved credit rating agency" (核准信貸評級機構)
"approved futures exchange" (核准期貨交易所)
"approved overseas bank" (核准海外銀行)
"approved overseas insurer" (核准海外保險人)
"approved overseas trust company" (核准海外信託公司)
"approved pooled investment fund" (核准匯集投資基金)
"approved stock exchange" (核准證券交易所)
"arrears" (欠款)
"assets held in Hong Kong" (在香港持有的資產)
"authorized financial institution" (認可財務機構)
"authorized insurer" (獲授權保險人)
"authorized mutual fund" (認可互惠基金)
"authorized unit trust" (認可單位信託)
"central securities depository" (中央證券寄存處)
"consolidated report" (綜合報告)
"constituent fund" (成分基金)
"continuous financial support" (持續財政支援)
"contribution account" (供款帳戶)
"contribution day" (供款日)
"control objectives" (控制目標)
"currency forward contract" (貨幣遠期合約)
"custodian" (保管人)
"deadline" (最後期限)
"debt security" (債務證券)
"delegate" (獲轉授人)
"eligible overseas bank" (合資格海外銀行)
"encumbrance" (產權負擔)
"Fees Regulation" (《費用規例》)
"financial futures contract" (財務期貨合約)
"financial option contract" (財務期權合約)
"financial period" (財政期)
"financial statements" (財務報表)
"independent director" (獨立董事)
"Insurance Authority" (保險業監督)
"insurer" (保險人)
"market value" (市值)
"Monetary Authority" (金融管理專員)
"net assets" (淨資產)
"offering document" (要約文件)
"ORSO exempted scheme" (職業退休豁免計劃)
"ORSO registered scheme" (職業退休註冊計劃)
"overseas" (海外)
"participation agreement" (參與協議)
"prescribed capital adequacy requirements" (訂明資本充裕程度規定)
"preserved account" (保留帳戶)
"recognized futures market" (認可期貨市場)
"recognized stock market" (認可證券市場)
"registered trust company" (註冊信託公司)
"scheme assets" (計劃資產)
"securities" (證券)
"substantial financial institution" (具規模財務機構)


MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 2
Interpretation VerDate:08/09/2004



In this Regulation, unless the context otherwise requires-
"account number" (帳戶號碼) includes a reference to a combination of numbers, 
letters or other symbols that identifies a member's account with a 
registered scheme;
"accounting practice unit" (會計執業單位) means a practice unit as defined by 
section 2 of the Professional Accountants Ordinance (Cap 50);
"actuary" (精算師) has the same meaning as in section 2 of the Occupational 
Retirement Schemes Ordinance (Cap 426);
"adequate insurance" (足夠保險) has the meaning given by section 8;
"applicable accounting guideline" (適用的會計指引) means-

        (a)	the industry accounting guideline, issued by the Hong Kong 
Institute of Certified Public Accountants, called the "Financial 
Statements of Retirement Schemes", or that guideline as amended from time 
to time; or  (23 of 2004 s. 56)

        (b)	if the Hong Kong Institute of Certified Public Accountants 
issues an accounting guideline in respect of registered schemes, that 
guideline, or that guideline as amended from time to time;  (23 of 2004 s. 
56)
"approved credit rating agency" (核准信貸評級機構) means a credit rating agency 
approved by the Authority for the purposes of this Regulation;
"approved futures exchange" (核准期貨交易所) means-

        (a)	a recognized futures market; or

        (b)	any futures exchange established in a place outside Hong Kong 
that is declared by the Authority by notice published in the Gazette to be 
an approved futures exchange for the purposes of this Regulation;  (5 of 
2002 s. 407)
"approved overseas bank" (核准海外銀行) has the meaning given by section 3;
"approved overseas insurer" (核准海外保險人) has the meaning given by section 4;
"approved overseas trust company" (核准海外信託公司) has the meaning given by 
section 5;
"approved pooled investment fund" (核准匯集投資基金) has the meaning given by 
section 6;
"approved stock exchange" (核准證券交易所) means-

        (a)	a recognized stock market; or

        (b)	any stock exchange established in a place outside Hong Kong 
that is declared by the Authority by notice published in the Gazette to be 
an approved stock exchange for the purposes of this Regulation;  (5 of 
2002 s. 407)
"arrears" (欠款) means the mandatory contributions that are not paid by the 
contribution day;
"assets held in Hong Kong" (在香港持有的資產) has the meaning given by section 10;
"authorized financial institution" (認可財務機構) means an institution 
authorized under Part IV of the Banking Ordinance (Cap 155);
"authorized insurer" (獲授權保險人) means an insurer authorized under section 8 
of the Insurance Companies Ordinance (Cap 41);
"authorized mutual fund" (認可互惠基金) means a mutual fund authorized as a 
collective investment scheme by the Securities and Futures Commission 
under section 104 of the Securities and Futures Ordinance (Cap 571);  (5 
of 2002 s. 407)
"authorized unit trust" (認可單位信託) means a unit trust authorized as a 
collective investment scheme by the Securities and Futures Commission 
under section 104 of the Securities and Futures Ordinance (Cap 571);  (5 
of 2002 s. 407)
"central securities depository" (中央證券寄存處) means a depository in Hong Kong, 
or a depository or a clearing agency outside Hong Kong that is approved by 
the Authority for the purposes of this Regulation;
"consolidated report" (綜合報告) means a report published in accordance with 
section 89;
"constituent fund" (成分基金), in relation to a registered scheme, means the 
fund that constitutes a registered scheme, or a fund that forms part of 
the scheme, and complies with the requirements set out in section 36;
"continuous financial support" (持續財政支援), in relation to a company that 
applies to be or is an approved trustee, has the meaning given by section 
12; 
"contribution account" (供款帳戶), in relation to a member of a registered 
scheme, means an account with the scheme into which mandatory 
contributions and voluntary contributions (if any) are paid in respect of 
any current employment or current self-employment of the member;
"contribution day" (供款日)-

        (a)	in relation to a self-employed person, means the last day of 
the contribution period prescribed by section 131; and

        (b)	in relation to a participating employer, has the meaning given 
by section 122(1); 
"control objectives" (控制目標), in relation to a registered scheme, means the 
control objectives for the time being applicable to the scheme because of 
section 39;
"currency forward contract" (貨幣遠期合約) means a contract for the purchase or 
sale of a specific quantity of foreign currency, with delivery and 
settlement at a specified future date;
"custodian" (保管人), in relation to the assets of a registered scheme, 
includes the approved trustee of the scheme if acting as the custodian of 
those assets in accordance with section 50(2);  (L.N. 223 of 2000)
"deadline" (最後期限), in relation to the financial period of a registered 
scheme, means the end of the day that falls 6 months after the end of that 
period;
"debt security" (債務證券) means-

        (a)	any debenture or other document issued by a person as evidence 
of a debt owed by the person or as security for the repayment of a loan 

        (whether with or without interest); or

        (b)	debenture stock and bonds issued by a company (whether 
constituting a charge on the assets of the company or not); or

        (c)	convertible loan stock;
"delegate" (獲轉授人), in relation to a custodian, means a person to whom the 
custodian has delegated the custodian's function as a custodian;  (L.N. 
223 of 2000)
"eligible overseas bank" (合資格海外銀行) has the meaning given by section 13;
"encumbrance" (產權負擔) includes a charge, pledge, lien and mortgage;
"Fees Regulation" (《費用規例》) means the regulation (if any) made under 
section 46 of the Ordinance prescribing fees for the purposes of this 
Regulation;
"financial futures contract" (財務期貨合約) means a contract entered into on an 
approved futures exchange under which-  (5 of 2002 s. 407)

        (a)	a party to the contract agrees to deliver to the other party to 
the contract at an agreed future time a specified security, or a quantity 
of specified securities, at an agreed price; or

        (b)	the parties agree to make an adjustment between themselves at 
an agreed future time according to whether at that time-

        (i)	a specified security is worth more or less than a value agreed 
at the time when the contract is entered into; or

        (ii)	a number of an index of securities stands at a higher or lower 
level than a level agreed at the time when the contract is entered into;
"financial option contract" (財務期權合約) means a contract entered into on an 
approved futures exchange or an approved stock exchange under which a 
party to the contract acquires from the other party to the contract an 
option or right, exercisable at or before a specified time, to be paid by 
that other party an amount of money to be determined by reference to the 
amount by which a number specified in the contract is more or less than 
the number of a specified stock market index as at the time when the 
option or right is exercised;  (5 of 2002 s. 407)
"financial period" (財政期), in relation to a registered scheme, has the 
meaning given by section 79;
"financial statements" (財務報表), in relation to a registered scheme, means a 
balance sheet and statement of account prepared or to be prepared in 
respect of the scheme;
"independent director" (獨立董事) means a director having the qualifications 
prescribed by section 9;
"Insurance Authority" (保險業監督) means the Insurance Authority appointed 
under section 4 of the Insurance Companies Ordinance (Cap 41);  (L.N. 223 
of 2000)
"insurer" (保險人), when it is not qualified by the word "authorized", means 
a person who is carrying on insurance business;
"market value" (市值), in relation to any property, means the price that can 
reasonably be expected to be paid for the property if it were sold by a 
willing seller to a willing buyer on the open market, with both parties 
acting at arms length;
"Monetary Authority" (金融管理專員) means the Monetary Authority appointed under 
section 5A of the Exchange Fund Ordinance (Cap 66);  (L.N. 223 of 2000)
"net assets" (淨資產), in relation to a company or corporation, means the 
amount by which the company's or corporation's, as the case may be, total 
tangible assets exceed its total liabilities;  (L.N. 223 of 2000)
"offering document" (要約文件), in relation to a registered scheme, means a 
document-

        (a)	inviting participation in the scheme by prospective 
participating employers or prospective members of the scheme; and

        (b)	containing information relating to the establishment or 
administration of the scheme;  (2 of 2002 s. 21)
"ORSO exempted scheme" (職業退休豁免計劃) has the same meaning as in section 2(1) 
of the Mandatory Provident Fund Schemes (Exemption) Regulation (Cap 485 
sub. leg. B);  (2 of 2002 s. 21)
"ORSO registered scheme" (職業退休註冊計劃) has the same meaning as in section 
2(1) of the Mandatory Provident Fund Schemes (Exemption) Regulation (Cap 
485 sub. leg. B);  (2 of 2002 s. 21)
"overseas" (海外), in relation to Hong Kong, means outside Hong Kong;
"participation agreement" (參與協議), in relation to a registered scheme, 
means an agreement-

        (a)	between a participating employer and the approved trustee of 
the scheme for the employer and his employees to participate in the scheme;

        (b)	between a self-employed person and the approved trustee of the 
scheme for the self-employed person to participate in the scheme; or

        (c)	between a person intending to maintain a preserved account in 
the scheme and the approved trustee of the scheme;  (2 of 2002 s. 21)
"prescribed capital adequacy requirements" (訂明資本充裕程度規定), in relation to a 
company that applies to be or is an approved trustee, has the meaning 
given by section 11;
"preserved account" (保留帳戶), in relation to a member of a master trust 
scheme or an industry scheme, means an account with the scheme (other than 
a contribution account) in which the accrued benefits in respect of any 
former employment or former self-employment of the member are held, and 
includes-

        (a)	a former contribution account of the member retained in the 
scheme under section 147(6);

        (b)	the member's benefits, if any, transferred to the scheme from 
an ORSO exempted scheme or an ORSO registered scheme;  (2 of 2002 s. 21)
"recognized futures market" (認可期貨市場) has the same meaning as in section 1 
of Part 1 of Schedule 1 to the Securities and Futures Ordinance (Cap 
571);  (5 of 2002 s. 407)
"recognized stock market" (認可證券市場) has the same meaning as in section 1 of 
Part 1 of Schedule 1 to the Securities and Futures Ordinance (Cap 571);  

(5 of 2002 s. 407)
"registered trust company" (註冊信託公司) means a trust company registered under 
Part VIII of the Trustee Ordinance (Cap 29);
"scheme assets" (計劃資產) means securities and other assets acquired and held 
for the purposes of a registered scheme, and includes-

        (a)	income derived from the investment of those securities or other 
assets; and

        (b)	money payable to the scheme;
"securities" (證券) has the same meaning as in section 1 of Part 1 of 
Schedule 1 to the Securities and Futures Ordinance (Cap 571);  (5 of 2002 
s. 407)
"substantial financial institution" (具規模財務機構) has the meaning given by 
section 7;

(2 of 2002 s. 21; 5 of 2002 s. 407)
"account number" (帳戶號碼)
"accounting practice unit" (會計執業單位)
"actuary" (精算師)
"adequate insurance" (足夠保險)
"applicable accounting guideline" (適用的會計指引)
"approved credit rating agency" (核准信貸評級機構)
"approved futures exchange" (核准期貨交易所)
"approved overseas bank" (核准海外銀行)
"approved overseas insurer" (核准海外保險人)
"approved overseas trust company" (核准海外信託公司)
"approved pooled investment fund" (核准匯集投資基金)
"approved stock exchange" (核准證券交易所)
"arrears" (欠款)
"assets held in Hong Kong" (在香港持有的資產)
"authorized financial institution" (認可財務機構)
"authorized insurer" (獲授權保險人)
"authorized mutual fund" (認可互惠基金)
"authorized unit trust" (認可單位信託)
"central securities depository" (中央證券寄存處)
"consolidated report" (綜合報告)
"constituent fund" (成分基金)
"continuous financial support" (持續財政支援)
"contribution account" (供款帳戶)
"contribution day" (供款日)
"control objectives" (控制目標)
"currency forward contract" (貨幣遠期合約)
"custodian" (保管人)
"deadline" (最後期限)
"debt security" (債務證券)
"delegate" (獲轉授人)
"eligible overseas bank" (合資格海外銀行)
"encumbrance" (產權負擔)
"Fees Regulation" (《費用規例》)
"financial futures contract" (財務期貨合約)
"financial option contract" (財務期權合約)
"financial period" (財政期)
"financial statements" (財務報表)
"independent director" (獨立董事)
"Insurance Authority" (保險業監督)
"insurer" (保險人)
"market value" (市值)
"Monetary Authority" (金融管理專員)
"net assets" (淨資產)
"offering document" (要約文件)
"ORSO exempted scheme" (職業退休豁免計劃)
"ORSO registered scheme" (職業退休註冊計劃)
"overseas" (海外)
"participation agreement" (參與協議)
"prescribed capital adequacy requirements" (訂明資本充裕程度規定)
"preserved account" (保留帳戶)
"recognized futures market" (認可期貨市場)
"recognized stock market" (認可證券市場)
"registered trust company" (註冊信託公司)
"scheme assets" (計劃資產)
"securities" (證券)
"substantial financial institution" (具規模財務機構)


MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 2
Interpretation VerDate:01/04/2003



In this Regulation, unless the context otherwise requires-
"account number" (帳戶號碼) includes a reference to a combination of numbers, 
letters or other symbols that identifies a member's account with a 
registered scheme;
"accounting practice unit" (會計執業單位) means a practice unit as defined by 
section 2 of the Professional Accountants Ordinance (Cap 50);
"actuary" (精算師) has the same meaning as in section 2 of the Occupational 
Retirement Schemes Ordinance (Cap 426);
"adequate insurance" (足夠保險) has the meaning given by section 8;
"applicable accounting guideline" (適用的會計指引) means-

        (a)	the industry accounting guideline, issued by the Hong Kong 
Society of Accountants, called the "Financial Statements of Retirement 
Schemes", or that guideline as amended from time to time; or

        (b)	if the Hong Kong Society of Accountants issues an accounting 
guideline in respect of registered schemes, that guideline, or that 
guideline as amended from time to time;
"approved credit rating agency" (核准信貸評級機構) means a credit rating agency 
approved by the Authority for the purposes of this Regulation;
"approved futures exchange" (核准期貨交易所) means-

        (a)	a recognized futures market; or

        (b)	any futures exchange established in a place outside Hong Kong 
that is declared by the Authority by notice published in the Gazette to be 
an approved futures exchange for the purposes of this Regulation;  (5 of 
2002 s. 407)
"approved overseas bank" (核准海外銀行) has the meaning given by section 3;
"approved overseas insurer" (核准海外保險人) has the meaning given by section 4;
"approved overseas trust company" (核准海外信託公司) has the meaning given by 
section 5;
"approved pooled investment fund" (核准匯集投資基金) has the meaning given by 
section 6;
"approved stock exchange" (核准證券交易所) means-

        (a)	a recognized stock market; or

        (b)	any stock exchange established in a place outside Hong Kong 
that is declared by the Authority by notice published in the Gazette to be 
an approved stock exchange for the purposes of this Regulation;  (5 of 
2002 s. 407)
"arrears" (欠款) means the mandatory contributions that are not paid by the 
contribution day;
"assets held in Hong Kong" (在香港持有的資產) has the meaning given by section 10;
"authorized financial institution" (認可財務機構) means an institution 
authorized under Part IV of the Banking Ordinance (Cap 155);
"authorized insurer" (獲授權保險人) means an insurer authorized under section 8 
of the Insurance Companies Ordinance (Cap 41);
"authorized mutual fund" (認可互惠基金) means a mutual fund authorized as a 
collective investment scheme by the Securities and Futures Commission 
under section 104 of the Securities and Futures Ordinance (Cap 571);  (5 
of 2002 s. 407)
"authorized unit trust" (認可單位信託) means a unit trust authorized as a 
collective investment scheme by the Securities and Futures Commission 
under section 104 of the Securities and Futures Ordinance (Cap 571);  (5 
of 2002 s. 407)
"central securities depository" (中央證券寄存處) means a depository in Hong Kong, 
or a depository or a clearing agency outside Hong Kong that is approved by 
the Authority for the purposes of this Regulation;
"consolidated report" (綜合報告) means a report published in accordance with 
section 89;
"constituent fund" (成分基金), in relation to a registered scheme, means the 
fund that constitutes a registered scheme, or a fund that forms part of 
the scheme, and complies with the requirements set out in section 36;
"continuous financial support" (持續財政支援), in relation to a company that 
applies to be or is an approved trustee, has the meaning given by section 
12; 
"contribution account" (供款帳戶), in relation to a member of a registered 
scheme, means an account with the scheme into which mandatory 
contributions and voluntary contributions (if any) are paid in respect of 
any current employment or current self-employment of the member;
"contribution day" (供款日)-

        (a)	in relation to a self-employed person, means the last day of 
the contribution period prescribed by section 131; and

        (b)	in relation to a participating employer, has the meaning given 
by section 122(1); 
"control objectives" (控制目標), in relation to a registered scheme, means the 
control objectives for the time being applicable to the scheme because of 
section 39;
"currency forward contract" (貨幣遠期合約) means a contract for the purchase or 
sale of a specific quantity of foreign currency, with delivery and 
settlement at a specified future date;
"custodian" (保管人), in relation to the assets of a registered scheme, 
includes the approved trustee of the scheme if acting as the custodian of 
those assets in accordance with section 50(2);  (L.N. 223 of 2000)
"deadline" (最後期限), in relation to the financial period of a registered 
scheme, means the end of the day that falls 6 months after the end of that 
period;
"debt security" (債務證券) means-

        (a)	any debenture or other document issued by a person as evidence 
of a debt owed by the person or as security for the repayment of a loan 

        (whether with or without interest); or

        (b)	debenture stock and bonds issued by a company (whether 
constituting a charge on the assets of the company or not); or

        (c)	convertible loan stock;
"delegate" (獲轉授人), in relation to a custodian, means a person to whom the 
custodian has delegated the custodian's function as a custodian;  (L.N. 
223 of 2000)
"eligible overseas bank" (合資格海外銀行) has the meaning given by section 13;
"encumbrance" (產權負擔) includes a charge, pledge, lien and mortgage;
"Fees Regulation" (《費用規例》) means the regulation (if any) made under 
section 46 of the Ordinance prescribing fees for the purposes of this 
Regulation;
"financial futures contract" (財務期貨合約) means a contract entered into on an 
approved futures exchange under which-  (5 of 2002 s. 407)

        (a)	a party to the contract agrees to deliver to the other party to 
the contract at an agreed future time a specified security, or a quantity 
of specified securities, at an agreed price; or

        (b)	the parties agree to make an adjustment between themselves at 
an agreed future time according to whether at that time-

        (i)	a specified security is worth more or less than a value agreed 
at the time when the contract is entered into; or

        (ii)	a number of an index of securities stands at a higher or lower 
level than a level agreed at the time when the contract is entered into;
"financial option contract" (財務期權合約) means a contract entered into on an 
approved futures exchange or an approved stock exchange under which a 
party to the contract acquires from the other party to the contract an 
option or right, exercisable at or before a specified time, to be paid by 
that other party an amount of money to be determined by reference to the 
amount by which a number specified in the contract is more or less than 
the number of a specified stock market index as at the time when the 
option or right is exercised;  (5 of 2002 s. 407)
"financial period" (財政期), in relation to a registered scheme, has the 
meaning given by section 79;
"financial statements" (財務報表), in relation to a registered scheme, means a 
balance sheet and statement of account prepared or to be prepared in 
respect of the scheme;
"independent director" (獨立董事) means a director having the qualifications 
prescribed by section 9;
"Insurance Authority" (保險業監督) means the Insurance Authority appointed 
under section 4 of the Insurance Companies Ordinance (Cap 41);  (L.N. 223 
of 2000)
"insurer" (保險人), when it is not qualified by the word "authorized", means 
a person who is carrying on insurance business;
"market value" (市值), in relation to any property, means the price that can 
reasonably be expected to be paid for the property if it were sold by a 
willing seller to a willing buyer on the open market, with both parties 
acting at arms length;
"Monetary Authority" (金融管理專員) means the Monetary Authority appointed under 
section 5A of the Exchange Fund Ordinance (Cap 66);  (L.N. 223 of 2000)
"net assets" (淨資產), in relation to a company or corporation, means the 
amount by which the company's or corporation's, as the case may be, total 
tangible assets exceed its total liabilities;  (L.N. 223 of 2000)
"offering document" (要約文件), in relation to a registered scheme, means a 
document-

        (a)	inviting participation in the scheme by prospective 
participating employers or prospective members of the scheme; and

        (b)	containing information relating to the establishment or 
administration of the scheme;  (2 of 2002 s. 21)
"ORSO exempted scheme" (職業退休豁免計劃) has the same meaning as in section 2(1) 
of the Mandatory Provident Fund Schemes (Exemption) Regulation (Cap 485 
sub. leg. B);  (2 of 2002 s. 21)
"ORSO registered scheme" (職業退休註冊計劃) has the same meaning as in section 
2(1) of the Mandatory Provident Fund Schemes (Exemption) Regulation (Cap 
485 sub. leg. B);  (2 of 2002 s. 21)
"overseas" (海外), in relation to Hong Kong, means outside Hong Kong;
"participation agreement" (參與協議), in relation to a registered scheme, 
means an agreement-

        (a)	between a participating employer and the approved trustee of 
the scheme for the employer and his employees to participate in the scheme;

        (b)	between a self-employed person and the approved trustee of the 
scheme for the self-employed person to participate in the scheme; or

        (c)	between a person intending to maintain a preserved account in 
the scheme and the approved trustee of the scheme;  (2 of 2002 s. 21)
"prescribed capital adequacy requirements" (訂明資本充裕程度規定), in relation to a 
company that applies to be or is an approved trustee, has the meaning 
given by section 11;
"preserved account" (保留帳戶), in relation to a member of a master trust 
scheme or an industry scheme, means an account with the scheme (other than 
a contribution account) in which the accrued benefits in respect of any 
former employment or former self-employment of the member are held, and 
includes-

        (a)	a former contribution account of the member retained in the 
scheme under section 147(6);

        (b)	the member's benefits, if any, transferred to the scheme from 
an ORSO exempted scheme or an ORSO registered scheme;  (2 of 2002 s. 21)
"recognized futures market" (認可期貨市場) has the same meaning as in section 1 
of Part 1 of Schedule 1 to the Securities and Futures Ordinance (Cap 
571);  (5 of 2002 s. 407)
"recognized stock market" (認可證券市場) has the same meaning as in section 1 of 
Part 1 of Schedule 1 to the Securities and Futures Ordinance (Cap 571);  

(5 of 2002 s. 407)
"registered trust company" (註冊信託公司) means a trust company registered under 
Part VIII of the Trustee Ordinance (Cap 29);
"scheme assets" (計劃資產) means securities and other assets acquired and held 
for the purposes of a registered scheme, and includes-

        (a)	income derived from the investment of those securities or other 
assets; and

        (b)	money payable to the scheme;
"securities" (證券) has the same meaning as in section 1 of Part 1 of 
Schedule 1 to the Securities and Futures Ordinance (Cap 571);  (5 of 2002 
s. 407)
"substantial financial institution" (具規模財務機構) has the meaning given by 
section 7;

(2 of 2002 s. 21; 5 of 2002 s. 407)
"account number" (帳戶號碼)
"accounting practice unit" (會計執業單位)
"actuary" (精算師)
"adequate insurance" (足夠保險)
"applicable accounting guideline" (適用的會計指引)
"approved credit rating agency" (核准信貸評級機構)
"approved futures exchange" (核准期貨交易所)
"approved overseas bank" (核准海外銀行)
"approved overseas insurer" (核准海外保險人)
"approved overseas trust company" (核准海外信託公司)
"approved pooled investment fund" (核准匯集投資基金)
"approved stock exchange" (核准證券交易所)
"arrears" (欠款)
"assets held in Hong Kong" (在香港持有的資產)
"authorized financial institution" (認可財務機構)
"authorized insurer" (獲授權保險人)
"authorized mutual fund" (認可互惠基金)
"authorized unit trust" (認可單位信託)
"central securities depository" (中央證券寄存處)
"consolidated report" (綜合報告)
"constituent fund" (成分基金)
"continuous financial support" (持續財政支援)
"contribution account" (供款帳戶)
"contribution day" (供款日)
"control objectives" (控制目標)
"currency forward contract" (貨幣遠期合約)
"custodian" (保管人)
"deadline" (最後期限)
"debt security" (債務證券)
"delegate" (獲轉授人)
"eligible overseas bank" (合資格海外銀行)
"encumbrance" (產權負擔)
"Fees Regulation" (《費用規例》)
"financial futures contract" (財務期貨合約)
"financial option contract" (財務期權合約)
"financial period" (財政期)
"financial statements" (財務報表)
"independent director" (獨立董事)
"Insurance Authority" (保險業監督)
"insurer" (保險人)
"market value" (市值)
"Monetary Authority" (金融管理專員)
"net assets" (淨資產)
"offering document" (要約文件)
"ORSO exempted scheme" (職業退休豁免計劃)
"ORSO registered scheme" (職業退休註冊計劃)
"overseas" (海外)
"participation agreement" (參與協議)
"prescribed capital adequacy requirements" (訂明資本充裕程度規定)
"preserved account" (保留帳戶)
"recognized futures market" (認可期貨市場)
"recognized stock market" (認可證券市場)
"registered trust company" (註冊信託公司)
"scheme assets" (計劃資產)
"securities" (證券)
"substantial financial institution" (具規模財務機構)


MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 2
Interpretation VerDate:15/02/2002



In this Regulation, unless the context otherwise requires-
"account number" (帳戶號碼) includes a reference to a combination of numbers, 
letters or other symbols that identifies a member's account with a 
registered scheme;
"accounting practice unit" (會計執業單位) means a practice unit as defined by 
section 2 of the Professional Accountants Ordinance (Cap 50);
"actuary" (精算師) has the same meaning as in section 2 of the Occupational 
Retirement Schemes Ordinance (Cap 426);
"adequate insurance" (足夠保險) has the meaning given by section 8;
"applicable accounting guideline" (適用的會計指引) means-

        (a)	the industry accounting guideline, issued by the Hong Kong 
Society of Accountants, called the "Financial Statements of Retirement 
Schemes", or that guideline as amended from time to time; or

        (b)	if the Hong Kong Society of Accountants issues an accounting 
guideline in respect of registered schemes, that guideline, or that 
guideline as amended from time to time;
"approved credit rating agency" (核准信貸評級機構) means a credit rating agency 
approved by the Authority for the purposes of this Regulation;
"approved overseas bank" (核准海外銀行) has the meaning given by section 3;
"approved overseas insurer" (核准海外保險人) has the meaning given by section 4;
"approved overseas trust company" (核准海外信託公司) has the meaning given by 
section 5;
"approved pooled investment fund" (核准匯集投資基金) has the meaning given by 
section 6;
"arrears" (欠款) means the mandatory contributions that are not paid by the 
contribution day;
"assets held in Hong Kong" (在香港持有的資產) has the meaning given by section 10;
"authorized financial institution" (認可財務機構) means an institution 
authorized under Part IV of the Banking Ordinance (Cap 155);
"authorized insurer" (獲授權保險人) means an insurer authorized under section 8 
of the Insurance Companies Ordinance (Cap 41);
"authorized mutual fund" (認可互惠基金) means a mutual fund corporation 
authorized by the Securities and Futures Commission under section 15 of 
the Securities Ordinance (Cap 333);
"authorized unit trust" (認可單位信託) means a unit trust authorized by the 
Securities and Futures Commission under section 15 of the Securities 
Ordinance (Cap 333);
"central securities depository" (中央證券寄存處) means a depository in Hong Kong, 
or a depository or a clearing agency outside Hong Kong that is approved by 
the Authority for the purposes of this Regulation;
"consolidated report" (綜合報告) means a report published in accordance with 
section 89;
"constituent fund" (成分基金), in relation to a registered scheme, means the 
fund that constitutes a registered scheme, or a fund that forms part of 
the scheme, and complies with the requirements set out in section 36;
"continuous financial support" (持續財政支援), in relation to a company that 
applies to be or is an approved trustee, has the meaning given by section 
12; 
"contribution account" (供款帳戶), in relation to a member of a registered 
scheme, means an account with the scheme into which mandatory 
contributions and voluntary contributions (if any) are paid in respect of 
any current employment or current self-employment of the member;
"contribution day" (供款日)-

        (a)	in relation to a self-employed person, means the last day of 
the contribution period prescribed by section 131; and

        (b)	in relation to a participating employer, has the meaning given 
by section 122(1); 
"control objectives" (控制目標), in relation to a registered scheme, means the 
control objectives for the time being applicable to the scheme because of 
section 39;
"currency forward contract" (貨幣遠期合約) means a contract for the purchase or 
sale of a specific quantity of foreign currency, with delivery and 
settlement at a specified future date;
"custodian" (保管人), in relation to the assets of a registered scheme, 
includes the approved trustee of the scheme if acting as the custodian of 
those assets in accordance with section 50(2);  (L.N. 223 of 2000)
"deadline" (最後期限), in relation to the financial period of a registered 
scheme, means the end of the day that falls 6 months after the end of that 
period;
"debt security" (債務證券) means-

        (a)	any debenture or other document issued by a person as evidence 
of a debt owed by the person or as security for the repayment of a loan 

        (whether with or without interest); or

        (b)	debenture stock and bonds issued by a company (whether 
constituting a charge on the assets of the company or not); or

        (c)	convertible loan stock;
"delegate" (獲轉授人), in relation to a custodian, means a person to whom the 
custodian has delegated the custodian's function as a custodian;  (L.N. 
223 of 2000)
"eligible overseas bank" (合資格海外銀行) has the meaning given by section 13;
"encumbrance" (產權負擔) includes a charge, pledge, lien and mortgage;
"Fees Regulation" (《費用規例》) means the regulation (if any) made under 
section 46 of the Ordinance prescribing fees for the purposes of this 
Regulation;
"financial futures contract" (財務期貨合約) means a contract entered into on a 
recognized futures exchange under which-

        (a)	a party to the contract agrees to deliver to the other party to 
the contract at an agreed future time a specified security, or a quantity 
of specified securities, at an agreed price; or

        (b)	the parties agree to make an adjustment between themselves at 
an agreed future time according to whether at that time-

        (i)	a specified security is worth more or less than a value agreed 
at the time when the contract is entered into; or

        (ii)	a number of an index of securities stands at a higher or lower 
level than a level agreed at the time when the contract is entered into;
"financial option contract" (財務期權合約) means a contract entered into on a 
recognized futures exchange or a recognized stock exchange under which a 
party to the contract acquires from the other party to the contract an 
option or right, exercisable at or before a specified time, to be paid by 
that other party an amount of money to be determined by reference to the 
amount by which a number specified in the contract is more or less than 
the number of a specified stock market index as at the time when the 
option or right is exercised;
"financial period" (財政期), in relation to a registered scheme, has the 
meaning given by section 79;
"financial statements" (財務報表), in relation to a registered scheme, means a 
balance sheet and statement of account prepared or to be prepared in 
respect of the scheme;
"Futures Exchange" (期交所) means the company holding the licence issued 
under section 13(1) of the Commodities Trading Ordinance (Cap 250);
"independent director" (獨立董事) means a director having the qualifications 
prescribed by section 9;
"Insurance Authority" (保險業監督) means the Insurance Authority appointed 
under section 4 of the Insurance Companies Ordinance (Cap 41);  (L.N. 223 
of 2000)
"insurer" (保險人), when it is not qualified by the word "authorized", means 
a person who is carrying on insurance business;
"market value" (市值), in relation to any property, means the price that can 
reasonably be expected to be paid for the property if it were sold by a 
willing seller to a willing buyer on the open market, with both parties 
acting at arms length;
"Monetary Authority" (金融管理專員) means the Monetary Authority appointed under 
section 5A of the Exchange Fund Ordinance (Cap 66);  (L.N. 223 of 2000)
"net assets" (淨資產), in relation to a company or corporation, means the 
amount by which the company's or corporation's, as the case may be, total 
tangible assets exceed its total liabilities;  (L.N. 223 of 2000)
"offering document" (要約文件), in relation to a registered scheme, means a 
document-

        (a)	inviting participation in the scheme by prospective 
participating employers or prospective members of the scheme; and

        (b)	containing information relating to the establishment or 
administration of the scheme;  (2 of 2002 s. 21)
"ORSO exempted scheme" (職業退休豁免計劃) has the same meaning as in section 2(1) 
of the Mandatory Provident Fund Schemes (Exemption) Regulation (Cap 485 
sub. leg.);  (2 of 2002 s. 21)
"ORSO registered scheme" (職業退休註冊計劃) has the same meaning as in section 
2(1) of the Mandatory Provident Fund Schemes (Exemption) Regulation (Cap 
485 sub. leg.);  (2 of 2002 s. 21)
"overseas" (海外), in relation to Hong Kong, means outside Hong Kong;
"participation agreement" (參與協議), in relation to a registered scheme, 
means an agreement-

        (a)	between a participating employer and the approved trustee of 
the scheme for the employer and his employees to participate in the scheme;

        (b)	between a self-employed person and the approved trustee of the 
scheme for the self-employed person to participate in the scheme; or

        (c)	between a person intending to maintain a preserved account in 
the scheme and the approved trustee of the scheme;  (2 of 2002 s. 21)
"prescribed capital adequacy requirements" (訂明資本充裕程度規定), in relation to a 
company that applies to be or is an approved trustee, has the meaning 
given by section 11;
"preserved account" (保留帳戶), in relation to a member of a master trust 
scheme or an industry scheme, means an account with the scheme (other than 
a contribution account) in which the accrued benefits in respect of any 
former employment or former self-employment of the member are held, and 
includes-

        (a)	a former contribution account of the member retained in the 
scheme under section 147(6);

        (b)	the member's benefits, if any, transferred to the scheme from 
an ORSO exempted scheme or an ORSO registered scheme;  (2 of 2002 s. 21)
"recognized futures exchange" (認可期貨交易所) means-

        (a)	the Futures Exchange; or 

        (b)	any futures exchange established in a place outside Hong Kong 
that is declared by the Authority by notice published in the Gazette to be 
a recognized futures exchange for the purposes of this Regulation;
"recognized stock exchange" (認可證券交易所) means-

        (a)	the company recognized as the Exchange Company by section 3 of 
the Stock Exchanges Unification Ordinance (Cap 361); or 

        (b)	any stock exchange established in a place outside Hong Kong 
that is declared by the Authority by notice published in the Gazette to be 
a recognized stock exchange for the purposes of this Regulation;
"registered trust company" (註冊信託公司) means a trust company registered under 
Part VIII of the Trustee Ordinance (Cap 29);
"scheme assets" (計劃資產) means securities and other assets acquired and held 
for the purposes of a registered scheme, and includes-

        (a)	income derived from the investment of those securities or other 
assets; and

        (b)	money payable to the scheme;
"securities" (證券) has the same meaning as in section 2 of the Securities 
Ordinance (Cap 333);
"substantial financial institution" (具規模財務機構) has the meaning given by 
section 7;

(2 of 2002 s. 21)
"account number" (帳戶號碼)
"accounting practice unit" (會計執業單位)
"actuary" (精算師)
"adequate insurance" (足夠保險)
"applicable accounting guideline" (適用的會計指引)
"approved credit rating agency" (核准信貸評級機構)
"approved overseas bank" (核准海外銀行)
"approved overseas insurer" (核准海外保險人)
"approved overseas trust company" (核准海外信託公司)
"approved pooled investment fund" (核准匯集投資基金)
"arrears" (欠款)
"assets held in Hong Kong" (在香港持有的資產)
"authorized financial institution" (認可財務機構)
"authorized insurer" (獲授權保險人)
"authorized mutual fund" (認可互惠基金)
"authorized unit trust" (認可單位信託)
"central securities depository" (中央證券寄存處)
"consolidated report" (綜合報告)
"constituent fund" (成分基金)
"continuous financial support" (持續財政支援)
"contribution account" (供款帳戶)
"contribution day" (供款日)
"control objectives" (控制目標)
"currency forward contract" (貨幣遠期合約)
"custodian" (保管人)
"deadline" (最後期限)
"debt security" (債務證券)
"delegate" (獲轉授人)
"eligible overseas bank" (合資格海外銀行)
"encumbrance" (產權負擔)
"Fees Regulation" (《費用規例》)
"financial futures contract" (財務期貨合約)
"financial option contract" (財務期權合約)
"financial period" (財政期)
"financial statements" (財務報表)
"Futures Exchange" (期交所)
"independent director" (獨立董事)
"Insurance Authority" (保險業監督)
"insurer" (保險人)
"market value" (市值)
"Monetary Authority" (金融管理專員)
"net assets" (淨資產)
"offering document" (要約文件)
"ORSO exempted scheme" (職業退休豁免計劃)
"ORSO registered scheme" (職業退休註冊計劃)
"overseas" (海外)
"participation agreement" (參與協議)
"prescribed capital adequacy requirements" (訂明資本充裕程度規定)
"preserved account" (保留帳戶)
"recognized futures exchange" (認可期貨交易所)
"recognized stock exchange" (認可證券交易所)
"registered trust company" (註冊信託公司)
"scheme assets" (計劃資產)
"securities" (證券)
"substantial financial institution" (具規模財務機構)


MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 2
Interpretation VerDate:23/06/2000



In this Regulation, unless the context otherwise requires-
"account number" (帳戶號碼) includes a reference to a combination of numbers, 
letters or other symbols that identifies a member's account with a 
registered scheme;
"accounting practice unit" (會計執業單位) means a practice unit as defined by 
section 2 of the Professional Accountants Ordinance (Cap 50);
"actuary" (精算師) has the same meaning as in section 2 of the Occupational 
Retirement Schemes Ordinance (Cap 426);
"adequate insurance" (足夠保險) has the meaning given by section 8;
"applicable accounting guideline" (適用的會計指引) means-

        (a)	the industry accounting guideline, issued by the Hong Kong 
Society of Accountants, called the "Financial Statements of Retirement 
Schemes", or that guideline as amended from time to time; or

        (b)	if the Hong Kong Society of Accountants issues an accounting 
guideline in respect of registered schemes, that guideline, or that 
guideline as amended from time to time;
"approved credit rating agency" (核准信貸評級機構) means a credit rating agency 
approved by the Authority for the purposes of this Regulation;
"approved overseas bank" (核准海外銀行) has the meaning given by section 3;
"approved overseas insurer" (核准海外保險人) has the meaning given by section 4;
"approved overseas trust company" (核准海外信託公司) has the meaning given by 
section 5;
"approved pooled investment fund" (核准匯集投資基金) has the meaning given by 
section 6;
"arrears" (欠款) means the mandatory contributions that are not paid by the 
contribution day;
"assets held in Hong Kong" (在香港持有的資產) has the meaning given by section 10;
"authorized financial institution" (認可財務機構) means an institution 
authorized under Part IV of the Banking Ordinance (Cap 155);
"authorized insurer" (獲授權保險人) means an insurer authorized under section 8 
of the Insurance Companies Ordinance (Cap 41);
"authorized mutual fund" (認可互惠基金) means a mutual fund corporation 
authorized by the Securities and Futures Commission under section 15 of 
the Securities Ordinance (Cap 333);
"authorized unit trust" (認可單位信託) means a unit trust authorized by the 
Securities and Futures Commission under section 15 of the Securities 
Ordinance (Cap 333);
"central securities depository" (中央證券寄存處) means a depository in Hong Kong, 
or a depository or a clearing agency outside Hong Kong that is approved by 
the Authority for the purposes of this Regulation;
"consolidated report" (綜合報告) means a report published in accordance with 
section 89;
"constituent fund" (成分基金), in relation to a registered scheme, means the 
fund that constitutes a registered scheme, or a fund that forms part of 
the scheme, and complies with the requirements set out in section 36;
"continuous financial support" (持續財政支援), in relation to a company that 
applies to be or is an approved trustee, has the meaning given by section 
12; 
"contribution account" (供款帳戶), in relation to a member of a registered 
scheme, means an account with the scheme into which mandatory 
contributions and voluntary contributions (if any) are paid in respect of 
any current employment or current self-employment of the member;
"contribution day" (供款日)-

        (a)	in relation to a self-employed person, means the last day of 
the contribution period prescribed by section 131; and

        (b)	in relation to a participating employer, has the meaning given 
by section 122(1); 
"control objectives" (控制目標), in relation to a registered scheme, means the 
control objectives for the time being applicable to the scheme because of 
section 39;
"corporation" (法團) means a body corporate which is incorporated in a place 
outside Hong Kong and is not an oversea company;  (L.N. 223 of 2000)
"currency forward contract" (貨幣遠期合約) means a contract for the purchase or 
sale of a specific quantity of foreign currency, with delivery and 
settlement at a specified future date;
"custodian" (保管人), in relation to the assets of a registered scheme, 
includes the approved trustee of the scheme if acting as the custodian of 
those assets in accordance with section 50(2);  (L.N. 223 of 2000)
"deadline" (最後期限), in relation to the financial period of a registered 
scheme, means the end of the day that falls 6 months after the end of that 
period;
"debt security" (債務證券) means-

        (a)	any debenture or other document issued by a person as evidence 
of a debt owed by the person or as security for the repayment of a loan 

        (whether with or without interest); or

        (b)	debenture stock and bonds issued by a company (whether 
constituting a charge on the assets of the company or not); or

        (c)	convertible loan stock;
"delegate" (獲轉授人), in relation to a custodian, means a person to whom the 
custodian has delegated the custodian's function as a custodian;  (L.N. 
223 of 2000)
"eligible overseas bank" (合資格海外銀行) has the meaning given by section 13;
"encumbrance" (產權負擔) includes a charge, pledge, lien and mortgage;
"Fees Regulation" (《費用規例》) means the regulation (if any) made under 
section 46 of the Ordinance prescribing fees for the purposes of this 
Regulation;
"financial futures contract" (財務期貨合約) means a contract entered into on a 
recognized futures exchange under which-

        (a)	a party to the contract agrees to deliver to the other party to 
the contract at an agreed future time a specified security, or a quantity 
of specified securities, at an agreed price; or

        (b)	the parties agree to make an adjustment between themselves at 
an agreed future time according to whether at that time-

        (i)	a specified security is worth more or less than a value agreed 
at the time when the contract is entered into; or

        (ii)	a number of an index of securities stands at a higher or lower 
level than a level agreed at the time when the contract is entered into;
"financial option contract" (財務期權合約) means a contract entered into on a 
recognized futures exchange or a recognized stock exchange under which a 
party to the contract acquires from the other party to the contract an 
option or right, exercisable at or before a specified time, to be paid by 
that other party an amount of money to be determined by reference to the 
amount by which a number specified in the contract is more or less than 
the number of a specified stock market index as at the time when the 
option or right is exercised;
"financial period" (財政期), in relation to a registered scheme, has the 
meaning given by section 79;
"financial statements" (財務報表), in relation to a registered scheme, means a 
balance sheet and statement of account prepared or to be prepared in 
respect of the scheme;
"Futures Exchange" (期交所) means the company holding the licence issued 
under section 13(1) of the Commodities Trading Ordinance (Cap 250);
"independent director" (獨立董事) means a director having the qualifications 
prescribed by section 9;
"Insurance Authority" (保險業監督) means the Insurance Authority appointed 
under section 4 of the Insurance Companies Ordinance (Cap 41);  (L.N. 223 
of 2000)
"insurer" (保險人), when it is not qualified by the word "authorized", means 
a person who is carrying on insurance business;
"market value" (市值), in relation to any property, means the price that can 
reasonably be expected to be paid for the property if it were sold by a 
willing seller to a willing buyer on the open market, with both parties 
acting at arms length;
"Monetary Authority" (金融管理專員) means the Monetary Authority appointed under 
section 5A of the Exchange Fund Ordinance (Cap 66);  (L.N. 223 of 2000)
"net assets" (淨資產), in relation to a company or corporation, means the 
amount by which the company's or corporation's, as the case may be, total 
tangible assets exceed its total liabilities;  (L.N. 223 of 2000)
"overseas" (海外), in relation to Hong Kong, means outside Hong Kong;
"prescribed capital adequacy requirements" (訂明資本充裕程度規定), in relation to a 
company that applies to be or is an approved trustee, has the meaning 
given by section 11;
"preserved account" (保留帳戶), in relation to a member of a master trust 
scheme or an industry scheme, means an account with the scheme (other than 
a contribution account) in which the accrued benefits in respect of any 
former employment or former self-employment of the member are held, and 
includes a former contribution account of the member retained in the 
scheme under section 147(6);
"recognized futures exchange" (認可期貨交易所) means-

        (a)	the Futures Exchange; or 

        (b)	any futures exchange established in a place outside Hong Kong 
that is declared by the Authority by notice published in the Gazette to be 
a recognized futures exchange for the purposes of this Regulation;
"recognized stock exchange" (認可證券交易所) means-

        (a)	the company recognized as the Exchange Company by section 3 of 
the Stock Exchanges Unification Ordinance (Cap 361); or 

        (b)	any stock exchange established in a place outside Hong Kong 
that is declared by the Authority by notice published in the Gazette to be 
a recognized stock exchange for the purposes of this Regulation;
"registered trust company" (註冊信託公司) means a trust company registered under 
Part VIII of the Trustee Ordinance (Cap 29);
"scheme assets" (計劃資產) means securities and other assets acquired and held 
for the purposes of a registered scheme, and includes-

        (a)	income derived from the investment of those securities or other 
assets; and

        (b)	money payable to the scheme;
"securities" (證券) has the same meaning as in section 2 of the Securities 
Ordinance (Cap 333);
"substantial financial institution" (具規模財務機構) has the meaning given by 
section 7;
"working day" (工作日) means any day other than-

        (a)	a public holiday; or

        (b)	a gale warning day or black rainstorm warning day within the 
meaning of section 71(2) of the Interpretation and General Clauses 
Ordinance (Cap 1).  (L.N. 223 of 2000)
"account number" (帳戶號碼)
"accounting practice unit" (會計執業單位)
"actuary" (精算師)
"adequate insurance" (足夠保險)
"applicable accounting guideline" (適用的會計指引)
"approved credit rating agency" (核准信貸評級機構)
"approved overseas bank" (核准海外銀行)
"approved overseas insurer" (核准海外保險人)
"approved overseas trust company" (核准海外信託公司)
"approved pooled investment fund" (核准匯集投資基金)
"arrears" (欠款)
"assets held in Hong Kong" (在香港持有的資產)
"authorized financial institution" (認可財務機構)
"authorized insurer" (獲授權保險人)
"authorized mutual fund" (認可互惠基金)
"authorized unit trust" (認可單位信託)
"central securities depository" (中央證券寄存處)
"consolidated report" (綜合報告)
"constituent fund" (成分基金)
"continuous financial support" (持續財政支援)
"contribution account" (供款帳戶)
"contribution day" (供款日)
"control objectives" (控制目標)
"corporation" (法團)
"currency forward contract" (貨幣遠期合約)
"custodian" (保管人)
"deadline" (最後期限)
"debt security" (債務證券)
"delegate" (獲轉授人)
"eligible overseas bank" (合資格海外銀行)
"encumbrance" (產權負擔)
"Fees Regulation" (《費用規例》)
"financial futures contract" (財務期貨合約)
"financial option contract" (財務期權合約)
"financial period" (財政期)
"financial statements" (財務報表)
"Futures Exchange" (期交所)
"independent director" (獨立董事)
"Insurance Authority" (保險業監督)
"insurer" (保險人)
"market value" (市值)
"Monetary Authority" (金融管理專員)
"net assets" (淨資產)
"overseas" (海外)
"prescribed capital adequacy requirements" (訂明資本充裕程度規定)
"preserved account" (保留帳戶)
"recognized futures exchange" (認可期貨交易所)
"recognized stock exchange" (認可證券交易所)
"registered trust company" (註冊信託公司)
"scheme assets" (計劃資產)
"securities" (證券)
"substantial financial institution" (具規模財務機構)
"working day" (工作日)


MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 2
Interpretation VerDate:24/07/1998



In this Regulation, unless the context otherwise requires-
"account number" (帳戶號碼) includes a reference to a combination of numbers, 
letters or other symbols that identifies a member's account with a 
registered scheme;
"accounting practice unit" (會計執業單位) means a practice unit as defined by 
section 2 of the Professional Accountants Ordinance (Cap 50);
"actuary" (精算師) has the same meaning as in section 2 of the Occupational 
Retirement Schemes Ordinance (Cap 426);
"adequate insurance" (足夠保險) has the meaning given by section 8;
"applicable accounting guideline" (適用的會計指引) means-

        (a)	the industry accounting guideline, issued by the Hong Kong 
Society of Accountants, called the "Financial Statements of Retirement 
Schemes", or that guideline as amended from time to time; or

        (b)	if the Hong Kong Society of Accountants issues an accounting 
guideline in respect of registered schemes, that guideline, or that 
guideline as amended from time to time;
"approved credit rating agency" (核准信貸評級機構) means a credit rating agency 
approved by the Authority for the purposes of this Regulation;
"approved overseas bank" (核准海外銀行) has the meaning given by section 3;
"approved overseas insurer" (核准海外保險人) has the meaning given by section 4;
"approved overseas trust company" (核准海外信託公司) has the meaning given by 
section 5;
"approved pooled investment fund" (核准匯集投資基金) has the meaning given by 
section 6;
"arrears" (欠款) means the mandatory contributions that are not paid by the 
contribution day;
"assets held in Hong Kong" (在香港持有的資產) has the meaning given by section 10;
"authorized financial institution" (認可財務機構) means an institution 
authorized under Part IV of the Banking Ordinance (Cap 155);
"authorized insurer" (獲授權保險人) means an insurer authorized under section 8 
of the Insurance Companies Ordinance (Cap 41);
"authorized mutual fund" (認可互惠基金) means a mutual fund corporation 
authorized by the Securities and Futures Commission under section 15 of 
the Securities Ordinance (Cap 333);
"authorized unit trust" (認可單位信託) means a unit trust authorized by the 
Securities and Futures Commission under section 15 of the Securities 
Ordinance (Cap 333);
"central securities depository" (中央證券寄存處) means a depository in Hong Kong, 
or a depository or a clearing agency outside Hong Kong that is approved by 
the Authority for the purposes of this Regulation;
"consolidated report" (綜合報告) means a report published in accordance with 
section 89;
"constituent fund" (成分基金), in relation to a registered scheme, means the 
fund that constitutes a registered scheme, or a fund that forms part of 
the scheme, and complies with the requirements set out in section 36;
"continuous financial support" (持續財政支援), in relation to a company that 
applies to be or is an approved trustee, has the meaning given by section 
12; 
"contribution account" (供款帳戶), in relation to a member of a registered 
scheme, means an account with the scheme into which mandatory 
contributions and voluntary contributions (if any) are paid in respect of 
any current employment or current self-employment of the member;
"contribution day" (供款日)-

        (a)	in relation to a self-employed person, means the last day of 
the contribution period prescribed by section 131; and

        (b)	in relation to a participating employer, has the meaning given 
by section 122(1); 
"control objectives" (控制目標), in relation to a registered scheme, means the 
control objectives for the time being applicable to the scheme because of 
section 39;
"currency forward contract" (貨幣遠期合約) means a contract for the purchase or 
sale of a specific quantity of foreign currency, with delivery and 
settlement at a specified future date;
"custodian" (保管人), in relation to the assets of a registered scheme, 
includes-

        (a)	the approved trustee of the scheme if acting as custodian of 
those assets in accordance with section 50(2); and 

        (b)	any person to whom the custodian has delegated the custodian's 
functions with respect to those assets; and

        (c)	any other person who is authorized by the custodian to have 
custody of those assets;
"deadline" (最後期限), in relation to the financial period of a registered 
scheme, means the end of the day that falls 6 months after the end of that 
period;
"debt security" (債務證券) means-

        (a)	any debenture or other document issued by a person as evidence 
of a debt owed by the person or as security for the repayment of a loan 

        (whether with or without interest); or

        (b)	debenture stock and bonds issued by a company (whether 
constituting a charge on the assets of the company or not); or

        (c)	convertible loan stock;
"eligible overseas bank" (合資格海外銀行) has the meaning given by section 13;
"encumbrance" (產權負擔) includes a charge, pledge, lien and mortgage;
"Fees Regulation" (《費用規例》) means the regulation (if any) made under 
section 46 of the Ordinance prescribing fees for the purposes of this 
Regulation;
"financial futures contract" (財務期貨合約) means a contract entered into on a 
recognized futures exchange under which-

        (a)	a party to the contract agrees to deliver to the other party to 
the contract at an agreed future time a specified security, or a quantity 
of specified securities, at an agreed price; or

        (b)	the parties agree to make an adjustment between themselves at 
an agreed future time according to whether at that time-

        (i)	a specified security is worth more or less than a value agreed 
at the time when the contract is entered into; or

        (ii)	a number of an index of securities stands at a higher or lower 
level than a level agreed at the time when the contract is entered into;
"financial option contract" (財務期權合約) means a contract entered into on a 
recognized futures exchange or a recognized stock exchange under which a 
party to the contract acquires from the other party to the contract an 
option or right, exercisable at or before a specified time, to be paid by 
that other party an amount of money to be determined by reference to the 
amount by which a number specified in the contract is more or less than 
the number of a specified stock market index as at the time when the 
option or right is exercised;
"financial period" (財政期), in relation to a registered scheme, has the 
meaning given by section 79;
"financial statements" (財務報表), in relation to a registered scheme, means a 
balance sheet and statement of account prepared or to be prepared in 
respect of the scheme;
"Futures Exchange" (期交所) means the company holding the licence issued 
under section 13(1) of the Commodities Trading Ordinance (Cap 250);
"independent director" (獨立董事) means a director having the qualifications 
prescribed by section 9;
"insurer" (保險人), when it is not qualified by the word "authorized", means 
a person who is carrying on insurance business;
"market value" (市值), in relation to any property, means the price that can 
reasonably be expected to be paid for the property if it were sold by a 
willing seller to a willing buyer on the open market, with both parties 
acting at arms length;
"net assets" (淨資產), in relation to a company, means the amount by which 
the company's total tangible assets exceed its total liabilities;
"overseas" (海外), in relation to Hong Kong, means outside Hong Kong;
"prescribed capital adequacy requirements" (訂明資本充裕程度規定), in relation to a 
company that applies to be or is an approved trustee, has the meaning 
given by section 11;
"preserved account" (保留帳戶), in relation to a member of a master trust 
scheme or an industry scheme, means an account with the scheme (other than 
a contribution account) in which the accrued benefits in respect of any 
former employment or former self-employment of the member are held, and 
includes a former contribution account of the member retained in the 
scheme under section 147(6);
"recognized futures exchange" (認可期貨交易所) means-

        (a)	the Futures Exchange; or 

        (b)	any futures exchange established in a place outside Hong Kong 
that is declared by the Authority by notice published in the Gazette to be 
a recognized futures exchange for the purposes of this Regulation;
"recognized stock exchange" (認可證券交易所) means-

        (a)	the company recognized as the Exchange Company by section 3 of 
the Stock Exchanges Unification Ordinance (Cap 361); or 

        (b)	any stock exchange established in a place outside Hong Kong 
that is declared by the Authority by notice published in the Gazette to be 
a recognized stock exchange for the purposes of this Regulation;
"registered trust company" (註冊信託公司) means a trust company registered under 
Part VIII of the Trustee Ordinance (Cap 29);
"scheme assets" (計劃資產) means securities and other assets acquired and held 
for the purposes of a registered scheme, and includes-

        (a)	income derived from the investment of those securities or other 
assets; and

        (b)	money payable to the scheme;
"securities" (證券) has the same meaning as in section 2 of the Securities 
Ordinance (Cap 333);
"substantial financial institution" (具規模財務機構) has the meaning given by 
section 7.
"account number" (帳戶號碼)
"accounting practice unit" (會計執業單位)
"actuary" (精算師)
"adequate insurance" (足夠保險)
"applicable accounting guideline" (適用的會計指引)
"approved credit rating agency" (核准信貸評級機構)
"approved overseas bank" (核准海外銀行)
"approved overseas insurer" (核准海外保險人)
"approved overseas trust company" (核准海外信託公司)
"approved pooled investment fund" (核准匯集投資基金)
"arrears" (欠款)
"assets held in Hong Kong" (在香港持有的資產)
"authorized financial institution" (認可財務機構)
"authorized insurer" (獲授權保險人)
"authorized mutual fund" (認可互惠基金)
"authorized unit trust" (認可單位信託)
"central securities depository" (中央證券寄存處)
"consolidated report" (綜合報告)
"constituent fund" (成分基金)
"continuous financial support" (持續財政支援)
"contribution account" (供款帳戶)
"contribution day" (供款日)
"control objectives" (控制目標)
"currency forward contract" (貨幣遠期合約)
"custodian" (保管人)
"deadline" (最後期限)
"debt security" (債務證券)
"eligible overseas bank" (合資格海外銀行)
"encumbrance" (產權負擔)
"Fees Regulation" (《費用規例》)
"financial futures contract" (財務期貨合約)
"financial option contract" (財務期權合約)
"financial period" (財政期)
"financial statements" (財務報表)
"Futures Exchange" (期交所)
"independent director" (獨立董事)
"insurer" (保險人)
"market value" (市值)
"net assets" (淨資產)
"overseas" (海外)
"prescribed capital adequacy requirements" (訂明資本充裕程度規定)
"preserved account" (保留帳戶)
"recognized futures exchange" (認可期貨交易所)
"recognized stock exchange" (認可證券交易所)
"registered trust company" (註冊信託公司)
"scheme assets" (計劃資產)
"securities" (證券)
"substantial financial institution" (具規模財務機構)


MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 3
What is an approved overseas bank for the purposes of this Regulation? VerDate:24/07/1998



A bank incorporated outside Hong Kong is an approved overseas bank for the 
purposes of this Regulation if the bank has satisfied the Authority that 
it is authorized by the law of a place outside Hong Kong to carry on the 
business of a bank and the Authority has notified the bank in writing that 
it has approved the bank as an overseas bank for those purposes.



MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 4
What is an approved overseas insurer for the purposes of this Regulation? VerDate:24/07/1998



An insurer incorporated outside Hong Kong is an approved overseas insurer 
for the purposes of this Regulation if the insurer has satisfied the 
Authority that it is authorized by the law of a place outside Hong Kong to 
carry on the business of an insurer and the Authority has notified the 
insurer in writing that it has approved the insurer as an overseas insurer 
for those purposes.



MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 5
What is an approved overseas trust company for the purposes of this Regulation? VerDate:24/07/1998



A trust company incorporated outside Hong Kong is an approved overseas 
trust company for the purposes of this Regulation if the company has 
satisfied the Authority that it is authorized by the law of a place 
outside Hong Kong to carry on the business of a trust company and the 
Authority has notified the company in writing that it has approved the 
company as an overseas trust company for those purposes.



MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 6
What is an approved pooled investment fund for the purposes of this Regulation? VerDate:18/01/2008




(1)	An investment fund is an approved pooled investment fund for 
the purposes of this Regulation if it is an insurance policy, authorized 
unit trust or authorized mutual fund that-

        (a)	complies with the requirements set out in section 17(2) of 
Schedule 1; and

        (b)	is approved by the Authority. 

(2)	The granting of an approval in respect of a pooled investment 
fund is subject to the payment to the Authority of such fee (if any) as 
may be prescribed in the Fees Regulation and to such conditions (if any) 
as the Authority considers appropriate.  (2 of 2002 s. 21)

(3)	Where the Authority-

        (a)	has decided that it is appropriate to-

        (i)	amend any conditions imposed under subsection (2) or this 
subsection on an approved pooled investment fund; or

        (ii)	impose conditions on an approved pooled investment fund; and

        (b)	has given to the investment manager, insurer or trustee 
concerned-

        (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 investment 
manager, insurer or trustee-

        (i)	amend any conditions imposed under subsection (2) or this 
subsection on the investment fund; or

        (ii)	impose conditions on the investment fund.  (2 of 2002 s. 21)

(4)	The Authority may waive a person's compliance with a condition 
imposed under subsection (2) or (3)-

        (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.  (2 of 2002 s. 21)

(5)	The Authority may on application made by a person specified in 
the guidelines cancel the approval of a pooled investment fund.  (1 of 
2008 s. 29)

(6)	An application under subsection (5) must-

        (a)	be in a form approved by the Authority; and

        (b)	contain such information, and be accompanied by such documents, 
as may be specified for the purposes of this section in the guidelines.  

(1 of 2008 s. 29)

(7)	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.  (1 of 2008 s. 29)



MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 6
What is an approved pooled investment fund for the purposes of this Regulation? VerDate:15/02/2002




(1)	An investment fund is an approved pooled investment fund for 
the purposes of this Regulation if it is an insurance policy, authorized 
unit trust or authorized mutual fund that-

        (a)	complies with the requirements set out in section 17(2) of 
Schedule 1; and

        (b)	is approved by the Authority. 

(2)	The granting of an approval in respect of a pooled investment 
fund is subject to the payment to the Authority of such fee (if any) as 
may be prescribed in the Fees Regulation and to such conditions (if any) 
as the Authority considers appropriate.  (2 of 2002 s. 21)

(3)	Where the Authority-

        (a)	has decided that it is appropriate to-

        (i)	amend any conditions imposed under subsection (2) or this 
subsection on an approved pooled investment fund; or

        (ii)	impose conditions on an approved pooled investment fund; and

        (b)	has given to the investment manager, insurer or trustee 
concerned-

        (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 investment 
manager, insurer or trustee-

        (i)	amend any conditions imposed under subsection (2) or this 
subsection on the investment fund; or

        (ii)	impose conditions on the investment fund.  (2 of 2002 s. 21)

(4)	The Authority may waive a person's compliance with a condition 
imposed under subsection (2) or (3)-

        (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.  (2 of 2002 s. 21)



MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 6
What is an approved pooled investment fund for the purposes of this Regulation? VerDate:24/07/1998




(1)	An investment fund is an approved pooled investment fund for 
the purposes of this Regulation if it is an insurance policy, authorized 
unit trust or authorized mutual fund that-

        (a)	complies with the requirements set out in section 17(2) of 
Schedule 1; and

        (b)	is approved by the Authority. 

(2)	The granting of an approval in respect of a pooled investment 
fund is subject to the payment to the Authority of such fee (if any) as 
may be prescribed in the Fees Regulation and to such conditions (if any) 
as the Authority considers appropriate. The Authority may vary any such 
conditions by written notice given to the investment manager of the 
investment fund concerned.



MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 7
What is a substantial financial institution for the purposes of this Regulation? VerDate:23/06/2000




(1)	An institution is a substantial financial institution for the 
purposes of this Regulation if-  (L.N. 223 of 2000)

        (a)	it is an authorized financial institution, an authorized 
insurer, a registered trust company, an approved overseas bank, an 
approved overseas insurer or an approved overseas trust company; and

        (b)	it has-

        (i)	a paid up share capital of at least $150000000 or its 
equivalent in a foreign currency; and

        (ii)	net assets of at least the same amount.  (L.N. 222 of 2000; 
L.N. 223 of 2000)

(2)	The reference to "liabilities" in the determination of net 
assets as referred to in subsection (1)(b)(ii) may exclude in part or in 
whole a subordinated debt of the institution concerned where, subject to 
subsection (3), the Authority declares in writing that it is satisfied 
that under the terms of the debt instrument concerned-  (L.N. 222 of 2000)

        (a)	the claims of the lender against the institution are fully 
subordinated to those of all unsubordinated creditors;

        (b)	the debt is not secured against any assets of the institution;

        (c)	the debt has a minimum initial period to maturity of more than 
5 years (and notwithstanding that the period may be reduced with the prior 
consent of the Authority); and

        (d)	the debt is not repayable prior to maturity without the prior 
consent of the Authority.  (L.N. 223 of 2000)

(3)	The Authority shall not make a declaration under subsection (2) 
in relation to an institution except after consultation with-

        (a)	if the institution is an authorized financial institution, the 
Monetary Authority;

        (b)	if the institution is an authorized insurer, the Insurance 
Authority.  (L.N. 223 of 2000)



MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 7
What is a substantial financial institution for the purposes of this Regulation? VerDate:24/07/1998



An institution is a substantial financial institution for the purposes of 
this Regulation if-

        (a)	it is an authorized financial institution, an authorized 
insurer, a registered trust company, an approved overseas bank, an 
approved overseas insurer or an approved overseas trust company; and

        (b)	it has-

        (i)	a paid up share capital of at least $150000000 or its 
equivalent in a foreign currency; and

        (ii)	net assets of at least the same amount.



MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 8
What is adequate insurance for the purposes of registered schemes? VerDate:23/06/2000





(1)	For the purposes of the Ordinance, an approved trustee has 
adequate insurance for the registered schemes administered by the trustee 
if there are in force 1 or more insurance policies that-

        (a)	are obtained from 1 or more eligible insurers; and

        (b)	cover the total managed assets of the approved trustee and do 
not deal with any matter other than the assets of the schemes concerned; 
and

        (c)	provide an insurance cover for not less than the amount 
specified in subsection (4); and

        (d)	provide for indemnity in respect of the prescribed risks set 
out in subsection (5) that are attributable to the administration of the 
schemes by the trustee or by any service provider of the scheme (excluding 
losses attributable to investing the funds of the scheme in the ordinary 
course of business); and

        (e)	specify a deductible amount that does not exceed the maximum 
amount determined under subsection (6); and

        (f)	are governed by the law of Hong Kong.

(2)	For the purpose of subsection (1)(a), a person is an eligible 
insurer if the person's business includes that of providing insurance and-

        (a)	the person is specified in section 6(1) of the Insurance 
Companies Ordinance (Cap 41); or

        (b)	the Authority is satisfied that the person is an insurer that 
is able to meet its liabilities.

(3)	Before determining whether an insurer is able to meet its 
liabilities, the Authority must-

        (a)	take into account the credit rating of the insurer as 
determined by an approved credit rating agency; and 

        (b)	consult the Insurance Authority.

(4)	For the purpose of subsection (1)(c), the amount of insurance 
cover is to be obtained in respect of the total managed assets of an 
approved trustee as follows-

        (a)	if the market value of the total managed assets is not more 
than $100000000-30 per cent of that value;

        (b)	if the market value of the total managed assets is more than 
$100000000 but not more than $300000000-$30000000 plus 20 per cent of that 
value that exceeds $100000000;

        (c)	if the market value of the total managed assets is more than 
$300000000 but not more than $500000000-$70000000 plus 15 per cent of that 
value that exceeds $300000000;

        (d)	if the market value of the total managed assets is more than 
$500000000 but not more than $1000000000-$100000000 plus 10 per cent of 
that value that exceeds $500000000;

        (e)	if the market value of the total managed assets is more than 
$1000000000 but not more than $5000000000-$150000000 plus 5 per cent of 
that value that exceeds $1000000000;

        (f)	if the market value of the total managed assets is more than 
$5000000000 but not more than $10000000000-$350000000 plus 3 per cent of 
that value that exceeds $5000000000;

        (g)	if the market value of the total managed assets is more than 
$10000000000-$500000000.

(5)	For the purpose of subsection (1)(d), the prescribed risks are 
as follows-

        (a)	the risk of loss of scheme assets attributable to fraudulent, 
wrongful or negligent acts done or omitted to be done by-

        (i)	the approved trustee of the scheme; or

        (ii)	a service provider appointed or engaged for the purposes of 
that scheme; or

        (iii)	an employee or agent of the trustee or of the service 
provider;

        (b)	the risk of loss of scheme assets kept on the premises of the 
trustee or service providers or at a central securities depository;

        (c)	the risk of loss of scheme assets while they are being 
transported in the custody of the trustee or service providers, or of a 
central securities depository;

        (d)	the risk of loss of scheme assets arising from relying on a 
cheque or other negotiable instrument that is forged, fraudulently 
altered, lost or stolen;

        (e)	the risk of loss of scheme assets arising from the fraudulent 
use of a computer or from fraudulent instructions given for the transfer 
of those assets;

        (f)	the risk of loss of scheme assets arising from indemnifying the 
trustee in accordance with the governing rules of the scheme as permitted 
by law.

(6)	For the purpose of subsection (1)(e), the maximum amount is to 
be determined in respect of the total managed assets of an approved 
trustee as follows-

        (a)	if the market value of the total managed assets is not more 
than $1000000-$100000;

        (b)	if the market value of the total managed assets is more than 
$1000000, the smaller of the following amounts-

        (i)	$500000;

        (ii)	an amount equal to 10 per cent of the market value of the 
scheme assets.

(7)	For the purpose of this section-

        (a)	a reference to the total managed assets of an approved trustee 
is a reference to the aggregate of all scheme assets of all registered 
schemes administered by the trustee; and

        (b)	a reference to a deductible amount, in relation to a policy of 
insurance under which the insurer is liable for only the part of a claim 
that exceeds a specified amount, is a reference to that amount.

(8)	(Repealed L.N. 223 of 2000)


MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 8
What is adequate insurance for the purposes of registered schemes? VerDate:24/07/1998




(1)	For the purposes of the Ordinance, an approved trustee has 
adequate insurance for the registered schemes administered by the trustee 
if there are in force 1 or more insurance policies that-

        (a)	are obtained from 1 or more eligible insurers; and

        (b)	cover the total managed assets of the approved trustee and do 
not deal with any matter other than the assets of the schemes concerned; 
and

        (c)	provide an insurance cover for not less than the amount 
specified in subsection (4); and

        (d)	provide for indemnity in respect of the prescribed risks set 
out in subsection (5) that are attributable to the administration of the 
schemes by the trustee or by any service provider of the scheme (excluding 
losses attributable to investing the funds of the scheme in the ordinary 
course of business); and

        (e)	specify a deductible amount that does not exceed the maximum 
amount determined under subsection (6); and

        (f)	are governed by the law of Hong Kong.

(2)	For the purpose of subsection (1)(a), a person is an eligible 
insurer if the person's business includes that of providing insurance and-

        (a)	the person is specified in section 6(1) of the Insurance 
Companies Ordinance (Cap 41); or

        (b)	the Authority is satisfied that the person is an insurer that 
is able to meet its liabilities.

(3)	Before determining whether an insurer is able to meet its 
liabilities, the Authority must-

        (a)	take into account the credit rating of the insurer as 
determined by an approved credit rating agency; and 

        (b)	consult the Insurance Authority.

(4)	For the purpose of subsection (1)(c), the amount of insurance 
cover is to be obtained in respect of the total managed assets of an 
approved trustee as follows-

        (a)	if the market value of the total managed assets is not more 
than $100000000-30 per cent of that value;

        (b)	if the market value of the total managed assets is more than 
$100000000 but not more than $300000000-$30000000 plus 20 per cent of that 
value that exceeds $100000000;

        (c)	if the market value of the total managed assets is more than 
$300000000 but not more than $500000000-$70000000 plus 15 per cent of that 
value that exceeds $300000000;

        (d)	if the market value of the total managed assets is more than 
$500000000 but not more than $1000000000-$100000000 plus 10 per cent of 
that value that exceeds $500000000;

        (e)	if the market value of the total managed assets is more than 
$1000000000 but not more than $5000000000-$150000000 plus 5 per cent of 
that value that exceeds $1000000000;

        (f)	if the market value of the total managed assets is more than 
$5000000000 but not more than $10000000000-$350000000 plus 3 per cent of 
that value that exceeds $5000000000;

        (g)	if the market value of the total managed assets is more than 
$10000000000-$500000000.

(5)	For the purpose of subsection (1)(d), the prescribed risks are 
as follows-

        (a)	the risk of loss of scheme assets attributable to fraudulent, 
wrongful or negligent acts done or omitted to be done by-

        (i)	the approved trustee of the scheme; or

        (ii)	a service provider appointed or engaged for the purposes of 
that scheme; or

        (iii)	an employee or agent of the trustee or of the service 
provider;

        (b)	the risk of loss of scheme assets kept on the premises of the 
trustee or service providers or at a central securities depository;

        (c)	the risk of loss of scheme assets while they are being 
transported in the custody of the trustee or service providers, or of a 
central securities depository;

        (d)	the risk of loss of scheme assets arising from relying on a 
cheque or other negotiable instrument that is forged, fraudulently 
altered, lost or stolen;

        (e)	the risk of loss of scheme assets arising from the fraudulent 
use of a computer or from fraudulent instructions given for the transfer 
of those assets;

        (f)	the risk of loss of scheme assets arising from indemnifying the 
trustee in accordance with the governing rules of the scheme as permitted 
by law.

(6)	For the purpose of subsection (1)(e), the maximum amount is to 
be determined in respect of the total managed assets of an approved 
trustee as follows-

        (a)	if the market value of the total managed assets is not more 
than $1000000-$100000;

        (b)	if the market value of the total managed assets is more than 
$1000000, the smaller of the following amounts-

        (i)	$500000;

        (ii)	an amount equal to 10 per cent of the market value of the 
scheme assets.

(7)	For the purpose of this section-

        (a)	a reference to the total managed assets of an approved trustee 
is a reference to the aggregate of all scheme assets of all registered 
schemes administered by the trustee; and

        (b)	a reference to a deductible amount, in relation to a policy of 
insurance under which the insurer is liable for only the part of a claim 
that exceeds a specified amount, is a reference to that amount.

(8)	In this section, "Insurance Authority" (保險業監督) has the same 
meaning as in section 2 of the Insurance Companies Ordinance (Cap 41).
"Insurance Authority" (保險業監督)


MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 9
Qualifications of an independent director VerDate:03/08/1999



A director is qualified as an independent director for the purposes of 
section 20(2) of the Ordinance and this Regulation only if the director-

        (a)	is not an employee or partner of the applicant, or of an 
associate of the applicant; and

        (b)	is not a director of an associate of the applicant; and

        (c)	does not hold any shares of the applicant or of any associate 
of the applicant; and

        (d)	satisfies the Authority that the director has no past or 
present association (financial or otherwise) with-

        (i)	the applicant (otherwise than as a director or professional 
adviser); or

        (ii)	any controller of the applicant; or

        (iii)	any associate of the applicant or of any such controller,
that could affect the impartiality of the director's independent judgment; 
and

        (e)	is not a controller (otherwise than by virtue of being a 
director), close relative, partner or employee of the applicant or of any 
associate of the applicant; and

        (f)	is not an auditor or actuary of any provident fund scheme 
administered by the applicant.



MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION,MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 10
What are assets held in Hong Kong for the purposes of this Regulation? VerDate:14/12/2007




Any of the following are assets held in Hong Kong for the purposes of this 
Regulation-

        (a)	real property, including a leasehold interest in real property, 
located in Hong Kong; 

        (b)	computer equipment, office machinery, furniture, motor vehicles 
and other equipment located in Hong Kong;

        (c)	deposits (in any currency or monetary unit) held with a Hong 
Kong branch of an authorized financial institution;

        (d)	debt securities issued in Hong Kong, but only if they are 
transferable and registrable in a register in Hong Kong and, in the case 
of debt securities that are in the form of certificates, the certificates 
are kept in Hong Kong;

        (e)	debt securities issued outside Hong Kong, but only if their 
certificates are kept in Hong Kong and are transferable by delivery (with 
or without endorsement);

        (f)	negotiable instruments (including bills of exchange within the 
meaning of the Bills of Exchange Ordinance (Cap 19)) that are kept in Hong 
Kong;

        (g)	shares of a company, wherever incorporated and whether or not a 
company within the meaning of section 2 of the Companies Ordinance (Cap 
32) or a non-Hong Kong company, being shares that-  (30 of 2004 s. 3)

        (i)	are transferable and registrable only in a register kept in 
Hong Kong; or

        (ii)	are, in the ordinary course of business, transferable and 
registrable in a register kept in Hong Kong and their certificates (if 
any) are kept in Hong Kong;

        (h)	debts that may be enforced only by legal proceedings brought in 
a Hong Kong court;

        (i)	an interest in an authorized unit trust that is realizable in 
Hong Kong, but only if the governing law of the trust is the law of Hong 
Kong.


MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 10
What are assets held in Hong Kong for the purposes of this Regulation? VerDate:03/08/1999



Any of the following are assets held in Hong Kong for the purposes of this 
Regulation-

        (a)	real property, including a leasehold interest in real property, 
located in Hong Kong; 

        (b)	computer equipment, office machinery, furniture, motor vehicles 
and other equipment located in Hong Kong;

        (c)	deposits (in any currency or monetary unit) held with a Hong 
Kong branch of an authorized financial institution;

        (d)	debt securities issued in Hong Kong, but only if they are 
transferable and registrable in a register in Hong Kong and, in the case 
of debt securities that are in the form of certificates, the certificates 
are kept in Hong Kong;

        (e)	debt securities issued outside Hong Kong, but only if their 
certificates are kept in Hong Kong and are transferable by delivery (with 
or without endorsement);

        (f)	negotiable instruments (including bills of exchange within the 
meaning of the Bills of Exchange Ordinance (Cap 19)) that are kept in Hong 
Kong;

        (g)	shares of a company, wherever incorporated and whether or not a 
company within the meaning of section 2 of the Companies Ordinance (Cap 
32) or an oversea company, being shares that-

        (i)	are transferable and registrable only in a register kept in 
Hong Kong; or

        (ii)	are, in the ordinary course of business, transferable and 
registrable in a register kept in Hong Kong and their certificates (if 
any) are kept in Hong Kong;

        (h)	debts that may be enforced only by legal proceedings brought in 
a Hong Kong court;

        (i)	an interest in an authorized unit trust that is realizable in 
Hong Kong, but only if the governing law of the trust is the law of Hong 
Kong.



MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 11
Prescribed capital adequacy requirements VerDate:23/06/2000




(1)	The requirements set out in this section are the prescribed 
capital requirements that have to be complied with by a company that 
applies to be or is an approved trustee of a registered scheme.

(2)	The prescribed capital adequacy requirements are complied with 
if the company-

        (a)	has a paid up share capital of at least $150000000; and

        (b)	owns net assets of at least the same amount; and

        (c)	owns assets held in Hong Kong to the value of at least 
$15000000.

(3)	The prescribed capital adequacy requirements are also complied 
with if the company-

        (a)	is an associate of-

        (i)	a company or corporation that is a substantial financial 
institution and provides continuous financial support to the 
first-mentioned company; or

        (ii)	a company or corporation having a subsidiary that is a 
substantial financial institution and provides continuous financial 
support to the first-mentioned company; and  (L.N. 223 of 2000)

        (b)	has a paid up share capital of at least $30000000 and owns net 
assets of at least the same amount; and

        (c)	owns assets held in Hong Kong to the value of at least 
$15000000.



MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 11
Prescribed capital adequacy requirements VerDate:03/08/1999




(1)	The requirements set out in this section are the prescribed 
capital requirements that have to be complied with by a company that 
applies to be or is an approved trustee of a registered scheme.

(2)	The prescribed capital adequacy requirements are complied with 
if the company-

        (a)	has a paid up share capital of at least $150000000; and

        (b)	owns net assets of at least the same amount; and

        (c)	owns assets held in Hong Kong to the value of at least 
$15000000.

(3)	The prescribed capital adequacy requirements are also complied 
with if the company-

        (a)	is an associate of-

        (i)	a company that is a substantial financial institution and 
provides continuous financial support to the first-mentioned company; or

        (ii)	a company having a subsidiary that is a substantial financial 
institution and provides continuous financial support to the 
first-mentioned company; and

        (b)	has a paid up share capital of at least $30000000 and owns net 
assets of at least the same amount; and

        (c)	owns assets held in Hong Kong to the value of at least 
$15000000.



MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 12
What is continuous financial support for the purposes of this Regulation? VerDate:18/01/2008



For the purposes of this Regulation, a substantial financial institution 
provides continuous financial support to a company that applies to be or 
is an approved trustee if the institution gives an undertaking to the 
Authority by deed, or by a document of like effect acceptable to the 
Authority, that the institution-  (L.N. 223 of 2000; 1 of 2008 s. 3)

        (a)	will, if so required by the Authority, subscribe sufficient 
additional capital of not more than $30000000 when the paid up share 
capital or net assets of the trustee or the applicant becomes less than 
that amount; and

        (b)	will not, without the approval of the Authority, do any act to 
dispose of, or authorize the disposal or issue of, any part of the share 
capital or assets of the trustee or the applicant as a result of which the 
trustee or the applicant ceases to be an associate of the institution.  
(L.N. 223 of 2000)



MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 12
What is continuous financial support for the purposes of this Regulation? VerDate:23/06/2000



For the purposes of this Regulation, a substantial financial institution 
provides continuous financial support to a company that applies to be or 
is an approved trustee if the institution gives the Authority a written 
undertaking by deed or like form, acceptable to the Authority, that the 
institution-  (L.N. 223 of 2000)

        (a)	will, if so required by the Authority, subscribe sufficient 
additional capital of not more than $30000000 when the paid up share 
capital or net assets of the trustee or the applicant becomes less than 
that amount; and

        (b)	will not, without the approval of the Authority, do any act to 
dispose of, or authorize the disposal or issue of, any part of the share 
capital or assets of the trustee or the applicant as a result of which the 
trustee or the applicant ceases to be an associate of the institution.  
(L.N. 223 of 2000)



MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 12
What is continuous financial support for the purposes of this Regulation? VerDate:03/08/1999



For the purposes of this Regulation, a substantial financial institution 
provides continuous financial support to a company that applies to be or 
is an approved trustee if the institution gives the Authority a written 
undertaking, acceptable to the Authority, that the institution-

        (a)	will, if so required by the Authority, subscribe sufficient 
additional capital of not more than $30000000 when the paid up share 
capital or net assets of the trustee or the applicant becomes less than 
that amount; and

        (b)	will not, without the approval of the Authority, do any act to 
dispose of or issue, or authorize the disposal or issue of, any part of 
the share capital or assets of the trustee or the applicant as a result of 
which the trustee or the applicant ceases to be an associate of the 
institution.



MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 13
What is an eligible overseas bank for the purposes of this Regulation? VerDate:01/04/2003



A bank is an eligible overseas bank for the purposes of this Regulation if-

        (a)	it is a bank incorporated outside Hong Kong and not holding a 
valid banking licence under the Banking Ordinance (Cap 155); and  (5 of 
2002 s. 407)

        (b)	it satisfies a minimum credit rating set by the Authority, 
based on the credit rating of the bank as determined by an approved credit 
rating agency.



MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 13
What is an eligible overseas bank for the purposes of this Regulation? VerDate:24/07/1998



A bank is an eligible overseas bank for the purposes of this Regulation if-

        (a)	it is an overseas bank within the meaning of section 2 of the 
Protection of Investors Ordinance (Cap 335); and

        (b)	it satisfies a minimum credit rating set by the Authority, 
based on the credit rating of the bank as determined by an approved credit 
rating agency.



MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 14
Definition VerDate:03/08/1999



PART II

APPLICATION FOR APPROVAL AS TRUSTEE

In this Part, "applicant" (申請人) means an applicant for approval under 
section 20 of the Ordinance.
"applicant" (申請人)


MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 15
Eligibility for approval as trustee VerDate:03/08/1999



The Authority may approve an applicant under section 20 of the Ordinance 
only if the applicant satisfies the requirements of section 16, 17 or 19, 
as the case requires.



MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 16
Eligibility requirements for company incorporated in Hong Kong VerDate:03/08/1999




(1)	If an applicant is a company incorporated in Hong Kong-

        (a)	the applicant must be a registered trust company whose name 
includes the word "trust" or "trustee" if the name is in English, or the 
words "信託" or "受託人" if the name is in Chinese; and

        (b)	the company must have at least 5 directors; and 

        (c)	all of the directors of the company must be natural persons; and

        (d)	the business of the applicant must be limited to trust business.

(2)	The applicant must satisfy the Authority-

        (a)	that all of th