Hong Kong Regulations

MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION - SECT 79

Financial period of registered scheme

(Past version on 03/08/1999).

(1) Except as provided by subsection (2), the approved trustee of a registered
scheme must ensure that the first financial period of the  scheme is the
period beginning with the date on which the scheme was registered under
section 21 or 21A of the Ordinance and ending on a date determined by the
trustee. The date so determined must be a date not more than 12 months from
the date of registration of the scheme or such later date as the approved
trustee, with the prior approval of the Authority, so determines. (29 of 2002
s. 14)

(2) If the scheme was, immediately before it became registered under the
Ordinance, an occupational retirement scheme registered under the
Occupational Retirement Schemes Ordinance ( Cap 426)-

   (a)  the first day of the first financial period of the scheme is to be
        determined by the approved trustee but that day must not be a date
        later than the day on which the scheme became registered under the
        Ordinance; and

   (b)  the last day of the first financial period of the scheme is to be
        determined by the approved trustee but that day must be a date not
        more than 12 months from the first day of that period or such later
        date as the approved trustee, with the prior approval of the
        Authority, so determines. (29 of 2002 s. 14)

(3) The trustee must ensure that every subsequent financial period of
the scheme is to be-

   (a)  the period ending on each anniversary of the date determined under
        subsection (1) or (2)(b), as the case may be; or

   (b)  if a different date for the end of a financial period is approved
        under subsection (4), the period ending on that date and then on each
        anniversary of that date.

(4) The approved trustee of a registered scheme may, with the prior approval
of the Authority, determine a different date for the end of the
financial period of the scheme.