Hong Kong Regulations

MANDATORY PROVIDENT FUND SCHEMES (EXEMPTION) REGULATION - SECT 14

Certain ORSO registered schemes which are not relevant ORSO registered schemes may be treated as relevant ORSO registered schemes

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

PART III EXEMPTION OF ORSO REGISTERED SCHEMES

(1) The Authority may on an application in writing issue a certificate stating
that an ORSO registered scheme (not being a relevant  ORSO registered scheme)
specified in the certificate shall be treated as a
relevant ORSO registered scheme if, but only if-

   (a)  the scheme is governed by a trust;

   (b)  the scheme provides benefits payable on termination of service, death,
        disability, retirement or winding up; and

   (c)  all or a class of-

        (i)    the members of the scheme; and

        (ii)   the assets of the scheme, have been transferred to the scheme
               from 1 or more relevant ORSO  registered schemes.

(2) Without prejudice to the generality of the Authority's power under
subsection (1) to issue (or not to issue) a certificate referred to in that
subsection, the Authority shall, in exercising his power under that subsection
in relation to an ORSO registered scheme, have regard to such of the following
as are applicable-

   (a)  whether the scheme is a new scheme established as a result of scheme
        restructuring or bona fide business transactions (including company
        amalgamation, restructuring and joint ventures);

   (b)  if the scheme was established after the relevant date, whether the
        members of the original schemes were exempt from all or part of the
        provisions of the Ordinance by virtue of section 5 of the Ordinance;

   (c)  whether the terms and conditions of the scheme are generally as
        favourable as the original schemes; and

   (d)  whether a substantial portion of the members of the scheme comprise
        members of the original schemes.