Hong Kong Regulations

MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 43

Approved trustee's general duties with respect to administration of scheme

PART V

FUNCTIONS OF APPROVED TRUSTEES

The approved trustee of a registered scheme must perform the following duties
with respect to the administration of the scheme-

   (a)  the duty to exercise a level of care, skill, diligence and prudence
        that may reasonably be expected of a prudent person who is acting in a
        similar capacity and who is familiar with the operation of registered
        schemes;

   (b)  the duty to make use of all relevant knowledge and skill that the
        trustee may be reasonably expected to have because of the trustee's
        business or occupation;

   (c)  the duty to ensure that the funds of the scheme are invested in
        different investments so as to minimize the risk of losses of those
        funds, unless in particular circumstances it is prudent not to do so;

   (d)  the duty to act in the interest of the scheme members and not in the
        trustee's own interest;

   (e)  the duty to act in accordance with the governing rules of the  scheme;

   (f)  the duty to supervise and exercise proper control over all service
        providers appointed or engaged for the purposes of the scheme.