(1) The Authority may revoke the approval of an approved trustee on being satisfied on reasonable grounds 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. 28)
(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. 28)
(2) The Authority must not revoke 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 revoked.
(3) If the Authority revokes the approval of an approved trustee, it must give written notice of the revocation to the trustee and must include in the notice a statement setting out the reasons for the revocation.
(4) An approved trustee's approval is, by operation of this subsection, revoked-
(a) if the trustee is a company and-
(i) the Court makes an order for the winding up of the company; or
(ii) the company is dissolved otherwise than in consequence of such an order; or
(b) if the trustee is a natural person, the person-
(i) dies; or
(ii) is, in accordance with the Mental Health Ordinance (Cap 136), found by the Court to be of unsound mind and incapable of managing himself or herself and his or her affairs; or
(iii) is adjudicated bankrupt or has entered into a composition with the person's creditors without paying the creditors in full.