Hong Kong Regulations

MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 50

Approved trustee to appoint custodian of scheme assets

(1) Subject to subsection (2), the approved trustee of a registered scheme
must-

   (a)  appoint an eligible person to be the custodian of the scheme assets;
        and

   (b)  ensure that the scheme assets are kept by, or are under the control
        of, such a person.

(2) The trustee is not required to comply with subsection (1) if the trustee
is an eligible person. In that case, the trustee may undertake the functions
of custodian of the scheme assets itself.

(3) If the trustee appoints a custodian in respect of the scheme, it must
enter into a custodial agreement with the custodian setting out the functions
of the custodian with respect to the scheme's assets. The agreement must
comply with the requirements with respect to custodial agreements in Part VI.

(4) For the purposes of this section, a person is an eligible person if the
person satisfies the eligibility requirements for a custodian of scheme assets
specified in Part VI.