Hong Kong Regulations Hong Kong Regulations
- CHAPTER 485A
TABLE OF PROVISIONS
Long Title
1. (Omitted as spent)
2. Interpretation
3. What is an approved overseas bank for the purposes of this
Regulation?
4. What is an approved overseas insurer for the purposes of this
Regulation?
5. What is an approved overseas trust company for the purposes of this
Regulation?
6. What is an approved pooled investment fund for the purposes of this
Regulation?
7. What is a substantial financial institution for the purposes of this
Regulation?
8. What is adequate insurance for the purposes of registered schemes?
9. Qualifications of an independent director
10. What are assets held in Hong Kong for the purposes of this
Regulation?
11. Prescribed capital adequacy requirements
12. What is continuous financial support for the purposes of this
Regulation?
13. What is an eligible overseas bank for the purposes of this
Regulation?
14. Definition
15. Eligibility for approval as trustee
16. Eligibility requirements for company incorporated in Hong Kong
17. Eligibility requirements for company incorporated outside Hong Kong
18. Auditor's report on prescribed capital adequacy requirements
19. Eligibility requirements for natural persons
20. Applicant's other business compatible with interests of scheme members
21. Definitions
22. Undertaking to comply with requirements and standards
23. Application requirements
24. Application to include statement of investment policy
25. Notice of registration of industry scheme
26. Operation of this Part
27. Eligibility of approved trustees of employer sponsored scheme
28. Appointment of officer of approved trustee that is a company
29. Maintenance of adequate insurance
30. Maintenance of valid performance guarantee
31. Non-refusal of scheme applicants
32. Acceptance of contributions and accrued benefits being transferred
33. Requirements with respect to voluntary contributions
34. No fees etc. for transfer of accrued benefits other than actual
expenses
35. No fees etc. for transfer of accrued benefits in certain
circumstances
36. Scheme may consist of a single constituent fund or of separate
constituent funds
37. Provisions relating to capital preservation fund
38. Statement of investment policy to be maintained in respect of each
registered scheme
39. Control objectives and internal control procedures to be maintained
for each registered scheme
40. Investment standards to be complied with
41. Requirements with respect to particulars specified in application for
registering industry scheme
42. Offence for approved trustee who fails to ensure compliance with
certain requirements and standards
43. Approved trustee's general duties with respect to administration of
scheme
44. Approved trustee to appoint investment manager
45. Delegation of investment management functions
46. Independence of investment manager
47. Investment management contract
48. Approved trustee to ensure compliance with prescribed capital adequacy
requirements
49. Duties of approved trustee with respect to investment of scheme
funds
50. Approved trustee to appoint custodian of scheme assets
51. Restrictions on entering into repurchase agreements
52. Restrictions on lending of scheme securities
53. Duty of approved trustee with respect to investing in financial
futures contracts and financial option contracts
54. Approved trustee to provide information to scheme members
55. Approved trustee to give membership certificates to relevant employees
56. Approved trustee to provide scheme members with annual benefit
statements
57. Approved trustee to assist participating employers and scheme members
58. Approved trustee to inform scheme members etc. of changes of
business particulars
59. Approved trustee to inform scheme members etc. of requirements
relating to voluntary contributions
60. Approved trustee to ensure presence of independent trustee at
meetings
61. Disclosure of conflicts of interests
62. Approved trustee to notify Authority of events of significant nature
63. Amendments to governing rules of registered scheme not to take
effect without Authority's approval
63A. Amendments to offering documents require Authority's approval
64. Approved trustee to ensure separation of scheme assets
65. Approved trustee to ensure that scheme assets are not improperly
encumbered
66. Approved trustee permitted to deduct from scheme members' accounts
amount in respect of administrative expenses
66A. Interest to be received where a scheme's assets are placed on
deposit
67. Offences
68. Eligibility for appointment as custodian
69. Custodial agreement
70. Temporary custodian
71. Eligibility of delegate of custodian
72. Subcustodial agreement
73. Use of central securities depository
74. Approved trustee to review service providers' reports
75. Service providers to report certain matters to Authority
76. Power of Authority on becoming aware of matters reported under
77. Proper accounting records to be kept
78. Separate accounts for each scheme member
79. Financial period of registered scheme
80. Approved trustee to prepare statement of accounting policies
81. Approved trustee to prepare financial statements
82. Auditor's report to be attached to financial statements
83. Financial statements to state whether applicable accounting guideline
has been complied with
84. Comparative amounts to be included in financial statements
85. Signing of financial statements
86. Scheme report to be prepared
87. Investment report to be prepared
88. Approved trustee to comply with sections 86 and 87 before deadline
89. Approved trustee to ensure preparation of consolidated report
90. Scheme members may request for copies of consolidated reports
91. Register of scheme members to be kept
92. Other records to be kept
93. Period for which accounting and other records are to be kept
94. Offences
95. Approved trustee to ensure financial statements are audited
96. Approved trustee to appoint auditor to audit scheme accounts
97. Functions of Authority where approved trustee fails to appoint
auditor under section 96
98. Qualifications for auditor
99. Removal and resignation of auditor
100. Effect of winding up on office of auditor
101. Fees and expenses of auditor
102. Auditor to report on financial statements etc.
103. Auditor to report certain matters to Authority
104. Power of Authority on becoming aware of matters reported under
section 103
105. Access of auditor to scheme records
106. Auditor's opinion with respect to information and explanations
107. Obstruction of auditor
108. Certain statements of auditor not admissible evidence
109. Approved trustee to lodge trustee's return with Authority
110. Requirements in section 22A of the Ordinance
111. Meaning of relevant period for the purposes of sections 112, 113
and 116
112. Approved trustee to report on control objectives and internal control
measures
113. Duty of auditor in respect of approved trustee's report under
section 112
114. Approved trustee to report on compliance with capital adequacy
requirements
115. Duty of auditor in respect of trustee's report under section 114
116. Power of Authority to direct approved trustee to rectify matters
117. Approved trustee to lodge monthly return with Authority
118. Limitations and prohibitions as to investment in restricted
investments
119. Definitions
120. When the Ordinance applies to exempted employee*
121. When the Ordinance applies to exempted self-employed person*
122. Participating employer to calculate relevant income and pay mandatory
contributions
123. Participating employer to provide remittance statement to approved
trustee
124. Authority to give participation certificates to participating employers
125. Ascertaining and reporting of relevant income and basis of
contribution of self-employed person
126. When relevant income of self-employed person is taken to be maximum
level of that income
127. Relevant income of self-employed person who produces evidence of that
income
128. Relevant income of self-employed person who does not produce evidence
of that income
129. Adjustments in calculating relevant income of self-employed person
130. Net loss sustained in respect of self-employed person's business
131. Contribution period in respect of self-employed person
132. Approved trustee to check calculations of mandatory contributions
133. Approved trustee to notify defaulters of failure to pay contributions
134. Contribution surcharge for, and report on, failure to pay
contributions
135. Approved trustee to inform Authority of non-payment or discrepancy of
mandatory contribution
136. Authority to give notice to defaulter and approved trustee to inform
Authority of non-payment
137. Approved trustee to check calculations of arrears and contribution
surcharge
138. Crediting of payments
139. Participating employer to give monthly pay-records to scheme members
140. Employers to keep records
141. Participating employer to respond to inquiries relating to registered
scheme
142. Self-employed person to notify trustee of change of particulars
143. Participating employer to notify trustee of certain information
144. Definitions
145. Transfer of accrued benefits of member of employer sponsored scheme
146. Transfer of accrued benefits of member of master trust scheme or
industry scheme (other than a casual employee who is a member of
an industry scheme)
147. Transfer of accrued benefits of casual employee who is a member of
industry scheme
148. Transfer of accrued benefits of self-employed person
149. Transfer of accrued benefits in preserved accounts in master trust
scheme or industry scheme
150. Transfer by participating employer of employee's accrued benefits
150A. Transfer of accrued benefits where section 12A(6A) and (6B) of the
Ordinance is applicable
151. Form of election
152. Approved trustee to notify scheme member of member's options of
transfer
153. Duty of approved trustee on being notified of election
154. Approved trustee to give transfer statement to scheme member
155. Confirmation of transfer to new scheme
156. Accrued benefits not to be transferred if contributions or
contribution surcharges outstanding*
157. Accrued benefits, etc. not to be transferred if scheme accounts are
being audited or if scheme is being investigated
158. Definition
159. Claim for payment on attaining retirement age
160. Claim for payment on attaining early retirement age
161. Claim for payment on death
162. Additional classes of persons entitled to be paid accrued benefits
163. Claim for payment on ground of permanent departure from Hong Kong
164. Claim for payment on ground of total incapacity
165. Claim for payment of small balance
166. Approved trustee to ensure payment of accrued benefits within certain
periods
167. Accrued benefits, etc. not to be paid if scheme accounts are being
audited or if scheme is being investigated
168. Approved trustee to ensure claimant provided with final benefit
statement
169. Payment of outstanding contribution or contribution surcharge after
payment of accrued benefits
170. Duty of approved trustee when scheme member cannot be located
171. Duty of approved trustee if claimant cannot subsequently be located
172. Approved trustee to notify scheme member of entitlement
173. Disposal of unclaimed benefits in employer sponsored scheme
174. Treatment of unclaimed benefits in master trust scheme or industry
scheme
175. Offences
176. Definitions
177. Establishment of compensation fund
178. Appointment of administrator of compensation fund
179. Functions of administrator
180. What compensation fund comprises
181. Compensation fund to be kept in separate bank account
182. Administrator may invest surplus funds
183. What payments may be made from compensation fund
184. Accounts and audit of compensation fund
185. Application to Court
186. Administrator to pay compensation to approved trustee
187. Compensation to include interest
188. Amount of levy payable for compensation fund
189. Approved trustee to pay levy to administrator of compensation fund
190. Consequences of failure to pay compensation fund levy
191. Authority to publish rate of levy and other particulars
192. Definitions
193. Circumstances in which employer sponsored scheme may be wound up
voluntarily
194. Application for Authority's consent
195. Consent of Authority to winding up of employer sponsored scheme
196. Appointment of liquidator
197. Effect of winding up employer sponsored scheme
198. Effect of appointment of liquidator
199. Powers of liquidator on winding up
200. Duty of liquidator to report to Authority etc.
201. Disposal of scheme assets on winding up
202. Appointment of liquidator
203. Circumstances in which persons are exempted from operation of the
Ordinance
204. Appeal period
205. Prescription of financial penalty
206. How notices etc. are to be served, etc. for purposes of the
Ordinance
SCHEDULE 1
SCHEDULE 2
SCHEDULE 3
SCHEDULE 4
[ Note: This table has been automatically generated and may be incomplete. ]