【法规名称】
【法规编号】 79845 什么是编号？
【正 文】
第13页 CAP 485A MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION
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[接上页] (4) Those internal control measures must include procedures for- (a) monitoring investments to ensure that the control objectives referred to in subsection (2)(b), (c) and (d) are achieved; and (b) monitoring the assets and liabilities of the scheme to ensure the objective referred to in subsection (2)(e) is achieved, so that the funds of the scheme and the scheme assets are kept separate from those of the participating employers, the trustee and any other persons (such as service providers); and (c) ensuring the accuracy of statements, returns and reports required to be lodged with the Authority.(5) The control objectives and internal control measures established and maintained for the scheme may be amended, and fresh control objectives or internal control measures may be substituted, as and when necessary. (6) This section is not required to be complied with during a financial period of an employer sponsored scheme if- (a) it has no more than 1000 members throughout the immediately preceding financial period of the scheme; or (b) is exempted by the Authority under subsection (7).(7) The Authority may grant an exemption for the purposes of subsection (6) if satisfied that- (a) for a substantial portion of the immediately preceding financial period of the scheme, the scheme had no more than 1000 members; or (b) the scheme will not have, or is unlikely to have, more than 1000 members during the current financial period of the scheme. Cap 485A s 40 Investment standards to be complied with (1) The funds of a registered scheme may be invested only- (a) in the investments permitted under Part V and Schedule 1; and (b) in accordance with that Part and that Schedule.(2) An investment manager appointed in relation to the scheme by the approved trustee of the scheme is required to comply with Part V and Schedule 1. Cap 485A s 41 Requirements with respect to particulars specified in application for registering industry scheme In the case of an industry scheme, the particulars of the scheme that were specified in the application under section 21A of the Ordinance and approved or modified by the Authority must be complied with after the scheme has been registered. Cap 485A s 42 Offence for approved trustee who fails to ensure compliance with certain requirements and standards An approved trustee of a registered scheme who fails to comply with section 38, 39 or 40 commits an offence and is liable on conviction to a fine at level 5. Cap 485A s 43 Approved trustee's general duties with respect to administration of scheme PART V FUNCTIONS OF APPROVED TRUSTEES The approved trustee of a registered scheme must perform the following duties with respect to the administration of the scheme- (a) the duty to exercise a level of care, skill, diligence and prudence that may reasonably be expected of a prudent person who is acting in a similar capacity and who is familiar with the operation of registered schemes; (b) the duty to make use of all relevant knowledge and skill that the trustee may be reasonably expected to have because of the trustee's business or occupation; (c) the duty to ensure that the funds of the scheme are invested in different investments so as to minimize the risk of losses of those funds, unless in particular circumstances it is prudent not to do so; (d) the duty to act in the interest of the scheme members and not in the trustee's own interest; (e) the duty to act in accordance with the governing rules of the scheme; (f) the duty to supervise and exercise proper control over all service providers appointed or engaged for the purposes of the scheme. Cap 485A s 44 Approved trustee to appoint investment manager (1) The approved trustee of a registered scheme must ensure that- (a) an investment manager is appointed to manage the investment of the funds of the scheme; and (b) the contract for the appointment of the investment manager complies with Schedule 2.(2) The trustee does not have to comply with subsection (1) in relation to a constituent fund of the scheme if- (a) the trustee has given an undertaking to the Authority to invest the accrued benefits of the constituent fund only in approved pooled investment fu |
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