PART IV
Mandatory Provident Fund Schemes
20. Approved trustees
(1) Every registered scheme, other than a master trust scheme, shall be administered, managed and maintained by a trustee who is an approved trustee.
(2) Every registered scheme which is a master trust scheme shall be administered, managed and maintained by a trustee, being a corporate trustee, who is an approved trustee.
(3) A trustee, corporate trustee or other person may apply to the Authority to be approved as an approved trustee of a registered scheme but no person, being a public officer or statutory corporation, may so apply.
(4) An application for such approval shall be in such form and contain such particulars as may be prescribed in rules made by the Authority under section 47.
(5) Upon receipt of an application made under this section the Authority may require the applicant to furnish such additional information and other documents as the Authority may reasonably require for the purpose of determining the application.
(6) The Authority shall approve an application for approval if, and only if, the Authority is satisfied that the applicant—
- (a) is likely to be able to perform, in the proper manner, the duties of an approved trustee of a registered scheme; and
- (b) meets such requirements as may be specified in regulations made under section 46, including requirements as may be so specified as to capital adequacy, financial resources and the particular qualifications of applicants as approved trustees.
(7) The approval of an applicant as an approved trustee may be made subject to such conditions as may be specified in the notice of approval of the Authority to the applicant concerned.
(8) The approval may be revoked at any time by the Authority if the Authority is satisfied on reasonable grounds that—
- (a) the approved trustee has contravened a condition to which the approval is subject;
- (b) the approved trustee is unable to perform, in the proper manner and for whatever reason, the duties of an approved trustee of a registered scheme; or
