Page:Mandatory Provident Fund Schemes Ordinance (Cap. 485).pdf/19

(4) The Authority shall register the provident fund scheme if, and only if—

(a) the trust governing the provident fund scheme specifies that the governing law in respect of that trust is the law of Hong Kong; and

(b) the provident fund scheme complies with regulations made under section 46 for that purpose and which regulations may include requirements relating to the specification of standards.

(5) The standards referred to in subsection (4) may include standards relating to the following, namely—

(a) the vesting in scheme members of accrued benefits;

(b) the amount of contributions that the approved trustees of a registered scheme may accept;

(c) the preservation of accrued benefits;

(d) the payment of accrued benefits;

(e) the portability or transferability of accrued benefits to, from and between registered schemes;

(f) the investment of the assets of a registered scheme;

(g) the number of approved trustees, and in the case of an approved trustee, being a corporate trustee, the composition of the board of that corporate trustee and the composition of any committees of that board;

(h) the keeping of records in relation to a registered scheme;

(i) the financial reports to be prepared in relation to a registered scheme;

(j) the disclosure of information to scheme members in relation to a registered scheme;

(k) the disclosure of information to the Authority in relation to a registered scheme;

(l) the disclosure of information to other persons authorized by the Authority in relation to a registered scheme;

(m) the financial viability of a registered scheme;

(n) the funding and solvency of a registered scheme; and

(o) the winding up of a registered scheme.

22. Trustee to maintain standards

An approved trustee shall ensure that the standards that may be specified in regulations referred to in section 21(4) are complied with at all times in relation to the registered scheme administered, managed and maintained by that approved trustee.