Hong Kong Regulations

DEPOSIT PROTECTION SCHEME (ASSET MAINTENANCE) RULES - SECT 6

Withdrawal of asset maintenance requirement

(1) After a requirement has been issued under section 5(1) to a Scheme member,
the Monetary Authority may withdraw the requirement on his own initiative or
on an application by the Scheme member.

(2) An application by a Scheme member for withdrawal of a requirement issued
under section 5(1) is—

   (a)  to be made in writing;

   (b)  to state the grounds for the application; and

   (c)  to be accompanied by such information and documents as the Monetary
        Authority may reasonably require for the purpose of deciding whether
        the requirement should be withdrawn.

(3) The Monetary Authority shall not withdraw a requirement under subsection
(1) unless—

   (a)  he is satisfied that the reasons for issuing the requirement no longer
        exist; or

   (b)  if the Monetary Authority has, before or after the issuance of the
        requirement, served on the Board a notice of his decision in respect
        of the Scheme member under section 22(2) of the Ordinance, the
        decision has been revoked under section 23(4) of the Ordinance or has
        been set aside by a court.

(4) The Monetary Authority shall also withdraw a requirement issued under
section 5(1) to a Scheme member if he issues another requirement under that
section to the Scheme member to replace that requirement.

(5) As soon as practicable after having withdrawn a requirement issued under
section 5(1) to a Scheme member, the Monetary Authority shall serve on the
Scheme member a notice in writing of the withdrawal.

(6) As soon as practicable after having refused an application by a Scheme
member for withdrawal of a requirement issued under section 5(1), the Monetary
Authority shall serve on the Scheme member a notice in writing informing the
Scheme member of the refusal and the reasons for the refusal.