Cap 485 s 20A Suspension of approval of approved trustee (Mandatory Provident Fund Schemes Ordinance)

Contents of Section

Chapter:	485	Title:	Mandatory Provident Fund Schemes Ordinance	Gazette Number:	L.N. 221 of 2008
Section:	20A	Heading:	Suspension of approval of approved trustee	Version Date:	01/12/2008

(1) The Authority may suspend the approval of an approved trustee if it reasonably suspects that-

(a) the trustee has failed to comply with a condition to which the approval is subject; or

(b) the trustee is for any reason unable to carry out any of the duties of an approved trustee in relation to a registered scheme; or

(c) if the regulations specify requirements that are to be complied with as to the financial resources (including capital adequacy) or the qualifications of approved trustees, the trustee is not, or is no longer, able to satisfy those requirements; or

(d) the trustee has failed to comply with section 22; or (Amended 18 of 2008 s. 27)

(e) the trustee has failed to comply with section 42B(6) or (7) of the Mandatory Provident Fund Schemes (General) Regulation (Cap 485 sub. leg. A). (Added 18 of 2008 s. 27)

(2) The Authority must not, unless it appears to it that the interests of scheme members would otherwise be detrimentally affected, suspend the approval of an approved trustee without giving the trustee an opportunity to make representations (either orally or in writing or both) as to why the approval should not be suspended.
(3) If the Authority suspends the approval of an approved trustee, it must give written notice of the suspension to the trustee and must include in the notice a statement setting out the reasons for the suspension.
(4) A suspension of the approval of an approved trustee takes effect from the date specified in the notice given under subsection (3) or, if a later date is specified, from that date, irrespective of whether or not the trustee appeals against the suspension under Part V.

(Added 4 of 1998 s. 2)