【法规名称】
【法规编号】 79845 什么是编号？
【正 文】
第4页 CAP 485A MANDATORY PROVIDENT FUND SCHEMES (GENERAL) REGULATION
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[接上页] (b) where the person satisfies the Authority that such compliance is not, or has not been, reasonably practicable in all the circumstances of that case. (2 of 2002 s. 21) Cap 485A s 7 What is a substantial financial institution for the purposes of this Regulation? (1) An institution is a substantial financial institution for the purposes of this Regulation if- (L.N. 223 of 2000) (a) it is an authorized financial institution, an authorized insurer, a registered trust company, an approved overseas bank, an approved overseas insurer or an approved overseas trust company; and (b) it has- (i) a paid up share capital of at least $150000000 or its equivalent in a foreign currency; and (ii) net assets of at least the same amount. (L.N. 222 of 2000; L.N. 223 of 2000)(2) The reference to "liabilities" in the determination of net assets as referred to in subsection (1)(b)(ii) may exclude in part or in whole a subordinated debt of the institution concerned where, subject to subsection (3), the Authority declares in writing that it is satisfied that under the terms of the debt instrument concerned- (L.N. 222 of 2000) (a) the claims of the lender against the institution are fully subordinated to those of all unsubordinated creditors; (b) the debt is not secured against any assets of the institution; (c) the debt has a minimum initial period to maturity of more than 5 years (and notwithstanding that the period may be reduced with the prior consent of the Authority); and (d) the debt is not repayable prior to maturity without the prior consent of the Authority. (L.N. 223 of 2000)(3) The Authority shall not make a declaration under subsection (2) in relation to an institution except after consultation with- (a) if the institution is an authorized financial institution, the Monetary Authority; (b) if the institution is an authorized insurer, the Insurance Authority. (L.N. 223 of 2000) Cap 485A s 8 What is adequate insurance for the purposes of registered schemes? (1) For the purposes of the Ordinance, an approved trustee has adequate insurance for the registered schemes administered by the trustee if there are in force 1 or more insurance policies that- (a) are obtained from 1 or more eligible insurers; and (b) cover the total managed assets of the approved trustee and do not deal with any matter other than the assets of the schemes concerned; and (c) provide an insurance cover for not less than the amount specified in subsection (4); and (d) provide for indemnity in respect of the prescribed risks set out in subsection (5) that are attributable to the administration of the schemes by the trustee or by any service provider of the scheme (excluding losses attributable to investing the funds of the scheme in the ordinary course of business); and (e) specify a deductible amount that does not exceed the maximum amount determined under subsection (6); and (f) are governed by the law of Hong Kong.(2) For the purpose of subsection (1)(a), a person is an eligible insurer if the person's business includes that of providing insurance and- (a) the person is specified in section 6(1) of the Insurance Companies Ordinance (Cap 41); or (b) the Authority is satisfied that the person is an insurer that is able to meet its liabilities.(3) Before determining whether an insurer is able to meet its liabilities, the Authority must- (a) take into account the credit rating of the insurer as determined by an approved credit rating agency; and (b) consult the Insurance Authority.(4) For the purpose of subsection (1)(c), the amount of insurance cover is to be obtained in respect of the total managed assets of an approved trustee as follows- (a) if the market value of the total managed assets is not more than $100000000-30 per cent of that value; (b) if the market value of the total managed assets is more than $100000000 but not more than $300000000-$30000000 plus 20 per cent of that value that exceeds $100000000; (c) if the market value of the total managed assets is more than $300000000 but not more than $500000000-$70000000 plus 15 per cent of that value that exceeds $300000000; (d) if the market value of the total managed assets is more than $500000000 but not more than $1000000000-$100000000 plus 10 per cent of that value that exceeds $500000000; (e) if the market value of the total managed assets is more than $1000000000 but not more than $5000000000-$150000000 plus 5 per cent of that value that exceeds $1000000000; (f) if the market value of the total managed assets is more than $5000000000 but not more than $10000000000-$350000000 plus 3 per cent of that value that exceeds $5000000000; (g) if the market value of the total managed assets is more than $10000000000-$500000000.(5) For the purpose of subsection (1)(d), the prescribed risks are as follows- (a) the risk of loss of scheme assets attributable to fraudulent, wrongful or negligent acts done or omitted to be done by- (i) the approved trustee of the scheme; or |
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