Hong Kong Regulations

MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 2

Interpretation

Caution: This is a past version. See the current version here.

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)