Hong Kong Regulations

MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 6

What is an approved pooled investment fund for the purposes of this Regulation?

(Past version on 15/02/2002).
(Past version on 24/07/1998).

(1) An investment fund is an approved pooled investment fund for the purposes
of this Regulation if it is an insurance policy, authorized  unit trust or
authorized mutual fund that-

   (a)  complies with the requirements set out in section 17(2) of Schedule 1;
        and

   (b)  is approved by the Authority.

(2) The granting of an approval in respect of a pooled investment fund is
subject to the payment to the Authority of such fee (if any) as may be
prescribed in the Fees Regulation and to such conditions (if any) as the
Authority considers appropriate. (2 of 2002 s. 21)

(3) Where the Authority-

   (a)  has decided that it is appropriate to-

        (i)    amend any conditions imposed under subsection (2) or this
               subsection on an approved pooled investment fund; or

        (ii)   impose conditions on an approved pooled investment fund; and

   (b)  has given to the investment manager, insurer or trustee concerned-

        (i)    not less than 30 days' advance notice of its decision,
               specifying its grounds; and

        (ii)   an opportunity to make written representations as to why the
               conditions should not be amended or imposed, then the Authority
               may, by written notice served on the investment manager,
               insurer or trustee-

        (i)    amend any conditions imposed under subsection (2) or this
               subsection on the investment fund; or

        (ii)   impose conditions on the investment fund. (2 of 2002 s. 21)

(4) The Authority may waive a person's compliance with a condition imposed
under subsection (2) or (3)-

   (a)  in a particular case; and

   (b)  where the person satisfies the Authority that such compliance is not,
        or has not been, reasonably practicable in all the circumstances of
        that case. (2 of 2002 s. 21)

(5) The Authority may on application made by a person specified in the
guidelines cancel the approval of a pooled investment fund. (1 of 2008 s. 29)

(6) An application under subsection (5) must-

   (a)  be in a form approved by the Authority; and

   (b)  contain such information, and be accompanied by such documents, as may
        be specified for the purposes of this section in the guidelines.

(1 of 2008 s. 29)

(7) The Authority may, by written notice, require an applicant to provide such
additional information and documents as are reasonably necessary to enable it
to determine the application. If such a requirement is not complied with
within a reasonable time specified in the notice, the Authority may reject the
application. (1 of 2008 s. 29)