Hong Kong Regulations

MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 12

What is continuous financial support for the purposes of this Regulation?

(Past version on 23/06/2000).
(Past version on 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 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)