Hong Kong Regulations

MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 18

Auditor's report on prescribed capital adequacy requirements

(1) An applicant under section 16 or 17 must submit to the Authority, on or
before such date as the Authority may specify, a written report prepared by an
auditor appointed by the applicant and addressed to the applicant.

(2) The report must state, in the opinion of the auditor, whether or not the
applicant, as at a date agreed between the applicant and the Authority subject
to subsection (3), complies with the prescribed capital 
adequacy requirements.

(3) The date referred to in subsection (2) must be on or before the date on
which the Authority approves the applicant's application.

(4) The report may include such observations, elaborations, qualifications or
explanations as the auditor considers necessary.

(5) If the Authority requires an applicant to rectify a matter relating to any
of those observations, elaborations, qualifications or explanations, the
applicant must submit to the Authority, before the end of the period within
which the Authority has allowed for the matter to be rectified, a second
report prepared by the same auditor who prepared the report referred to in
subsection (1).

(6) The second report must state whether or not, in the opinion of the
auditor, the matter relating to the observations, elaborations, qualifications
or explanations included by the auditor in the written report has been
rectified.