Mandatory Provident Fund Schemes Ordinance


Published: 2013-04-25

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Cap 485 - Mandatory Provident Fund Schemes Ordinance 1

Chapter: 485 Mandatory Provident Fund Schemes Ordinance Gazette Number Version Date

Long title E.R. 1 of 2013 25/04/2013


Remarks:
For the transitional and savings provisions made by the Mandatory Provident Fund Schemes (Amendment) Ordinance
2009 (11 of 2009), please see s. 24 of that Ordinance.

An Ordinance to provide for the establishment of non-governmental mandatory provident fund schemes for the

purpose of funding benefits on retirement, to provide for contributions to such schemes, to provide for the
registration of such schemes, to provide for a regulatory regime in respect thereof, to provide for the creation of
a Mandatory Provident Fund Schemes Authority to oversee the administration and management of registered
schemes, to exempt certain classes of persons from contributing to registered schemes, to provide for the
approval of persons (other than public officers or statutory corporations) as trustees of registered schemes, to
provide for the control and regulation of approved trustees, to regulate sales and marketing activities, and the
giving of advice, in relation to registered schemes, and to make consequential amendments to other Ordinances
including pension related Ordinances, and for connected purposes.

(Amended 16 of 2012 s. 3)

Note: This Ordinance was originally enacted as Ord. No. 80 of 1995 and had been amended, before its

commencement, by Ord. No. 4 of 1998 and other legislation. The commencement dates of all
provisions contained in the consolidated version of the original Ordinance as amended by Ord. No. 4 of
1998 are as follows -


[Sections 1 to 3, 6 to 6H and 6R
to 6T, and Schedules 1A and
1B





} 24 July 1998 L.N. 292 & 293 of 1998
Sections 6I, 6K to 6Q, 17, 46 to
47A and 48


}
12 March 1999 L.N. 68 & 70 of 1999

Sections 6J, 20 to 22B, 24 to
33B, 35 to 43A, 43D to 45G
and 47B, and Schedules 5 and
5A, Schedule 6 (except
paragraph 14) and Schedule 8


}
}
}



3 August 1999 L.N. 68 & 70 of 1999

Sections 5, 5A and 6U to 6W,
and paragraph 14 of Schedule 6


}
3 January 2000 L.N. 68 & 70 of 1999

Sections 4, 7 to 16, 17A to 19,
23, 34 to 34C, 43B, 43C and
49, and Schedules 1, 2 to 4, 7
and 9

}
}


1 December 2000 L.N. 119 & 120 of 2000]


(Enacting provision omitted—E.R. 1 of 2013)


(Originally 80 of 1995)

Part: 1 Preliminary E.R. 1 of 2013 25/04/2013


(*Format changes—E.R. 1 of 2013)
_______________________________________________________________________________
Note:
*The format of Part 1 has been updated to the current legislative styles.



Cap 485 - Mandatory Provident Fund Schemes Ordinance 2


Section: 1 Short title E.R. 1 of 2013 25/04/2013


(1) This Ordinance may be cited as the Mandatory Provident Fund Schemes Ordinance.
(2) (Omitted as spent—E.R. 1 of 2013)

Section: 2 Interpretation 1 of 2015 30/01/2015


Expanded Cross Reference:

33, 33A, 33B



(1) In this Ordinance, unless the context otherwise requires- (Amended 4 of 1998 s. 2)
accrued benefits (累算權益), in relation to a registered scheme, means the amount of each scheme member's

beneficial interest in the registered scheme at any time, including sums derived from the contributions made by
or in respect of that scheme member, together with the income or profits arising from any investments of the
contributions, but taking into account any losses in respect of the investments and any amounts paid in respect of
the scheme member; (Amended 2 of 2002 s. 2; 1 of 2015 s. 3)

administer (管理) includes manage and maintain; (Added 4 of 1998 s. 2)
Advisory Committee (諮詢委員會) means the Mandatory Provident Fund Schemes Advisory Committee established

by section 6R; (Added 4 of 1998 s. 2)
Appeal Board (上訴委員會) means the Mandatory Provident Fund Schemes Appeal Board constituted under section

35;
apprentice (學徒) has the same meaning as in the Apprenticeship Ordinance (Cap 47);
approved trustee (核准受託人) means a company or a natural person approved by the Authority as a trustee in

accordance with section 20 and, when used in relation to a registered scheme that is administered by 2 or more
approved trustees, means (except in sections 33 to 33B) the trustees jointly and severally; (Replaced 4 of 1998
s. 2)

arrears (欠款) means a mandatory contribution that is due for payment to the Authority under section 7AE or 18;
(Added 1 of 2008 s. 59. Amended 18 of 2008 s. 4)

associate (有聯繫者), in relation to a natural person referred to in paragraph (d) of the definition of "controller" or a
company or other body corporate, means a person specified in Schedule 8; (Amended 18 of 2008 s. 26)

associated company (有聯繫公司) has, except in section 12A, the meaning given by Part 3 of Schedule 8; (Added 4
of 1998 s. 2)

Authority (管理局) means the Mandatory Provident Fund Schemes Authority established by section 6; (Replaced 4
of 1998 s. 2)

authorized financial institution (認可財務機構) means an authorized institution as defined by section 2(1) of the
Banking Ordinance (Cap 155); (Added 16 of 2012 s. 4)

authorized person (獲授權人) means a person appointed or authorized by the Authority in writing to exercise or
perform functions, or specified functions, under or for the purposes of this Ordinance; (Added 4 of 1998 s. 2)

casual employee (臨時僱員) means a relevant employee who is declared by an order made under subsection (2) to be
a casual employee for the purposes of this Ordinance; (Added 4 of 1998 s. 2)

chief executive officer (行政總裁), in relation to a company, means the person who, either alone or with others, is
immediately responsible to the directors of the company for the conduct of the whole business of the company,
and includes a person holding office as managing director of the company; (Added 4 of 1998 s. 2)

close relative (近親), in relation to a natural person, means-
(a) a spouse, former spouse, parent, step-parent, child, step-child, grand parent, grand child, brother, half-

brother, sister or half-sister of the person; or
(b) a parent, step-parent, child, step-child, grand parent, grand child, brother, half-brother, sister or half-sister of

the spouse or a former spouse of the person; (Added 4 of 1998 s. 2)
company (公司)-

(a) means-



Cap 485 - Mandatory Provident Fund Schemes Ordinance 3

(i) a company within the meaning of the Companies Ordinance (Cap 622); or (Amended 28 of 2012 ss.
912 & 920)

(ii) a non-Hong Kong company; (Amended 30 of 2004 s. 3)
(b) includes a corporation in the case of-

(i) the definitions of associated company, chief executive officer, controller, officer, share and voting
share; and

(ii) the provisions of section 44(1), section 7(2) of Part 2 of Schedule 1A and Schedule 8; (Replaced 2 of
2002 s. 2)

compensation fund (補償基金) means the compensation fund established in accordance with section 17; (Added 4
of 1998 s. 2)

conditions (條件) means reasonable conditions; (Added 2 of 2002 s. 2)
constituent fund (成分基金), in relation to a registered scheme, means the fund that constitutes the scheme, or a fund

that forms part of the scheme; (Added 1 of 2015 s. 3)
contract of employment (僱傭合約 ) has the same meaning as in the Employment Ordinance (Cap 57), and

"employment" (僱用、受僱) shall be construed accordingly;
contribution account (供款帳戶) has the same meaning as in section 2 of the Mandatory Provident Fund Schemes

(General) Regulation (Cap 485 sub. leg. A); (Added 29 of 2002 s. 2)
controller (控權人), in relation to a company, means any of the following persons-

(a) the directors of the company;
(b) a person in accordance with whose instructions those directors are accustomed to act;
(c) the chief executive officer of the company;
(d) a natural person who, alone or together with an associate, a close relative or an employee of the person, or a

company of which the person is a director, or through a nominee, controls at least 15 per cent of the voting
shares of the company; (Amended 18 of 2008 s. 26)

(e) another company that, alone or with any associate, or any employee of an associate, of that other company,
or through a nominee, controls at least 15 per cent of the voting shares of the first-mentioned company;
(Added 4 of 1998 s. 2)

corporation (法團) means a body corporate which is incorporated in a place outside Hong Kong and is not a non-
Hong Kong company; (Added 2 of 2002 s. 2. Amended 30 of 2004 s. 3)

Court means the Court of First Instance; (Added 4 of 1998 s. 2)
electronic system (電子系統) means an information system as defined by section 2(1) of the Electronic Transactions

Ordinance (Cap 553); (Added 16 of 2012 s. 4)
employee (僱員) has the same meaning as in the Employment Ordinance (Cap 57), other than a person excluded by

section 4(2) of that Ordinance, and includes an apprentice and a former employee;
employer (僱主) means any person who has entered into a contract of employment to employ another person as his

employee;
employer sponsored scheme (僱主營辦計劃) means a registered scheme membership of which is-

(a) in the case of an employer who is not a company, open only to the employees of that employer; or
(b) in the case of an employer that is a company, open only to the employees of that company or an associated

company; (Replaced 4 of 1998 s. 2. Amended 2 of 2002 s. 2)
exempt person (獲豁免人士) means a person or class of persons construed in accordance with section 4;
functions (職能) includes powers, authorities and duties; (Added 4 of 1998 s. 2)
governing rules (管限規則), in relation to a registered scheme, means those rules and provisions contained in a trust

instrument or other document relating thereto or that trust instrument and that other document taken together,
and governing the establishment and operation of the registered scheme;

the guidelines (指引) means guidelines issued under section 6H; (Added 4 of 1998 s. 2)
industry (行業) includes a trade, profession, occupation or calling; (Added 4 of 1998 s. 2)
industry scheme (行業計劃) means a provident fund scheme registered under section 21A; (Added 4 of 1998 s. 2)
Industry Schemes Committee (行業計劃委員會) means the MPF Industry Schemes Committee established by

section 6U; (Added 4 of 1998 s. 2)



Cap 485 - Mandatory Provident Fund Schemes Ordinance 4

Managing Director (行政總監), in relation to the Authority, means the Managing Director appointed under section
6B, and includes any person appointed to act as Managing Director-
(a) when that director is absent from Hong Kong or absent through illness or any other reason; or
(b) when the office of Managing Director is vacant; (Added 4 of 1998 s. 2)

mandatory contribution (強制性供款) means-
(a) an amount that is required to be paid as a contribution to a registered scheme under section 7A or 7C;

(Amended 18 of 2008 s. 4)
(aa) an amount that is required to be paid as a contribution to the Authority under section 7AA; (Added 18 of

2008 s. 4)
(ab) an amount that is payable to the Authority under section 7AE; or (Added 18 of 2008 s. 4)
(b) minimum MPF benefits, to which section 5(1) of Schedule 2 to the Mandatory Provident Fund Schemes

(Exemption) Regulation (Cap 485 sub. leg. B) applies, that have been transferred to a registered scheme;
(Replaced 2 of 2002 s. 2)

master trust scheme (集成信託計劃) means a registered scheme membership of which is open to-
(a) the employees of more than one employer; and
(b) self-employed persons and former self-employed persons; and (Amended 18 of 2008 s. 4)
(c) (Repealed 18 of 2008 s. 4)
(d) persons who, having benefits in an ORSO exempted scheme, or an ORSO registered scheme, within the

meaning of section 2(1) of the Mandatory Provident Fund Schemes (Exemption) Regulation (Cap 485 sub.
leg. B), wish to have those benefits transferred to the first-mentioned scheme, (Added 2 of 2002 s. 2)

but does not include an industry scheme; (Replaced 4 of 1998 s. 2. Amended 2 of 2002 s. 2)
maximum level of relevant income (最高有關入息水平) means the level of relevant income specified in Schedule

3; (Replaced 4 of 1998 s. 2. Amended 18 of 2008 s. 4)
minimum level of relevant income (最低有關入息水平) means the level of relevant income specified in Schedule

2; (Amended 4 of 1998 s. 2; 18 of 2008 s. 4)
minimum MPF benefits (最低強制性公積金利益) has the same meaning as in section 1(1) of Schedule 2 to the

Mandatory Provident Fund Schemes (Exemption) Regulation (Cap 485 sub. leg. B); (Added 2 of 2002 s. 2)
non-Hong Kong company (非香港公司) means a non-Hong Kong company as defined by section 2(1) of the

Companies Ordinance (Cap 622); (Added 4 of 1998 s. 2. Amended 30 of 2004 s. 3; 28 of 2012 ss. 912 & 920)
occupational retirement scheme (職業退休計劃) has the same meaning as in the Occupational Retirement Schemes

Ordinance (Cap 426); (Added 4 of 1998 s. 2)
officer (高級人員), in relation to a company, means-

(a) a director of the company; or
(b) the chief executive officer of the company; (Added 4 of 1998 s. 2)

participating employer (參與僱主) means the employer of employees who are members or prospective members of a
registered scheme; (Added 4 of 1998 s. 2. Amended 2 of 2002 s. 2)

personal account (個人帳戶) has the same meaning as in section 2 of the Mandatory Provident Fund Schemes
(General) Regulation (Cap 485 sub. leg. A); (Added 11 of 2009 s. 3)

personal representative (遺產代理人) means-
(a) a personal representative within the meaning of section 2 of the Probate and Administration Ordinance (Cap

10); or
(b) where the Official Administrator gets in and administers an estate in a summary manner under section 15 of

that Ordinance, the Official Administrator; (Added 1 of 2008 s. 40)
practicable (切實可行) means reasonably practicable; (Added 29 of 2002 s. 2)
premises (處所) includes any place and a part of premises or a place; (Added 4 of 1998 s. 2)
provident fund scheme (公積金計劃) means a scheme governed by a trust-

(a) the terms of which are set out in one or more documents; and (Replaced 4 of 1998 s. 2)
(b) that-

(i) provides for the payment of pecuniary benefits to the members of the scheme when they reach the
retirement age, or any other prescribed event occurs in relation to them; or

(ii) in the case of members who die before reaching that age or before the occurrence of such an event,



Cap 485 - Mandatory Provident Fund Schemes Ordinance 5

provides for the payment of those benefits to the personal representatives or beneficiaries of the estates
of those members, (Replaced 4 of 1998 s. 2)

and includes a proposed provident fund scheme;
record (紀錄) means any record of information, however compiled, recorded or stored, and includes-

(a) any book, a register and any other document containing information; and
(b) any disc, tape or other article from which information is capable of being produced; (Added 4 of 1998 s. 2)

registered intermediary (註冊中介人) means—
(a) a principal intermediary as defined by section 34G; or
(b) a subsidiary intermediary as defined by section 34H; (Added 16 of 2012 s. 4)

registered scheme (註冊計劃) means a provident fund scheme registered under section 21 as an employer sponsored
scheme or a master trust scheme or registered under section 21A as an industry scheme; (Replaced 4 of 1998 s.
2)

the regulations (《規例》) means regulations made under section 46 and in force; (Added 4 of 1998 s. 2)
regulated person (受規管者) means—

(a) a registered intermediary; or
(b) a responsible officer of a principal intermediary, as defined by section 34I; (Added 16 of 2012 s. 4)

relevant employee (有關僱員) means an employee of 18 years of age or over and below retirement age;
relevant income (有關入息) means-

*(a) in the case of a relevant employee, any wages, salary, leave pay, fee, commission, bonus, gratuity,
perquisite or allowance, expressed in monetary terms, paid or payable by an employer (directly or
indirectly) to that relevant employee in consideration of his employment under that contract, but does not
include severance payments or long service payments under the Employment Ordinance (Cap 57);
(Amended 1 of 2008 s. 56)

(b) in the case of a self-employed person, income of that person as ascertained in accordance with the
regulations; (Amended 4 of 1998 s. 2)

remuneration (酬金) includes travel and subsistence allowances; (Added 4 of 1998 s. 2)
retirement age (退休年齡), in relation to an employee or self-employed person, means 65 years of age or, if the

regulations prescribe an earlier age, that earlier age; (Amended 4 of 1998 s. 2; 2 of 2002 s. 2)
the rules (《規則》) means rules made under section 47 and in force; (Added 4 of 1998 s. 2)
scheme (計劃) means a provident fund scheme;
scheme member (計劃成員), in relation to a registered scheme, means a person who has a beneficial interest in the

registered scheme;
self-employed person (自僱人士) means a person whose relevant income (otherwise than in the capacity as an

employee) derives from his production (in whole or in part) of goods or services in Hong Kong, or his trade in
goods or services in or from Hong Kong;

service provider (服務提供者), in relation to a provident fund scheme, means an investment manager, custodian of
scheme assets or other person appointed or engaged by the trustee of the scheme to provide services for the
purposes of the scheme, and includes a person to whom the provision of those services is delegated by such a
manager, custodian or other person, but does not include a person appointed or so engaged as an auditor,
solicitor, actuary or registered intermediary; (Added 4 of 1998 s. 2. Amended 16 of 2012 s. 4)

share (股份) means a share in the capital of a company, and includes the stock or any part of the stock of the
company; (Added 4 of 1998 s. 2)

spouse (配偶), in relation to a person, includes a person of the opposite sex with whom the person is cohabiting in a
bona fide domestic relationship as man and wife; (Added 4 of 1998 s. 2)

subsidiary (附屬公司) has the meaning given by section 15 of the Companies Ordinance (Cap 622) for the purposes
of that Ordinance; (Added 1 of 2008 s. 51. Amended 28 of 2012 ss. 912 & 920)

total incapacity (完全喪失行為能力), in relation to a scheme member, means permanent unfitness to perform the
kind of work that the member was last performing before becoming incapacitated; (Added 4 of 1998 s. 2.
Amended 29 of 2002 s. 2)

trustee (受託人) includes a prospective trustee;



Cap 485 - Mandatory Provident Fund Schemes Ordinance 6

voluntary contribution (自願性供款) means a contribution paid to a registered scheme in accordance with section
11; (Added 4 of 1998 s. 2)

voting share (有表決權股份), in relation to a company, means an issued share in the company that confers a right to
vote, not being a right to vote that is exercisable only in one or more of the following circumstances-
(a) during a period during which a dividend (or part of a dividend) in respect of the share is in arrears;
(b) on a proposal by the company to redeem or purchase its own shares;
(c) on a proposal by the company to reduce its share capital;
(d) on a proposal that affects rights attached to the share;
(e) on a proposal to wind up the company;
(f) on a proposal for the disposal of the whole of the company's property, business and undertaking;
(g) during the winding up of the company. (Added 4 of 1998 s. 2)

working day (工作日) means any day other than-
(a) a public holiday;
(b) a gale warning day or black rainstorm warning day within the meaning of section 71(2) of the Interpretation

and General Clauses Ordinance (Cap 1). (Added 2 of 2002 s. 2)
(Amended 4 of 1998 s. 2; 11 of 2009 s. 3)

(2) If relevant employees-
(a) are engaged in an industry for which a provident fund scheme is registered as an industry scheme; and
(b) employed in that industry by an employer on a day to day basis or for a fixed period of less than 60 days,

the Authority may, by order published in the Gazette, declare those employees to be casual employees for the
purposes of this Ordinance. (Added 4 of 1998 s. 2)

(3) For the avoidance of doubt, it is hereby declared that an amount that is paid as a contribution to a registered
scheme contingently on the basis that the amount will later constitute a mandatory contribution to the scheme
shall for all purposes be treated as a mandatory contribution to the scheme (and the provisions of this Ordinance
shall apply accordingly) unless and until it is certain that the amount will not constitute a mandatory contribution
to the scheme. (Added 2 of 2002 s. 2)

__________________________________________________________________________
Note:
* This paragraph was amended by section 56 of the Mandatory Provident Fund Schemes (Amendment)

Ordinance 2008 (1 of 2008). The application provision contained in section 57 of that Amendment
Ordinance reads as follows-


"57. Application of the Mandatory Provident Fund
Schemes (Amendment) Ordinance 2008


The Mandatory Provident Fund Schemes Ordinance (Cap 485) as amended by section 56 of the
Mandatory Provident Fund Schemes (Amendment) Ordinance 2008 (1 of 2008) applies in relation to a
contribution period that begins on or after the date of commencement# of that section.".


# Commencement date: 1 November 2008.


Section: 3 Application E.R. 1 of 2013 25/04/2013


This Ordinance binds the Government.

Section: 4 Exemptions E.R. 1 of 2013 25/04/2013


(1) The persons specified in Part 1 of Schedule 1 are exempt from the provisions of this Ordinance to the extent
described therein.

(2) The Chief Executive in Council may, from time to time, specify in Part 2 of Schedule 1 the persons or classes of
persons who shall be exempt from all or part of the provisions of this Ordinance (as identified or contained in the
specification), and may vary, alter or repeal that specification. (Amended 4 of 1998 s. 2)

(3) Subject to subsections (4) and (5) and section 11(1) and (2), any person entering Hong Kong for the purpose of
being employed or self-employed- (Amended 2 of 2002 s. 3)
(a) for a limited period only; or



Cap 485 - Mandatory Provident Fund Schemes Ordinance 7

(b) who is a member of a provident, pension, retirement or superannuation scheme (however described) of a
place outside Hong Kong,

shall be exempt from the provisions of Part 3. (Amended 16 of 2012 s. 5)
(4) The regulations may make provision for the purposes of this section and may, in particular, specify the

circumstances in which the exemption of a person referred to in subsection (3) is to apply. (Replaced 4 of 1998
s. 2)

(5) In this section, limited period (有限期間) means a period determined for the purposes of this section in
accordance with the regulations. (Replaced 4 of 1998 s. 2)

(Amended E.R. 1 of 2012; E.R. 1 of 2013)

Section: 5 Members of certain occupational retirement schemes to be

exempted from this Ordinance
E.R. 1 of 2013 25/04/2013



Remarks:
Consolidated version as amended by 4 of 1998.

(1) The Authority may, by certificate in writing, exempt the members, or a class of members, of an occupational

retirement scheme and their employer from the operation of all, or any specified, provisions of this Ordinance
and, in so doing, may specify circumstances in which the exemption is or is not to apply.

(2) The Authority may grant an exemption-
(a) either on its own initiative or on the application of the trustee of the occupational retirement scheme

concerned or the employer whose employees are members of the scheme; and
(b) subject to such conditions as the Authority considers appropriate.

(3) If an exemption is granted in respect of an occupational retirement scheme, the provisions of this Ordinance, or
the provisions of this Ordinance specified in the exemption certificate, do not apply to the members or relevant
class of members of the scheme or to the employer of those members in relation to the scheme.

(4) An exemption may be granted in respect of an occupational retirement scheme under this section whether the
scheme is a defined contribution scheme or a defined benefit scheme.

(5) The regulations may-
(a) prescribe the circumstances in which an exemption under this section may be granted; and
(b) prescribe requirements that are to be complied with as a condition for the granting of such an exemption;

and
(c) empower the Authority to revoke such an exemption for failure to comply with any requirements imposed

as a condition of granting the exemption.
(Replaced 4 of 1998 s. 2)


Section: 5A Register of exempt schemes to be kept E.R. 1 of 2013 25/04/2013


Remarks:
Consolidated version as amended by 4 of 1998.

(1) The Authority must establish and maintain a register of occupational retirement schemes in respect of which an

exemption has been granted under section 5. The register may be in such form, and contain such information, as
the Authority may determine.

(2) The register is to be kept at the head office of the Authority in Hong Kong.
(3) Members of the public are entitled, without charge, to inspect the register during the ordinary business hours of

the Authority.
(Added 4 of 1998 s. 2)


Part: 2 Mandatory Provident Fund Schemes Authority E.R. 1 of 2013 25/04/2013


(*Format changes—E.R. 1 of 2013)
_______________________________________________________________________________
Note:



Cap 485 - Mandatory Provident Fund Schemes Ordinance 8

*The format of Part 2 has been updated to the current legislative styles.

Section: 6 Establishment of Mandatory Provident Fund Schemes

Authority
E.R. 1 of 2013 25/04/2013



(1) There is established by this section a corporation with the corporate name of "Mandatory Provident Fund
Schemes Authority".

(2) The Authority-
(a) has perpetual succession; and
(b) may take legal proceedings and be proceeded against in its corporate name; and
(c) may, for the purpose of enabling it to exercise or perform its functions-

(i) acquire, hold and dispose of real and personal property; and
(ii) enter into and carry out, any agreement with the Government for the management and control by the

Authority of any property held, or managed and controlled, by the Government; and
(iii) enter into and carry out, any agreement with the Government for the employment by, or the

secondment to, the Authority of any specified public officers or specified class of public officers; and
(iv) enter into, carry out, assign or accept the assignment of, vary or rescind, any contract, agreement or

other obligation; and
(d) may do, and be subject to, all other things that bodies corporate may do and be subject to and that are

necessary for, or are incidental to, the exercise of its functions.
(3) The Authority is required to have a seal.

(Replaced 4 of 1998 s. 2)

Section: 6A Membership of Authority E.R. 1 of 2013 25/04/2013


(1) The Authority is to consist of not fewer than 10 directors appointed by the Chief Executive.
(2) Of the directors-

(a) not fewer than 4 are to be executive directors; and
(b) the remainder are to be non-executive directors.

(3) Of the non-executive directors-
(a) at least 1 but no more than 2 are to be persons who, in the opinion of the Chief Executive, represent the

interests of participating employers; and
(b) at least 1 but no more than 2 are to be persons who, in the opinion of the Chief Executive, represent the

interests of relevant employees.
(4) In appointing the directors, the Chief Executive must ensure that-

(a) a majority of the directors are non-executive directors; and
(b) the number of persons appointed to represent the interests of relevant employees is equal to the number of

persons appointed to represent the interests of participating employers.
(5) A director must exercise a reasonable degree of care and diligence so as to ensure that the Authority exercises

and performs its functions properly.
(6) The Authority may exercise or perform any of its functions despite a vacancy in its membership.
(7) Schedule 1A has effect with respect to the directors and procedure of the Authority.

(Added 4 of 1998 s. 2)

Section: 6B Managing Director of Authority E.R. 1 of 2013 25/04/2013


(1) The Chief Executive is to appoint one of the executive directors as the Managing Director of the Authority.
(2) The Managing Director-

(a) is the administrative head of the Authority and is responsible, subject to the direction of the Authority, for
administering the affairs of the Authority; and

(b) has, subject to that direction, such other responsibilities as may be assigned by the Authority.
(Added 4 of 1998 s. 2)





Cap 485 - Mandatory Provident Fund Schemes Ordinance 9

Section: 6C Chairperson and deputy chairperson of the Authority E.R. 1 of 2013 25/04/2013


(1) The Chief Executive is to appoint one of the non-executive directors to be the chairperson of the Authority.
(2) The Managing Director is, by virtue of holding that office, the deputy chairperson of the Authority.
(3) A person holding office as chairperson of the Authority ceases to hold that office on ceasing to be a director of

the Authority.
(Added 4 of 1998 s. 2)


Section: 6D Authority may establish committees E.R. 1 of 2013 25/04/2013


(1) The Authority may establish committees to give advice and assistance to the Authority in connection with any
matter with which the Authority is concerned.

(2) The Authority may appoint any person to be a member of a committee. A member of a committee is not required
to be a director of the Authority.

(3) The Authority may, at any time, remove such a member from office by notice in writing given to the member. A
member of a committee may, at any time, resign from membership of the committee by giving notice in writing
to the Authority.

(4) The procedure for convening meetings of a committee and for the conduct of business at those meetings is to be
as determined by the Authority or (subject to any determination of the Authority) by the committee.

(5) In exercising its functions, a committee is required to comply with any direction given by the Authority.
(Added 4 of 1998 s. 2)


Section: 6E Functions of Authority E.R. 1 of 2013 25/04/2013


(1) The functions of the Authority are as follows-
(a) to be responsible for ensuring compliance with this Ordinance;
(b) to register provident fund schemes as registered schemes;
(c) to approve qualified persons to be approved trustees of registered schemes;
(d) to regulate the affairs and activities of approved trustees and to ensure as far as reasonably practicable that

those trustees administer the registered schemes for which they are responsible in a prudent manner;
(da) to regulate sales and marketing activities, and the giving of advice, in relation to registered schemes;

(Added 16 of 2012 s. 6)
(e) to make rules or guidelines for the payment of mandatory contributions and for the administration of

registered schemes with respect to those contributions;
(ea) to consider and propose reforms of the law relating to occupational retirement schemes or provident fund

schemes; (Added 2 of 2002 s. 4)
(eb) to promote and encourage the development of the retirement scheme industry in Hong Kong, including the

adoption of a high standard of conduct and sound prudent business practices by trustees and other service
providers; (Added 2 of 2002 s. 4)

(f) to exercise such other functions as are conferred or imposed on the Authority by or under this Ordinance or
any other Ordinance.

(2) The Authority has such ancillary powers as may be necessary to enable it to exercise its functions.
(3) The Chief Executive may give directions, either generally or in a particular case, with respect to the exercise by

the Authority of its functions. The Authority must comply with any such directions unless they are inconsistent
with this Ordinance.

(Added 4 of 1998 s. 2)

Section: 6F Authority may delegate functions E.R. 1 of 2013 25/04/2013


(1) The Authority may delegate any of its functions (other than this power of delegation) to a committee established
under section 6D or to a designated person.

(2) In this section-
designated person (指定人士) means a director or employee of the Authority or a person of a class prescribed by the

regulations.



Cap 485 - Mandatory Provident Fund Schemes Ordinance 10

(3) Schedule 1B has effect in relation to a delegation under this section.
(Added 4 of 1998 s. 2)


Section: 6G Power to appoint staff and consultants E.R. 1 of 2013 25/04/2013


(1) The Authority may employ such staff as it requires to exercise or perform its functions.
(2) The Authority may, after consultation with the Financial Secretary, fix the salaries, wages and other conditions

of employment of its staff.
(3) The Authority may enter into arrangements (additional to those provided for by this Ordinance) for the provision

of retirement benefits to its staff and their dependants spouses and children. Those arrangements may (but are
not required to) include provisions requiring members of the Authority's staff to make contributions towards
those benefits from their own funds.

(4) The Authority may engage consultants for the purposes of obtaining expert advice.
(Added 4 of 1998 s. 2)


Section: 6H Authority may issue guidelines E.R. 1 of 2013 25/04/2013


(1) The Authority may issue guidelines for the guidance of approved trustees, service providers, participating
employers and their employees, self-employed persons, regulated persons and other persons concerned with this
Ordinance. (Amended 16 of 2012 s. 7)

(2) A guideline-
(a) may consist of a code, standard, rule, specification or provision relating to provident fund schemes or a

class of such schemes; and
(b) may apply, incorporate or refer to any document that has been published by a person, either as in force at

the time when it is issued under this section or as amended or published from time to time.
(3) A guideline may require persons (including persons belonging to a class) specified in the guideline to give to the

Authority information or documents of a kind specified in the guideline. The guideline may only specify
information or documents of a kind that the Authority reasonably requires for the exercise or performance of its
functions. This subsection has effect whether or not regulations are made for the purposes of section 21C (2)(k),
22A(2)(b) or 46(1A)(t).

(4) The Authority must publish a guideline issued under this section in the Gazette or in some other publication
determined by the Authority.

(5) The Authority may amend or revoke a guideline issued under this section. Subsection (4) applies to the
amendment or revocation of a guideline in the same way as it applies to the issue of a guideline.

(6) A person does not incur a civil or criminal liability only because the person has contravened a guideline issued
under this section. However, if in any legal proceedings the court is satisfied that such a guideline is relevant to
determining a matter that is in issue in the proceedings-
(a) the guideline is admissible in evidence in the proceedings; and
(b) proof that the person contravened or did not contravene the guideline may be relied on by any party to the

proceedings as tending to establish or negate the matter.
(7) In any legal proceedings, a document that purports to be a copy of a guideline issued under this section is, in the

absence of evidence to the contrary, to be presumed to be a true copy of the guideline.
(8) Despite anything in this Ordinance, the Authority must consult the Insurance Authority, the Monetary Authority,

and the Securities and Futures Commission, regarding guidelines that it proposes to issue under this section, or
any amendment or revocation that it proposes to make in relation to guidelines issued under this section, in so far
as those guidelines apply, or the amendment or revocation applies, to regulated persons. (Added 16 of 2012 s. 7)

(Added 4 of 1998 s. 2)

Section: 6I Authority to prepare annual report E.R. 1 of 2013 25/04/2013


(1) As soon as practicable after the end of each financial year of the Authority, the Authority must prepare a report
as to-
(a) the operation of this Ordinance during that year; and
(b) the activities of the Authority during that year.

(2) As soon as practicable after preparing a report in accordance with this section, the Authority must deliver the



Cap 485 - Mandatory Provident Fund Schemes Ordinance 11

report to the Financial Secretary, together with-
(a) the financial statements of the Authority for the financial year to which the report relates; and
(b) the report of the Authority's auditor on those statements.

(3) The Financial Secretary may publish the documents delivered in accordance with subsection (2) in such manner
as the Financial Secretary thinks fit.

(Added 4 of 1998 s. 2)

Section: 6J Authority to prepare corporate plan E.R. 1 of 2013 25/04/2013


(1) The Authority must, before the end of each financial year of the Authority, prepare a corporate plan for its next
financial year.

(2) A corporate plan must specify-
(a) the objectives of the Authority's activities for the financial year concerned; and
(b) the nature and scope of the activities to be undertaken in order to achieve those objectives; and
(c) a budget of estimated expenditure for achieving those objectives.

(3) Before completing the preparation of a corporate plan, the Authority must submit a draft of the plan for approval
by the Financial Secretary and must take into account any comments made by the Financial Secretary on the
draft.

(4) As soon as practicable after completing the preparation of a corporate plan, the Authority must deliver the plan
to the Financial Secretary.

(5) The Financial Secretary may publish the corporate plan delivered in accordance with subsection (4) in such
manner as the Financial Secretary thinks appropriate.

(6) The Authority may also, if it thinks fit, attach to a corporate plan a proposed corporate plan for 1 or more
financial years following the financial year to which the first-mentioned plan relates.

(Added 4 of 1998 s. 2)

Section: 6K Preparation of other reports by Authority E.R. 1 of 2013 25/04/2013


(1) The Authority may, whenever it considers necessary, provide the Financial Secretary with a report as to any
improvements that it considers to be necessary for the effective or efficient operation of the Authority.

(2) The Financial Secretary may, from time to time, request the Authority to provide the Financial Secretary with a
report as to-
(a) the operation of this Ordinance; or
(b) the activities of the Authority.

(3) The Authority must comply with a request made under subsection (2) as soon as practicable after receiving it.
(Added 4 of 1998 s. 2)


Section: 6KA Designation of electronic system by Authority 16 of 2012 01/11/2012


(1) The Authority may designate an electronic system for use for the purposes of this Ordinance.
(2) The Authority may designate under subsection (1) an electronic system that is established and operated by it.
(3) An approved trustee who uses, or is required by law to use, a designated electronic system must take any action

specified by the Authority as being necessary for ensuring the proper and efficient operation of the system.
(4) The Authority may recover from a person who uses a designated electronic system any fee or charge paid or

payable by the Authority to a third party in relation to the operation and administration of the electronic system
that is attributable to such use.

(5) The Authority may, if it reasonably considers it necessary to do so, suspend a designated electronic system from
being used for the purposes of any provision of this Ordinance in relation to which the electronic system is
designated.

(6) A suspension under subsection (5)—
(a) may take effect in relation to any person who uses, or who is required by law to use, the designated

electronic system;
(b) may take effect—

(i) for a period, or until the occurrence of an event, determined by the Authority; or



Cap 485 - Mandatory Provident Fund Schemes Ordinance 12

(ii) until further notice by the Authority; and
(c) may take effect subject to any condition that the Authority considers appropriate.

(7) As soon as practicable after making a designation under subsection (1) or a suspension under subsection (5), the
Authority must publish information about the designation or suspension in any manner that the Authority
considers appropriate.

(8) In this section—
designated electronic system (指定電子系統) means an electronic system designated under subsection (1).

(Added 16 of 2012 s. 8)

Section: 6L Financial year of the Authority E.R. 1 of 2013 25/04/2013


Financial Provisions


The financial year of the Authority is-
(a) the period beginning with the commencement of this section and ending with 31 March next following; and
(b) the period of 12 months ending on 31 March in each subsequent year.

(Added 4 of 1998 s. 2)

Section: 6M MPFA Administration Account E.R. 1 of 2013 25/04/2013


(1) The Authority must establish and maintain at a bank located in Hong Kong an account called in English the
"MPFA Administration Account" and in Chinese "強制性公積金計劃管理局行政帳戶".

(2) There is payable into the Account all money received by the Authority (other than money paid to or recovered
by the Authority for the benefit of a scheme member), including interest received in respect of investments and
all money directed to be paid into the Account by this or any other Ordinance. (Amended 30 of 2008 s. 2)

(3) There is payable from the Account all payments made on account of the Authority or otherwise required to meet
the expenditure incurred in relation to the functions of the Authority (including the remuneration of the
Managing Director and the other staff of the Authority) and all money directed to be paid from the Account by
this or any other Ordinance.

(Added 4 of 1998 s. 2)

Section: 6N Authority to keep proper accounting records E.R. 1 of 2013 25/04/2013


(1) The Authority must keep such accounting records as correctly explain its financial transactions and financial
position and so that-
(a) true and fair financial statements can be prepared from time to time; and
(b) those statements can be conveniently and properly audited in accordance with section 6P.

(2) The Authority must ensure that the following financial statements are prepared as soon as practicable after the
end of each financial year of the Authority-
(a) an income and expenditure account that gives a true and fair view of the Authority's income and

expenditure for that year;
(b) a balance sheet as at the end of that year that provides a true and fair view of the Authority's financial

position as at the end of that year.
(3) The Authority must ensure that the financial statements comply with any accounting standards notified to the

Authority in writing by the Financial Secretary.
(Added 4 of 1998 s. 2)


Section: 6O Authority to appoint auditor E.R. 1 of 2013 25/04/2013


(1) As soon as practicable after the commencement of this section, the Authority must appoint an auditor to audit
the accounts of the Authority.

(2) As soon as practicable after a vacancy occurs in the office of auditor, the Authority must appoint another auditor
to fill the vacancy.

(3) An appointment under this section does not take effect until it is approved by the Financial Secretary.



Cap 485 - Mandatory Provident Fund Schemes Ordinance 13

(4) The Authority may terminate the appointment of an auditor of the Authority but only with the prior approval of
the Financial Secretary.

(Added 4 of 1998 s. 2)

Section: 6P Authority's financial statements to be audited E.R. 1 of 2013 25/04/2013


(1) Not later than 6 months after the end of each financial year of the Authority, or such longer period as the
Financial Secretary approves in writing, the Authority must submit the financial statements prepared for the
financial year to the Authority's auditor for auditing.

(2) As soon as practicable after receiving financial statements submitted by the Authority, the Authority's auditor
must audit the statements and prepare a report of the audit.

(3) The auditor's report must state whether or not the financial statements are, in the auditor's opinion, properly
drawn up so as to provide a true and fair view of the matters referred to in section 6N(2) and in accordance with
the accounting standards (if any) notified under section 6N(3) and, if not, the reasons for that opinion.

(4) The Authority's auditor is entitled-
(a) to have access at all reasonable times to the Authority's accounting records; and
(b) to require the Managing Director and any member of the staff of the Authority to provide the auditor with

such explanations and information as the auditor considers necessary for the purpose of conducting the
audit.

(5) As soon as practicable after completing the audit and preparing the auditor's report, the Authority's auditor must-
(a) attach the report to, or endorse the report on, the financial statements that were audited; and
(b) deliver those statements and the report to the Authority.

(6) On receiving the audited financial statements and auditor's report on those statements, the Authority must deliver
a copy of those documents to the Financial Secretary.

(Added 4 of 1998 s. 2)

Section: 6Q Investment of surplus funds E.R. 1 of 2013 25/04/2013


The Authority may invest money held in the MPFA Administration Account in any manner in which trust funds may
be lawfully invested or in any other manner approved by the Financial Secretary.

(Added 4 of 1998 s. 2)

Section: 6QA Authority may borrow money E.R. 1 of 2013 25/04/2013


The Authority may, with the approval of the Financial Secretary, borrow money temporarily, on such security or other
conditions as it considers expedient, for the purposes of-

(a) the settlement of transactions in securities;
(b) acquiring an overdraft banking facility;
(c) dealing with an emergency; or
(d) dealing with any other circumstances which could not have been foreseen.

(Added 2 of 2002 s. 5)

Section: 6R Establishment of Advisory Committee E.R. 1 of 2013 25/04/2013


Advisory Committee


(1) There is established by this section a board called in English the "Mandatory Provident Fund Schemes Advisory
Committee" and in Chinese "強制性公積金計劃諮詢委員會".

(2) The Advisory Committee is to consist of-
(a) an executive director of the Authority designated by the Authority; and
(b) no fewer than 9, and no more than 11, other members appointed by the Chief Executive.

(3) The Chief Executive is to appoint one of the members of the Advisory Committee to be its chairperson and
another of its members to be its deputy chairperson.

(4) In appointing persons under subsection (2)(b), the Chief Executive must ensure that included among those



Cap 485 - Mandatory Provident Fund Schemes Ordinance 14

persons are-
(a) one or more persons who, in the Chief Executive's opinion, have knowledge of, or experience in,

investments and financial management; and
(b) one or more persons who, in the Chief Executive's opinion, have knowledge of, or experience in, the

conduct of retirement benefit schemes; and
(c) one or more persons who, in the Chief Executive's opinion, represent the interests of participating

employers; and
(d) one or more persons who, in the Chief Executive's opinion, represent the interests of relevant employees,

and that the number of persons appointed to represent the interests of relevant employees is equal to the number
of persons appointed to represent the interests of participating employers.

(5) The Chief Executive must consult with the Authority before appointing the persons referred to in subsection
(2)(b).

(6) The Authority must publish in the Gazette a notice of the appointment of members of the Advisory Committee.
(7) The appointed members hold office for such periods, and on such terms, as the Chief Executive may specify in

the documents by which they are appointed.
(8) The Chief Executive may, at any time, remove an appointed member from office by notice given to the member

in writing.
(9) An appointed member may, at any time, resign from membership of the Advisory Committee by notice in

writing given to the Chief Executive.
(Added 4 of 1998 s. 2)


Section: 6S Meetings of the Advisory Committee E.R. 1 of 2013 25/04/2013


(1) The procedure for convening meetings of the Advisory Committee and for conducting business at those
meetings is, subject to this section, to be as determined by that Committee. The chairperson is to convene the
first meeting of the Advisory Committee.

(2) A meeting of the Advisory Committee is to be presided over by-
(a) the chairperson; and
(b) in the absence of the chairperson, the deputy chairperson; and
(c) in the absence of the chairperson and deputy chairperson, a member elected by the members present at the

meeting.
(3) The quorum for a meeting of the Advisory Committee is a majority of its members for the time being.

(Added 4 of 1998 s. 2)

Section: 6T Functions of Advisory Committee E.R. 1 of 2013 25/04/2013


(1) The functions of the Advisory Committee are-
(a) to make recommendations to the Authority as to the operation of this Ordinance and the effectiveness or

efficiency of the Authority; and
(b) to advise the Authority with respect to any matter referred to that Committee by the Authority.

(2) The Advisory Committee has such ancillary powers as may be necessary to enable it to exercise its functions.
(3) The Advisory Committee may exercise its functions at the request of the Authority or, with the approval of the

Financial Secretary, on its own initiative.
(Added 4 of 1998 s. 2)


Section: 6U Establishment of Industry Schemes Committee E.R. 1 of 2013 25/04/2013


Remarks:
Consolidated version as amended by 4 of 1998.


Industry Schemes Committee


(1) There is established for the purposes of this Ordinance a committee called in English the "MPF Industry
Schemes Committee" and in Chinese "強制性公積金行業計劃委員會".



Cap 485 - Mandatory Provident Fund Schemes Ordinance 15

(2) The Industry Schemes Committee is to consist of the following members-
(a) a chairperson;
(b) at least 1, but no more than 2, representatives of the approved trustee of each industry scheme nominated by

that trustee;
(c) an executive director of the Authority designated by the Authority;
(d) not fewer than 6 other persons.

(3) The members (other than the member referred to in subsection (2)(c)) are to be appointed by the Financial
Secretary.

(4) The Financial Secretary must consult with the Authority before appointing the members referred to in subsection
(2)(a) and (d).

(5) In appointing the persons referred to in subsection (2)(d), the Financial Secretary must ensure that included
among those persons are-
(a) one or more persons who, in the Financial Secretary's opinion, represent the interests of participating

employers; and
(b) one or more persons who, in the Financial Secretary's opinion, represent the interests of relevant employees,

and that the number of persons appointed to represent the interests of relevant employees is equal to the number
of persons appointed to represent the interests of participating employers.

(6) The Authority must publish in the Gazette a notice of the appointment of members of the Industry Schemes
Committee.

(7) The appointed members hold office for such periods, and on such terms, as the Financial Secretary may specify
in the documents by which they are appointed.

(8) The Financial Secretary may, at any time, remove an appointed member from office by notice given to the
member in writing.

(9) An appointed member may, at any time, resign from membership of the Industry Schemes Committee by notice
in writing given to the Financial Secretary.

(Added 4 of 1998 s. 2)

Section: 6V Meetings of Industry Schemes Committee E.R. 1 of 2013 25/04/2013


Remarks:
Consolidated version as amended by 4 of 1998.

(1) The procedure for convening meetings of the Industry Schemes Committee and for conducting business at those

meetings is, subject to this section, to be as determined by that Committee. The chairperson is to convene the
first meeting of the Committee.

(2) The quorum for a meeting of the Industry Schemes Committee is a majority of the members and must include-
(a) for each industry scheme, at least 1 of the members referred to in section 6U(2)(b); and
(b) the member referred to in section 6U(2)(c).

(3) A meeting of the Industry Schemes Committee is to be presided over by-
(a) the chairperson; and
(b) in the absence of the chairperson, a member elected by the members present at the meeting.

(Added 4 of 1998 s. 2)

Section: 6W Functions of Industry Schemes Committee E.R. 1 of 2013 25/04/2013


Remarks:
Consolidated version as amended by 4 of 1998.

(1) The functions of the Industry Schemes Committee are as follows-

(a) to make recommendations to the Authority as to a matter relating to the operation of industry schemes
generally or to the operation of any particular industry scheme;

(b) to examine reports provided by the Authority and by approved trustees of industry schemes to ascertain
whether or not those trustees are complying with the requirements and standards that apply to industry
schemes;

(c) to determine whether or not the provisions of this Ordinance that apply to industry schemes in particular are



Cap 485 - Mandatory Provident Fund Schemes Ordinance 16

effective and, if they are found to be ineffective, to advise the Authority as to the measures that need to be
taken to render them effective;

(d) to advise the Authority as to ways in which the administration or operation of industry schemes could be
improved;

(e) to advise the Authority as to ways in which the interests of members of industry schemes could be protected
or better protected.

(2) The Industry Schemes Committee has such ancillary powers as may be necessary to enable it to exercise its
functions.

(3) The Industry Schemes Committee may exercise its functions at the request of the Authority or, with the approval
of the Financial Secretary, on its own initiative.

(Added 4 of 1998 s. 2)

Part: 3 Mandatory Contributions and Voluntary Contributions* E.R. 1 of 2013 25/04/2013


(#Format changes—E.R. 1 of 2013)
____________________________________________________________________
Note:
* (Amended 30 of 2008 s. 3)
# The format of Part 3 has been updated to the current legislative styles.

Section: 7 Employer to arrange for employees to become scheme

members, etc.
E.R. 1 of 2013 25/04/2013



(1) Every employer of a relevant employee must take all practicable steps to ensure that the employee becomes a
member of a registered scheme within the permitted period after the relevant time.

(1A) Every employer of a relevant employee must take all practicable steps to ensure that, after the expiration of the
permitted period-
(a) if the employer has complied with subsection (1) in respect of the employee, the employee continues to be a

member of a registered scheme throughout his employment with that employer;
(b) if the employer has not complied with subsection (1) in respect of the employee, the employee becomes a

member of a registered scheme and thereafter continues to be a member of a registered scheme throughout
his employment with that employer. (Added 29 of 2002 s. 3)

(2) Nothing in this section prevents an employer of 2 or more relevant employees from procuring for those
employees membership in different registered schemes.

(3) For the purposes of subsection (1)-
(a) the permitted period is the period specified by the Authority by notice published in the Gazette for the

purposes of this section; and
(b) the relevant time is-

(i) in the case of an employer who is employing a relevant employee at the commencement of this
section, the time of that commencement; and

(ii) in the case of an employer who enters into a contract of employment with a relevant employee after
that commencement, the beginning of the date on which the employment begins. (Amended 2 of 2002
s. 6)

(Replaced 4 of 1998 s. 2)

Section: 7A Employer and relevant employees required to contribute

to registered scheme
E.R. 1 of 2013 25/04/2013



Remarks:
For the transitional provision relating to the amendments made by the Mandatory Provident Fund Schemes
(Amendment) (No. 2) Ordinance 2002 (29 of 2002), see section 15 of that Ordinance.

(1) An employer who, at the commencement of this section, is employing a relevant employee must, for each

contribution period occurring after that commencement-
(a) from the employer's own funds, contribute to the relevant registered scheme the amount determined in



Cap 485 - Mandatory Provident Fund Schemes Ordinance 17

accordance with subsection (3); and
(b) subject to subsection (7), deduct from the employee's relevant income for that period as a contribution by

the employee to that scheme the amount determined in accordance with subsection (4).
(2) An employer who enters into a contract of employment with a relevant employee after the commencement of

this section must, for each contribution period occurring after the commencement of the employment-
(a) from the employer's own funds, contribute to the relevant registered scheme the amount determined in

accordance with subsection (3); and
(b) subject to subsection (7), deduct from the employee's relevant income for that period as a contribution by

the employee to the scheme the amount determined in accordance with subsection (4).
(3) For the purposes of subsections (1)(a) and (2)(a), the amount to be contributed by an employer for a contribution

period is-
(a) in the case of a relevant employee (other than a casual employee who is a member of an industry scheme),

an amount equal to the prescribed percentage of the employee's relevant income for that period; and
(b) in the case of a casual employee who is a member of an industry scheme, an amount determined by

reference to a scale specified in an order made in accordance with subsection (6).
(4) For the purposes of subsections (1)(b) and (2)(b), the amount that an employer is required to deduct in respect of

a relevant employee for a contribution period is-
(a) in the case of a relevant employee (other than a casual employee who is a member of an industry scheme),

an amount equal to the prescribed percentage of the employee's relevant income for that period; and
(b) in the case of a casual employee who is a member of an industry scheme, an amount determined by

reference to a scale specified in an order made in accordance with subsection (6).
(5) For the purposes of subsections (3)(a) and (4)(a), the prescribed percentage is 5 per cent or, if some other

percentage is prescribed by the regulations, that other percentage. The regulations may prescribe different
percentages for those purposes.

(6) For the purposes of subsections (3)(b) and (4)(b), the Authority must, as the occasion requires, prescribe by
order published in the Gazette scales of amounts of contributions by reference to amounts of relevant income of
casual employees who are members of industry schemes.

(7) An employer must not, in respect of an employee (not being a casual employee) whose wage period-
(a) is not more than 1 month, make a deduction under subsection (2)(b) in respect of the employee's relevant

income earned for any wage period that commences on or before the 30th day of employment after the
relevant time;

(b) is more than 1 month, make a deduction under subsection (2)(b) in respect of the employee's relevant
income earned for the period commencing from the relevant time and ending on the last day of the calendar
month in which the 30th day of employment after the relevant time falls. (Replaced 29 of 2003 s. 4)

(8) An employer must ensure that contributions required to be made in accordance with this section in respect of an
employee of the employer are paid to the approved trustee of the registered scheme of which the employee is a
member within the period and in the manner prescribed by the regulations.

(9) A relevant employee does not have a claim against the employee's employer only because that employer has, in
accordance with this section, deducted amounts from the employee's income and has paid those amounts to the
approved trustee of a registered scheme. However, nothing in this subsection affects any entitlement that the
employee has in respect of those amounts under the rules governing the scheme.

(10) In this section-
contribution period (供款期)-

(a) in relation to an employer of a relevant employee (not being a casual employee), means each period for
which the employer pays or should pay relevant income to the employee, and includes such a period
occurring within, or that coincides with, the first 60 days of employment after the relevant time; and

(b) in relation to a relevant employee (not being a casual employee) whose wage period-
(i) is not more than 1 month, means each period for which the employer pays or should pay relevant

income to the employee, but does not include any wage period commencing on or before the 30th day
of employment after the relevant time;

(ii) is more than 1 month, means each period for which the employer pays or should pay relevant income
to the employee, but does not include the period commencing from the relevant time and ending on the
last day of the calendar month in which the 30th day of employment after the relevant time falls; and
(Replaced 29 of 2002 s. 4)

(c) in relation to an employer and a relevant employee who is a casual employee, means each period for which



Cap 485 - Mandatory Provident Fund Schemes Ordinance 18

the employer pays or should pay relevant income to the employee; (Amended 2 of 2002 s. 7)
relevant time (有關時間) has the same meaning as in section 7(3); (Amended 29 of 2002 s. 4)
wage period (工資期), in relation to an employee and his employer, means the period for which the employee is paid,

or should be paid, relevant income by the employer. (Added 29 of 2002 s. 4)
(11) This section is subject to sections 9 and 10.

(Added 4 of 1998 s. 2)

Section: 7AA Employer required to pay contributions to Authority

where relevant employee not member of registered scheme
L.N. 98 of 2015 01/08/2015



(1) This section applies if—
(a) at the date of commencement* of this section; or
(b) at any time after that date,

a relevant employee of an employer is not a member of a registered scheme as required by section 7.
(2) The employer must, in the case referred to in subsection (1)(a), for each contribution period ending on or after

that commencement during which the employee is not such a member—
(a) from the employer’s own funds, contribute to a registered scheme that is to be determined in accordance

with section 7AC the amount determined in accordance with subsection (4); and
(b) subject to subsection (6), deduct from the employee’s relevant income for that period as a contribution by

the employee to that scheme the amount determined in accordance with subsection (4).
(3) The employer must, in the case referred to in subsection (1)(b), for each contribution period ending after the date

the employee becomes a relevant employee during which the employee is not such a member—
(a) from the employer’s own funds, contribute to a registered scheme that is to be determined in accordance

with section 7AC the amount determined in accordance with subsection (4); and
(b) subject to subsection (6), deduct from the employee’s relevant income for that period as a contribution by

the employee to that scheme the amount determined in accordance with subsection (4).
(4) For the purposes of subsections (2) and (3), the amount to be contributed by an employer, or to be deducted from

an employee’s relevant income, for a contribution period is an amount equal to the prescribed percentage of the
employee’s relevant income for that contribution period.

(5) For the purposes of subsection (4), the prescribed percentage is 5 per cent or, if some other percentage is
prescribed by the regulations, that other percentage. The regulations may prescribe different percentages for
those purposes.

(6) An employer must not, in respect of an employee (not being a casual employee) whose wage period—
(a) is not more than 1 month, make a deduction under subsection (2)(b) or (3)(b) in respect of the employee’s

relevant income earned for any wage period that commences on or before the 30th day of employment after
the relevant time; or

(b) is more than 1 month, make a deduction under subsection (2)(b) or (3)(b) in respect of the employee’s
relevant income earned for the period commencing from the relevant time and ending on the last day of the
calendar month in which the 30th day of employment after the relevant time falls.

(7) An employer must ensure that contributions required to be made in accordance with this section in respect of an
employee of the employer are paid to the Authority on or before the contribution day.

(8) This section is subject to sections 9 and 10.
(9) A relevant employee does not have a claim against the employee’s employer for payment of the amounts that

the employer has, in accordance with this section, deducted from the employee’s relevant income and paid to
the Authority. However, nothing in this subsection affects any entitlement that the employee has in respect of
those amounts under the rules governing the scheme to which the Authority has paid those amounts.

(10) For the avoidance of doubt, an employer is not required to make a contribution in respect of a relevant employee
under section 7A for a contribution period for which a contribution is payable in respect of the employee to the
Authority under this section.

(11) In this section—
contribution day (供款日)—

(a) in relation to a contribution payable for a contribution period by an employer in respect of a relevant



Cap 485 - Mandatory Provident Fund Schemes Ordinance 19

employee who is not a casual employee, means, subject to subsection (12)—
(i) where the contribution period is wholly or partly within the permitted period after the relevant time,

the tenth day after—
(A) the last day of the month in which the permitted period ends; or
(B) the last day of the month in which the contribution period ends,

whichever is the later; or
(ii) where the contribution period is not wholly or partly within the permitted period after the relevant

time, the tenth day after the last day of the month in which the contribution period ends; and
(b) in relation to a contribution payable for a contribution period by an employer in respect of a relevant

employee who is a casual employee, means, subject to subsection (12)—
(i) where the contribution period is wholly or partly within the permitted period after the relevant time,

the tenth day after the last day of the contribution period in which the permitted period ends; or
(ii) where the contribution period is not wholly or partly within the permitted period after the relevant

time, the tenth day after the last day of the contribution period;
contribution period (供款期) has the same meaning as in section 7A(10);
permitted period (特准限期) means, subject to subsection (13)—

(a) for a relevant employee who is not a casual employee, 60 days; or
(b) for a casual employee, 10 days; (Replaced 1 of 2015 s. 4)

relevant time (有關時間) has the same meaning as in section 7(3)(b);
wage period (工資期) has the same meaning as in section 7A(10).
(12) If the contribution day as determined under subsection (11) is a Saturday, a public holiday, or a gale warning day

or black rainstorm warning day within the meaning of section 71(2) of the Interpretation and General Clauses
Ordinance (Cap 1), then the contribution day means the next following day, not being a Saturday, a public
holiday or such a gale warning day or black rainstorm warning day.

(13) In computing a period of time for the definition of permitted period in subsection (11), even if the last day of the
period is a day specified in subsection (14), the period ends on that day. (Added 1 of 2015 s. 4)

(14) The day specified for subsection (13) is—
(a) a Saturday;
(b) a public holiday; or
(c) a gale warning day or black rainstorm warning day as defined by section 71(2) of the Interpretation and

General Clauses Ordinance (Cap 1). (Added 1 of 2015 s. 4)
(Added 18 of 2008 s. 5)

_________________________________________________________________________________________
Note:
* Commencement date: 1 December 2008.

For transitional provision relating to the amendments made by the Mandatory Provident Fund Schemes
(Amendment) Ordinance 2015 (1 of 2015), see Part 8 of the Amendment Ordinance.

Section: 7AB Contributions paid under section 7AA be accompanied by

statement
E.R. 1 of 2013 25/04/2013



(1) When paying contributions to the Authority under section 7AA, an employer must ensure that the contributions
are accompanied by a statement, in a form specified or approved by the Authority, for the contribution period or
periods to which the contributions relate.

(2) The statement must include the following information—
(a) the name and business registration number of the employer;
(b) the address and telephone number of the employer;
(c) the name of the contact person of the employer and the means by which the person can be contacted;
(d) the registered scheme nominated by the employer to which the contributions are to be paid;
(e) the name of the relevant employee and his Hong Kong Identity Card number or, if he is not the holder of a

Hong Kong Identity Card, the number and issuing agency of any passport held by him;
(f) the contribution period or periods to which the contributions relate;
(g) the amount of relevant income of the relevant employee for the contribution period or periods;



Cap 485 - Mandatory Provident Fund Schemes Ordinance 20

(h) the amount of contributions paid under section 7AA(2)(a) or (3)(a) by the employer in respect of the
relevant employee for the contribution period or periods;

(i) the amount of contributions deducted from the relevant income of the relevant employee under section
7AA(2)(b) or (3)(b) by the employer for the contribution period or periods;

(j) the date of commencement of the employment of the relevant employee;
(k) such other information as may be specified by the Authority.

(Added 18 of 2008 s. 5)

Section: 7AC Authority to pay contributions received under section 7AA

to approved trustee
E.R. 1 of 2013 25/04/2013



The Authority must pay any contribution that is paid to it in respect of a relevant employee under section 7AA—
(a) where the employee is still employed by the employer concerned at the time the Authority makes payment


(i) to the approved trustee of the registered scheme nominated by the employer for this purpose; or
(ii) if the employer has not nominated a registered scheme, to the approved trustee of the registered

scheme nominated by the employee for this purpose; or
(iii) if neither the employer nor the employee has nominated a registered scheme, to the approved trustee of

a registered scheme that the Authority considers appropriate; or
(b) where the employee has ceased to be employed by the employer concerned at the time the Authority makes

payment—
(i) to the approved trustee of the registered scheme nominated by the employee for this purpose; or
(ii) if the employee has not nominated a registered scheme, to the approved trustee of a registered scheme

that the Authority considers appropriate.
(Added 18 of 2008 s. 5)


Section: 7AD Approved trustee’s duties with regard to contributions

received from Authority
E.R. 1 of 2013 25/04/2013



(1) An approved trustee of a registered scheme must, on receiving a contribution paid in respect of a relevant
employee from the Authority under section 7AC, check that the arithmetical calculation of the contribution
payable by the employer concerned is correct.

(2) An approved trustee must also take such action with regard to the contribution as may be reasonably required by
the Authority, including, in the case of a discrepancy between the relevant calculation in respect of the
contribution and the amount paid by the employer concerned as a contribution, requiring the employer to rectify
the discrepancy.

(3) On being satisfied that the amount of the contribution paid by the employer concerned is correct, the approved
trustee must credit the amount to the relevant employee’s account.

(4) An approved trustee who, without reasonable excuse, fails to comply with subsection (3) commits an offence
and is liable on conviction to a fine at level 5.

(Added 18 of 2008 s. 5)

Section: 7AE Certain contributions due for payment to the Authority on

commencement of section 7AA
E.R. 1 of 2013 25/04/2013



(1) This section applies if at any time during the specified period, a relevant employee of an employer was not a
member of a registered scheme as required by section 7.
(2) On the commencement date, the amount of contributions that—

(a) would have been payable by the employer under section 7A to a registered scheme for each contribution
period occurring in the specified period during which the relevant employee was not a member of a
registered scheme, had the employee been such a member for the relevant contribution period; and

(b) remains unpaid as at the commencement date,
becomes due for payment to the Authority.
(3) For the avoidance of doubt, this section applies to an employer even if the relevant employee is no longer



Cap 485 - Mandatory Provident Fund Schemes Ordinance 21

employed with the employer on the commencement date.
(4) In this section—
*commencement date (生效日期) means the date of commencement of section 7AA;
contribution period (供款期) has the same meaning as in section 7A(10) except that it does not include the

contribution period that begins on a date before the commencement date and ending on or after the
commencement date;

specified period (指明期間) means the period beginning on 1 December 2000 and ending on the day immediately
before the commencement date.

(Added 18 of 2008 s. 5)
_________________________________________________________________________________________
Note:
* Commencement date: 1 December 2008.

Section: 7B Sections 7, 7A and 7AA not to apply to certain employees* E.R. 1 of 2013 25/04/2013


Sections 7, 7A and 7AA do not, except in the case of a casual employee, apply to or in respect of an employee who is
employed by an employer for less than 60 days.

(Added 4 of 1998 s. 2. Amended 18 of 2008 s. 6)
_________________________________________________________________________________________
Note:
* (Amended 18 of 2008 s. 6)

Section: 7C Duty of self-employed person to become scheme member E.R. 1 of 2013 25/04/2013


(1) Every self-employed person-
(a) must, within the permitted period after the relevant time, become a member of a registered scheme; and
(b) must, in accordance with the provisions of the Mandatory Provident Fund Schemes (General) Regulation

(Cap 485 sub. leg. A), before the end of each contribution period, pay to the approved trustee of the scheme
from the person's own funds for the person's own benefit a contribution equal to the prescribed percentage
of the person's relevant income. (Amended 2 of 2002 s. 8)

(2) In this section-
contribution period (供款期) means a period prescribed by the regulations as a contribution period;
permitted period (特准限期) means the period specified by the Authority by notice published in the Gazette for the

purposes of this section;
the relevant time (有關時間) means-

(a) in the case of a person who is a self-employed person at the commencement of this section, the time of that
commencement; or

(b) in the case of a person who becomes a self-employed person after that commencement, the beginning of the
date on which the person becomes self-employed; (Amended 2 of 2002 s. 8)

(3) For the purposes of subsection (1)(b), the prescribed percentage is 5 per cent or, if some other percentage is
prescribed by the regulations, that other percentage. The regulations may prescribe different percentages for
those purposes.

(4) For the purposes of this section, the regulations may-
(a) require self-employed persons to report their relevant income to the Authority; and
(b) prescribe the matters that must be included in those reports.

(5) This section is subject to sections 9 and 10.
(6) This section does not apply to a self-employed person who is-

(a) less than 18 years of age; or
(b) of or more than retirement age. (Added 2 of 2002 s. 8)

(Added 4 of 1998 s. 2)




Cap 485 - Mandatory Provident Fund Schemes Ordinance 22

Section: 7D Application of Ordinance to certain employees and self-
employed persons

E.R. 1 of 2013 25/04/2013



(1) If-
(a) an employer enters into a contract of employment with an employee who is less than 18 years of age; and
(b) the employee reaches 18 years of age on or after the date of commencement* of this section; and
(c) the employer continues to employ the employee after he reaches 18 years of age,

then this Ordinance applies to the employer and the employee as if they had entered into the contract of
employment on the day on which the employee reaches 18 years of age and the employment had begun or
commenced on that day.

(2) If-
(a) a person is self-employed before he is 18 years of age; and
(b) he reaches 18 years of age on or after the date of commencement of this section; and
(c) he continues to be self-employed after reaching 18 years of age,

then this Ordinance applies to him as if he had become a self-employed person on the day on which he reaches
18 years of age.

(Added 1 of 2008 s. 20)
________________________________________________________________________________________
* Commencement date: 18 January 2008.

Section: 8 (Repealed 4 of 1998 s. 2) L.N. 119 of 2000;

L.N. 120 of 2000
01/12/2000





Section: 9 Minimum level of income for contribution purposes E.R. 1 of 2013 25/04/2013


(1) A relevant employee whose relevant income is less than the minimum level of relevant income is not required to
contribute to a registered scheme but he may, if he so wishes, by notice in writing to his employer elect to do so.

(2) An employer who receives a notice under subsection (1) must give effect to the election by making deductions
and paying contributions in respect of the employee in accordance with section 7A.

(3) A relevant employee may not make an election under subsection (1) in respect of a contribution period during
which he is not a member of a registered scheme as required by section 7.

(4) A self-employed person whose relevant income is less than the minimum level of relevant income is not
required to contribute to a registered scheme.

(Replaced 18 of 2008 s. 7)

Section: 10 Maximum level of income for contribution purposes 1 of 2015 30/01/2015


(1) A relevant employee whose relevant income is more than the maximum level of relevant income is not required
to contribute to a registered scheme in respect of the excess relevant income but he may, if he so wishes, by
notice in writing to his employer elect to do so.

(2) An employer who receives a notice under subsection (1) must give effect to the election by making deductions
and paying contributions in respect of the employee in accordance with section 7A. (Replaced 1 of 2015 s. 5)

(3) A relevant employee may not make an election under subsection (1) in respect of a contribution period during
which he is not a member of a registered scheme as required by section 7.

(3A) An employer of a relevant employee whose relevant income is more than the maximum level of relevant income
may contribute to a registered scheme in respect of the excess relevant income, but is not obliged to do so.
(Added 1 of 2015 s. 5)

(4) A self-employed person whose relevant income is more than the maximum level of relevant income may
contribute to a registered scheme in respect of the excess relevant income, but is not required to do so.
(Amended 1 of 2015 s. 5)

(Replaced 18 of 2008 s. 8)




Cap 485 - Mandatory Provident Fund Schemes Ordinance 23

Section: 10A Authority to conduct review of minimum and maximum
levels of relevant income every 4 years

E.R. 1 of 2013 25/04/2013



(1) The Authority must, not less than once in every period of 4 years beginning with the commencement of this
section, conduct a review of the minimum level of relevant income and the maximum level of relevant income to
ascertain whether or not there are grounds to amend Schedule 2 or 3 or Schedules 2 and 3.

(2) Without limiting the factors which the Authority may take into account for the purposes of conducting a review
mentioned in subsection (1), the Authority must take into account-
(a) in respect of the minimum level of relevant income, 50 per cent of the monthly median employment

earnings prevailing at the time of the review as compiled from the General Household Survey conducted by
the Census and Statistics Department; and

(b) in respect of the maximum level of relevant income, monthly employment earnings at 90th percentile of the
monthly employment earnings distribution prevailing at the time of the review as compiled from the
General Household Survey conducted by the Census and Statistics Department.

(Added 29 of 2002 s. 5)

Section: 11 Voluntary contributions E.R. 1 of 2013 25/04/2013


(1) The employer of a person may arrange for the person to join and pay contributions to a registered scheme
notwithstanding that the person is less than 18 years of age or is of or more than retirement age or is exempted
under section 4(3). The employer may pay contributions to the scheme in respect of the person, but is not
obliged to do so, whether or not the person pays contributions to the scheme whilst being of that age or is
exempted under section 4(3). (Replaced 2 of 2002 s. 9)

(2) A self-employed person may join and pay contributions to a registered scheme notwithstanding that the person is
less than 18 years of age or is of or more than retirement age or is exempted under section 4(3). (Replaced 2 of
2002 s. 9)

(3) A relevant employee may pay contributions to a registered scheme exceeding the amount of contribution
deductible in respect of the employee under section 7A(1)(b) or (2)(b).

(4) An employer may pay contributions to a registered scheme in respect of a relevant employee employed by the
employer exceeding the amount of contribution required by section 7A(1)(a) or (2)(a) to be paid in respect of the
employee, but is not obliged to do so, even if the employee continues to pay contributions to the scheme.

(5) A self-employed person may pay contributions to a registered scheme exceeding the amount of contribution
payable in respect of the person under section 7C.

(6) A relevant employee or a self-employed person whose relevant income is less than the minimum level of
relevant income may nevertheless contribute to a registered scheme. (Amended 18 of 2008 s. 9)

(7) Any contributions-
(a) paid to a registered scheme as provided by this section; or
(b) consisting of any benefits, other than minimum MPF benefits to which section 5(1) of Schedule 2 to the

Mandatory Provident Fund Schemes (Exemption) Regulation (Cap 485 sub. leg.B) applies, of a member of
an ORSO exempted scheme, or an ORSO registered scheme, within the meaning of section 2(1) of the
Mandatory Provident Fund Schemes (Exemption) Regulation (Cap 485 sub. leg.B), transferred to a
registered scheme,

are voluntary, but are subject to the governing rules of the scheme. (Replaced 2 of 2002 s. 9)
(8) The provisions of this Ordinance (sections 12, 13, 14 and 15(1) to (3) excepted), and the governing rules of the

scheme (in so far as those rules are not inconsistent with this Ordinance), apply to accrued benefits derived from
voluntary contributions paid to a registered scheme in the same way as they apply to accrued benefits that are
derived from mandatory contributions.

(9) The regulations may provide for all or any of the following matters-
(a) the vesting of voluntary contributions in the scheme member concerned;
(b) the preservation of accrued benefits derived from voluntary contributions;
(c) the transfer from one registered scheme to another or from one account within a registered scheme to

another account within the same scheme of accrued benefits derived from voluntary contributions;
(d) the payment to or in respect of a scheme member of accrued benefits derived from voluntary contributions.

(Replaced 4 of 1998 s. 2)




Cap 485 - Mandatory Provident Fund Schemes Ordinance 24

Section: 12 Contributions to vest in scheme members as accrued
benefits

E.R. 1 of 2013 25/04/2013



(1) Subject to section 12A, a contribution in respect of a member of a registered scheme vests in the member as
accrued benefits as soon as it is paid to the approved trustee of the scheme.

(2) Subject to subsection (2A) and section 12A, income or profits derived from the investment of the accrued
benefits of a member of a registered scheme by or on behalf of the approved trustee of the scheme also (after
taking into account any loss arising from any such investment) vest in the member as accrued benefits as soon as
they are received by that trustee. (Amended 29 of 2002 s. 6)

(2A) The reference to income or profits in subsection (2) does not include interest derived from the placing on deposit
of-
(a) contributions or benefits-

(i) received by the approved trustee of a registered scheme in respect of a member of the scheme; and
(ii) during the period that the payment of the contributions or benefits into the member's account is

pending;
(b) benefits-

(i) moved from a constituent fund; and
(ii) during the period that the investment of the benefits into another constituent fund is pending; and

(c) benefits-
(i) received from a constituent fund; and
(ii) during the period that-

(A) withdrawal of the benefits from the registered scheme concerned is pending; or
(B) transfer of the benefits to another registered scheme is pending. (Added 29 of 2002 s. 6)

(2B) Interest referred to in subsection (2A) must be retained by the approved trustee of the registered scheme
concerned-
(a) for the payment of any administrative expenses of the scheme; or
(b) as income of the scheme,

for the benefit of scheme members. (Added 29 of 2002 s. 6)
(3) The total amount of accrued benefits vested in a scheme member from time to time is to be calculated as

provided by the rules.
(Replaced 4 of 1998 s. 2)


Section: 12A Certain amounts relating to severance payments and long

service payments to be paid from accrued benefits
E.R. 1 of 2013 25/04/2013



(1) If-
(a) an employer has paid to or in respect of an employee a severance payment or long service payment in

accordance with the Employment Ordinance (Cap 57), or a part of such a payment; and
(b) accrued benefits are held in a registered scheme in respect of the employee; and
(c) a part of those benefits is attributable to contributions paid to the scheme by the employer in accordance

with this Ordinance,
the employer may make an application in writing to the approved trustee of the scheme for payment of an

amount under subsection (2).
(2) As soon as practicable after receiving an application under subsection (1), the approved trustee of the registered

scheme concerned must, on being satisfied as to the employer's entitlement to a payment under this subsection-
(a) if the severance payment or long service payment paid to the employee is not more than the amount of the

part of the employee's accrued benefits that is attributable to the employer's contributions, pay to the
employer from those benefits an amount equal to the amount of that severance payment or long service
payment; or

(b) if that severance payment or long service payment is more than the amount of the part of the employee's
accrued benefits that is attributable to the employer's contributions, pay to the employer from those benefits
an amount equal to the amount of that part.

This subsection is subject to subsection (5).
(3) If-

(a) an employer has not paid the whole of a severance payment or long service payment to or in respect of an



Cap 485 - Mandatory Provident Fund Schemes Ordinance 25

employee as required by the Employment Ordinance (Cap 57); and
(b) accrued benefits are held in a registered scheme in respect of the employee; and
(c) a part of those benefits is attributable to contributions paid to the scheme by the employer in accordance

with this Ordinance,
an application may be made in writing by or in respect of the employee to the approved trustee of the scheme for

payment of an amount under subsection (4).
(4) As soon as practicable after receiving an application under subsection (3), the approved trustee of the registered

scheme concerned must, on being satisfied that an employer has not paid the whole of a severance payment or
long service payment required to be paid to or in respect of the employee concerned-
(a) if the amount of the severance payment or long service payment that has not been paid is not more than the

amount of the part of the employee's accrued benefits attributable to the employer's contributions, pay to or
in respect of the employee from those benefits an amount equal to the amount of that severance payment or
long service payment to the extent that it has not been paid; or

(b) if the amount of the severance payment or long service payment that has not been paid is more than the
amount of the part of the employee's accrued benefits attributable to the employer's contributions, pay to or
in respect of the employee from those benefits an amount equal to the amount of that part.

(5) If-
(a) only a part of a severance payment or long service payment has been paid to or in respect of an employee;

and
(b) the amount of the employee's accrued benefits attributable to the employer's contributions is more than the

unpaid part of the severance payment or long service payment but less than the total payment that is
required to be made,

the employer is entitled to be paid under subsection (2) the amount of those accrued benefits only to the extent
that they exceed the unpaid part of the severance payment or long service payment.

(6) If-
(a) a change has occurred (whether by virtue of a sale or other disposition or by operation of law) in the

ownership of a business in which a person is employed, or in a part of such a business, and either-
(i) the person's contract of employment (with the substitution of the new owner of the business for the

previous owner) is renewed by that new owner; or
(ii) the person is re-engaged by that new owner under a new contract of employment; or

(b) a person is taken into the employment of a company that is an associated company of another company by
which the person was employed immediately before the person was taken into that employment,

this section applies to a severance payment or long service payment, or a contribution, paid by the previous
owner as if it had been paid by the new owner or the associated company. This subsection has effect whether or
not the previous owner may have terminated the employee's contract in accordance with section 6 or 7 of the
Employment Ordinance (Cap 57).

(6A) Where-
(a) subsection (6)(a) or (b) applies to a person;
(b) the new owner or associated company, as the case may be, (new employer) has assumed the liability of the

previous owner or company (previous employer) for severance payment or long service payment in respect
of the person;

(c) the new employer has agreed to recognize the person's length of employment with the previous employer
for the purposes of that severance payment or long service payment; and

(d) no accrued benefits held in a registered scheme in respect of the person have been paid in accordance with
this section to the person or the previous employer,

then the new employer may elect, in accordance with the regulations, to have the accrued benefits of the person
held in a contribution account in that scheme transferred to an account in a registered scheme nominated by the
new employer. (Added 29 of 2002 s. 7)

(6B) Where a new employer has made an election under subsection (6A), then, for the purposes of that election-
(a) section 7A(7) shall not apply to the new employer; and
(b) paragraph (b) of the definition of contribution period in section 7A(10) shall be construed as if it read as

follows-
"(b) in relation to a relevant employee (not being a casual employee), means each period for which

the employer pays or should pay relevant income to the employee; and". (Added 29 of 2002 s. 7)
(7) For the purposes of subsection (6), 2 companies are taken to be associated companies if one is the subsidiary of



Cap 485 - Mandatory Provident Fund Schemes Ordinance 26

the other, or both are subsidiaries of a further company.
(Added 4 of 1998 s. 2)


Section: 13 Preservation of accrued benefits derived from

contributions
E.R. 1 of 2013 25/04/2013



For the purpose of preserving accrued benefits in registered schemes-
(a) no trustee of a registered scheme shall pay or otherwise dispose of any part of those accrued benefits to any

scheme member or any other person otherwise than in accordance with the provisions of this Ordinance;
(b) no relevant employee or self-employed person shall have any right or entitlement to those accrued benefits

otherwise than in accordance with the provisions of this Ordinance.
(Enacted 1995)


Section: 14 Portability of accrued benefits E.R. 1 of 2013 25/04/2013


(1) A member of an employer sponsored scheme who ceases to be an employee of an employer who is participating
in the scheme must, in accordance with the regulations, elect to have the member's accrued benefits transferred
to another registered scheme. This subsection does not apply if the member exercises an entitlement to have the
member's accrued benefits paid in accordance with section 15 or regulations made for the purposes of that
section.

(2) Subject to subsection (1), and in accordance with the regulations, the accrued benefits of a member of a
registered scheme may be transferred-
(a) to another registered scheme to which the member is eligible to belong; or
(b) to another account within the same registered scheme,

but only in a circumstance permitted or required by the regulations.
(3) If the accrued benefits of a member of a registered scheme are to be transferred under this section-

(a) the approved trustee of the scheme; and
(b) where those benefits are to be transferred to another registered scheme, the approved trustee of that other

scheme,
must comply with such requirements with respect to the transfer of those benefits as are prescribed by the

regulations for the purposes of this subsection.
(4) If a member of a registered scheme whose accrued benefits are to be transferred under this section-

(a) ceases to be an employee of an employer; or
(b) becomes an employee of an employer; or
(c) does both of those things,

the employer or employers must comply with such requirements with respect to the transfer of those benefits as
are prescribed by the regulations for the purposes of this subsection.

(5) The regulations may-
(a) include requirements as to-

(i) the notices that are to be given; and
(ii) the procedure that is to be followed,

in connection with the transfer of accrued benefits in accordance with this section; and
(b) prescribe the procedure to be followed if a scheme member who is a relevant employee fails to comply with

subsection (1).
(Replaced 4 of 1998 s. 2)


Section: 15 Withdrawal of accrued benefits 1 of 2015 01/02/2016


(1) A scheme member who has attained retirement age shall, in relation to the registered scheme of which he is a
scheme member, be entitled as of right to have paid to him by the trustee of that registered scheme the entirety of
his accrued benefits in the registered scheme— (Amended 1 of 2015 s. 6)
(a) in a lump sum; or
(b) by instalments. (Added 1 of 2015 s. 6)

(2) A scheme member who has not attained retirement age but has attained the age specified in Schedule 7 and



Cap 485 - Mandatory Provident Fund Schemes Ordinance 27

certifies to the trustee of the registered scheme of which he is a scheme member by statutory declaration in a
form approved by the Authority that he has permanently ceased his employment or self-employment, or is
otherwise included in a class of persons specified for that purpose in the regulations, shall be entitled as of right
to have paid to him by the trustee of that registered scheme the entirety of his accrued benefits in the registered
scheme. (Amended 4 of 1998 s. 2; 1 of 2015 s. 6)

(2A) Subject to subsection (2B), a scheme member referred to in subsection (2) is entitled to be paid the entirety of
the accrued benefits—
(a) in a lump sum; or
(b) by instalments. (Added 1 of 2015 s. 6)

(2B) Subsection (2A)(b) does not apply to a scheme member whose entitlement is exercised in the circumstances
specified under subsection (3) in the regulations. (Added 1 of 2015 s. 6)

(3) The regulations referred to in subsection (2) may specify the circumstances in which a scheme member's
entitlement under that subsection may be exercised. Those circumstances include (but are not limited to)-
(a) the scheme member's permanent departure from Hong Kong; (Amended 1 of 2015 s. 6)
(b) the scheme member's total incapacity; and (Replaced 4 of 1998 s. 2. Amended 1 of 2015 s. 6)
(c) the scheme member’s terminal illness. (Added 1 of 2015 s. 6)

(4) When a member of a registered scheme has died, and any of the member’s accrued benefits are held in the
scheme, the approved trustee of the scheme must pay those benefits as a lump sum- (Amended 1 of 2015 s. 6)
(a) to the member's personal representatives; or
(b) if there are no personal representatives of the member's estate or if they are unwilling to act, to such person,

or to a person of such class, as is specified in the regulations. (Replaced 4 of 1998 s. 2)
(5) (Repealed 1 of 2008 s. 41)
(6) Except as may be prescribed by the regulations, no period of limitation prescribed by the Limitation Ordinance

(Cap 347) applies to proceedings for the recovery of a member's accrued benefits that have become payable
under this section. (Added 4 of 1998 s. 2)

(7) For the purposes of this section, a scheme member has permanently ceased employment or self-employment if
the member-
(a) has ceased all employment with no intention of becoming employed or self-employed again; and
(b) has ceased all self-employment with no intention of becoming self-employed or employed again. (Added 1

of 2015 s. 6)
(Enacted 1995)


Section: 16 Protection of accrued benefits E.R. 1 of 2013 25/04/2013


(1) No part of any accrued benefits in a registered scheme in respect of a scheme member shall be taken in
execution of a judgment debt or be the subject of any charge, pledge, lien, mortgage, transfer, assignment or
alienation by or on behalf of the scheme member and any purported disposition to the contrary is void.
(Amended 4 of 1998 s. 2)

(1A) To avoid doubt, if a scheme member is adjudicated bankrupt, the right or entitlement of the scheme member to
any accrued benefits in a registered scheme is excluded from the property of the scheme member for the
purposes of the Bankruptcy Ordinance (Cap 6). (Added 7 of 2011 s. 4)

(2) Subsections (1) and (1A) apply only to accrued benefits derived from mandatory contributions. (Added 4 of
1998 s. 2. Amended 7 of 2011 s. 4)

(Enacted 1995)

Section: 17 Compensation for losses in respect of accrued benefits E.R. 1 of 2013 25/04/2013


(1) The Authority is required to establish a compensation fund for the purpose of compensating members of
registered schemes and other persons who have beneficial interests in those schemes for losses of accrued
benefits that are attributable to misfeasance or illegal conduct committed by the approved trustees of those
schemes or by other persons concerned with the administration of those schemes. (Replaced 4 of 1998 s. 2)

(2) The compensation fund is to be administered by such number of administrators as the Authority may appoint for
the purpose but, if there are no such administrators, the Authority must administer the compensation fund.
(Replaced 4 of 1998 s. 2)



Cap 485 - Mandatory Provident Fund Schemes Ordinance 28

(3) For the purpose of the compensation fund referred to in subsection (1) and the cost of the administration thereof,
the Authority may impose such levies, and at such rates in respect thereof, to be payable by the trustee of a
registered scheme out of contributions in relation to the registered scheme in accordance with, and subject to
such limits as may be specified in the regulations. (Amended 4 of 1998 s. 2)

(4) The regulations referred to in subsection (3) shall prescribe the rate of levy as a percentage of the value (as
determined at a date or dates as may be prescribed in those regulations) of the assets of a registered scheme and
may specify whether the payment of the levy is by way of a one off payment or by way of a continuing
obligation.

(5) Regulations may be made under section 46 for the purposes of this section. Those regulations may include
provisions for-
(a) the administration of the compensation fund; and
(b) the appointment of persons to be administrators of that fund; and
(c) the payment of claims to make good losses of accrued benefits. (Replaced 4 of 1998 s. 2)

(6) The Financial Secretary may provide grants or loans out of money from the general revenue that may be
provided by the Legislative Council for that purpose to the persons appointed to act as administrators of the
compensation fund for the purposes of that fund and on such terms as may be specified by the Authority.
(Amended 4 of 1998 s. 2)

(7) Any person (including the trustee of a registered scheme) whose act or omission causes, or has caused, any loss
in respect of the accrued benefits of a scheme member and which loss is subsequently compensated from the
compensation fund shall be liable to repay such sum (not exceeding the amount of the loss) and interest thereon
as the Court may order and that sum and interest (once recovered) shall be paid to the Authority for the purpose
of reimbursing the compensation fund. (Amended 4 of 1998 s. 2)

(Enacted 1995)

Section: 17A Scheme member may claim compensation from

compensation fund
E.R. 1 of 2013 25/04/2013



(1) A person who is a member of a registered scheme, or who claims to have a beneficial interest in the accrued
benefits of a scheme member in such a scheme, may lodge with the Authority a claim for compensation from the
compensation fund on the ground that-
(a) the person has suffered a loss of accrued benefits in the scheme; and
(b) the loss was attributable to misfeasance or illegal conduct committed by a person concerned with the

administration of the scheme.
(2) A claim-

(a) must be made in writing and specify the particulars of the claim (including the name of the registered
scheme concerned and the name of the approved trustee of that scheme); and

(b) must be lodged with the Authority within 6 months after the claimant became aware of the loss to which the
claim relates.

(3) A claim that is not made in accordance with subsection (2) is barred unless the Authority otherwise determines.
(4) On receiving a claim made under this section, the Authority must investigate the claim to determine its validity.
(5) The Authority must dismiss a claim if, after investigating the claim, the Authority is satisfied that-

(a) there are no reasonable grounds for believing that a loss of accrued benefits has occurred; or
(b) if there were such grounds, there is no evidence of misfeasance or illegal conduct on the part of the trustee

of the scheme or any other person referred to in subsection (1)(b).
(6) If the Authority dismisses a claim, it must notify the claimant of its decision, together with a statement of the

reasons for it.
(Added 4 of 1998 s. 2)


Section: 17B Application to Court E.R. 1 of 2013 25/04/2013


(1) If the Authority reasonably believes, whether as a result of a claim made under section 17A or otherwise, that-
(a) a loss of accrued benefits has occurred; and
(b) there is evidence of misfeasance or illegal conduct on the part of the trustee of the scheme or some other

person referred to in section 17A(1)(b); and
(c) the matter has not been resolved to the satisfaction of the person who may have suffered the loss of accrued



Cap 485 - Mandatory Provident Fund Schemes Ordinance 29

benefits,
the Authority must make an application to the Court to have the matter determined by it.
(2) An application under subsection (1) must contain such information, and be accompanied by such documents, as

may be prescribed by the regulations for the purposes of this section.
(3) If the application is made as a result of a claim made under section 17A, the application must be accompanied by

a copy of the claim.
(4) At the hearing of the application-

(a) the approved trustee of the scheme; and
(b) any person concerned with the administration of the scheme who is alleged to have committed misfeasance

or to have engaged in the relevant illegal conduct,
are entitled to appear and be heard in the proceedings.
(5) On the hearing of an application made under this section, the Court must-

(a) determine whether or not the person who is alleged to have suffered a loss of accrued benefits in the scheme
concerned has in fact suffered that loss; and

(b) if so, determine whether or not the loss was attributable to misfeasance or illegal conduct committed by a
person concerned with the administration of the scheme.

(6) If the Court makes determinations under subsection (5), it must, by order-
(a) declare the fact and the date of the misfeasance or illegal conduct and the amount of compensation to be

awarded; and
(b) direct the administrators of the compensation fund to pay that amount to such person as, in its opinion,

appears to be properly entitled to receive the amount.
(7) The Court must not make an order for the payment of an amount of compensation directly to a person, unless the

person has been paid or is entitled to be paid the relevant accrued benefits as provided by section 15 of the
Ordinance or by regulations made for the purposes of that section.

(8) The Rules Committee constituted under section 55 of the High Court Ordinance (Cap 4) may make rules, not
inconsistent with this section, with respect to the making of applications under this section and the hearing and
determination of those applications and may amend those rules as and when necessary. (Amended 31 of 1999 s.
3)

(Added 4 of 1998 s. 2)

Section: 17C Administrators to pay compensation to specified person E.R. 1 of 2013 25/04/2013


(1) If the Court makes an order under section 17B for the award of compensation, the administrators of the
compensation fund must pay the compensation to such person as is specified in the order.

(2) The administrators of the compensation fund must pay the compensation within the period, and in the manner,
prescribed by the regulations.

(3) If the Court makes an order under section 17B for the award of compensation, the administrators of the
compensation fund must add interest to the compensation.

(4) The interest is to be calculated in accordance with the regulations.
(Added 4 of 1998 s. 2)


Section: 18 Recovery of arrears and contribution surcharges* E.R. 1 of 2013 25/04/2013


(1) If a mandatory contribution that falls within paragraph (a) or (aa) of the definition of mandatory contribution in
section 2(1) is not paid on or before the day by which it is required to be paid under this Ordinance, it becomes
due for payment to the Authority on the expiry of that day. (Replaced 18 of 2008 s. 10)

(2) If a mandatory contribution becomes due for payment to the Authority under subsection (1) or section 7AE, the
person who is liable to pay the contribution is also liable to pay to the Authority as a contribution surcharge an
amount determined by multiplying the arrears by the prescribed percentage rate. The prescribed percentage rate
is a rate prescribed by the regulations. (Amended 29 of 2002 s. 8; 1 of 2008 s. 60; 18 of 2008 s. 10)

(3) The Authority may, by proceedings brought in a court of competent jurisdiction, recover as a debt due to the
Authority any arrears, together with any contribution surcharge payable under subsection (2) in respect of those
arrears. (Amended 1 of 2008 s. 60)

(4) In any proceedings brought under subsection (3), a certificate, purporting to be issued by the Authority,
specifying the amount of the arrears, or of any contribution surcharge payable in respect of those arrears, is, in



Cap 485 - Mandatory Provident Fund Schemes Ordinance 30

the absence of evidence to the contrary, proof of the matters specified in the certificate. (Amended 1 of 2008 s.
60)

(5) The Authority must pay any arrears or contribution surcharge paid to or recovered by the Authority—
(a) in the case of an employee who is still employed by the employer concerned at the time the Authority

makes payment—
(i) to the approved trustee of the registered scheme nominated by the employer for this purpose; or
(ii) if the employer has not nominated a registered scheme, to the approved trustee of the registered

scheme nominated by the employee for this purpose; or
(iii) if neither the employer nor the employee has nominated a registered scheme, to the approved trustee of

a registered scheme that the Authority considers appropriate; or
(b) in the case of an employee who has ceased to be employed by the employer concerned at the time the

Authority makes payment—
(i) to the approved trustee of the registered scheme nominated by the employee for this purpose; or
(ii) if the employee has not nominated a registered scheme, to the approved trustee of a registered scheme

that the Authority considers appropriate; or
(c) in the case of a self-employed person—

(i) to the approved trustee of the registered scheme nominated by the self-employed person for this
purpose; or

(ii) if the self-employed person has not nominated a registered scheme, to the approved trustee of a
registered scheme that the Authority considers appropriate. (Replaced 1 of 2008 s. 60)

(6) On receiving a payment under subsection (5), an approved trustee must credit the amount of the payment to the
account of the scheme member for whom the relevant mandatory contribution should have been remitted in
accordance with this Part.

(6A) For the purposes of this section, the regulations may—
(a) prescribe the duties of approved trustees in relation to mandatory contributions, arrears and contribution

surcharges received by them, including the duty to verify the calculation of any of these sums and the duty
to credit these sums to specified accounts; or

(b) prescribe the requirements to be complied with in relation to the recovery of arrears and contribution
surcharges. (Added 1 of 2008 s. 60)

(6B) For the avoidance of doubt—
(a) a person’s liability to pay a contribution surcharge under subsection (2); or
(b) the exercise by the Authority of its power to recover any arrears or contribution surcharge under subsection

(3),
is not dependent on the compliance by the approved trustee or any other person with any regulation made for the

purposes of this section. (Added 1 of 2008 s. 60)
(7) In this section, a reference to a mandatory contribution includes a part of such a contribution.

(Replaced 4 of 1998 s. 2)
_________________________________________________________________________________________
Note:
* (Replaced 1 of 2008 s. 60)

Section: 19 Powers of Authority in relation to mandatory

contributions
E.R. 1 of 2013 25/04/2013



(1) An authorized person may, for the purpose of ensuring compliance with the provisions of this Ordinance (except
sections 34L, 34ZL and 34ZM), the requirements imposed under this Ordinance, or the conditions imposed
under this Ordinance (except section 34X), and for no other purpose do all or any of the following- (Amended 4
of 1998 s. 2; 16 of 2012 s. 9)
(a) subject to subsection (2), enter, inspect and examine at any reasonable time, by day or night, any premises

in which the person knows or reasonably believes relevant employees or self-employed persons are
employed or carrying on business;

(b) require any person found in those premises or place or any other person to produce any record required to
be kept under this Ordinance or otherwise in that other person's possession or under his control and inspect,
examine and copy the same;



Cap 485 - Mandatory Provident Fund Schemes Ordinance 31

(c) make such examination and inquiry as may be necessary to ascertain whether the requirements of this
Ordinance applicable to employers, relevant employees and self-employed persons are being complied
with, and seize anything which may appear to the authorized person to be or contain evidence of an offence
against this Ordinance;

(d) exercise any other powers which may be conferred on the authorized person by the regulations. (Amended
4 of 1998 s. 2)

(2) If premises are being used as a private dwelling, an authorized person may enter those premises only under the
authority of a warrant issued under subsection (3). (Replaced 4 of 1998 s. 2)

(3) A magistrate may, on an application made by or on behalf of an authorized person, issue a warrant authorizing
the person to enter premises referred to in subsection (2) if satisfied by information made on oath that there are
reasonable grounds for suspecting-
(a) that an offence under this Ordinance has been, is being or is about to be committed in those premises; or
(b) that there is in those premises any thing that appears to the person to be or to contain evidence of such an

offence. (Added 4 of 1998 s. 2)
(4) A person may exercise a power conferred by subsection (1) only if the person is in possession of a written

authority issued by the Authority and produces that authority to the occupier of the premises sought to be
entered, inspected or examined or to any other person in relation to whom it is sought to exercise that power.
(Added 4 of 1998 s. 2)

(Enacted 1995)

Section: 19A Power of Authority to require production of records E.R. 1 of 2013 25/04/2013


(1) The Authority may, for the purpose of ensuring compliance with the provisions of this Ordinance (except
sections 34L, 34ZL and 34ZM), the requirements imposed under this Ordinance, or the conditions imposed
under this Ordinance (except section 34X), but for no other purpose, by notice in writing served on an employer,
a self-employed person or any other person, require him to produce for inspection within such period as may be
specified in the notice any record that is required to be kept under this Ordinance or is otherwise in his
possession or under his control. (Amended 16 of 2012 s. 10)

(2) The Authority may make copies of all or any part of the records produced by a person pursuant to a notice
served under subsection (1).

(Added 1 of 2008 s. 58)

Part: 3A Special Contributions E.R. 1 of 2013 25/04/2013


(Part 3A added 30 of 2008 s. 4)
(*Format changes—E.R. 1 of 2013)

_______________________________________________________________________________
Note:
* The format of Part 3A has been updated to the current legislative styles.

Section: 19B Authority may pay special contributions into accounts of

scheme members
E.R. 1 of 2013 25/04/2013



(1) The Authority may pay a contribution (referred to in this Part as a special contribution) into an account of a
member of a registered scheme.

(2) To effect the payment under subsection (1), the Authority may pay the special contribution to an approved
trustee of the scheme, and by a notice in writing direct the approved trustee to—
(a) pay the special contribution into a sub-account of the member’s contribution account or personal account

specified in the notice; and (Amended 11 of 2009 s. 4)
(b) notify the member of the payment.

(3) Only a sub-account referred to in section 78(6)(c), (7)(b) or (8)(a) of the Mandatory Provident Fund Schemes
(General) Regulation (Cap 485 sub. leg. A) may be specified in the notice.

(4) The Authority may specify in the notice—
(a) a period that is reasonable in the circumstances within which the approved trustee must pay the special



Cap 485 - Mandatory Provident Fund Schemes Ordinance 32

contribution into the specified sub-account; and
(b) a period that is reasonable in the circumstances within which the approved trustee must notify the member

of the payment.
(5) The approved trustee must—

(a) after receiving the special contribution and the Authority’s notice, pay the special contribution into the
specified sub-account within the period specified under subsection (4)(a); and

(b) after paying the special contribution into the specified sub-account, by a notice in writing notify the member
of the payment within the period specified under subsection (4)(b).


Section: 19C Authority may require information or documents

necessary for paying special contributions
E.R. 1 of 2013 25/04/2013



(1) The Authority may, for the purpose of paying special contributions, by a notice in writing—
(a) require an approved trustee of a registered scheme to give to the Authority any information or document

specified in the notice relating to the members of the scheme;
(b) require a trustee of a relevant scheme to give to the Authority any information or document specified in the

notice relating to the members of the scheme;
(c) require an employer of a member of a registered scheme or relevant scheme to give to the Authority any

information or document specified in the notice relating to the member; and
(d) require any other person whom the Authority reasonably believes to have in his possession, or under his

control, any information or document relating to a member of a registered scheme or relevant scheme to
give to the Authority any information or document specified in the notice relating to the member.

(2) Only information or documents that the Authority reasonably considers to be necessary for the purpose of
paying special contributions may be specified in the notice and they may include (but are not limited to) the
following particulars of a member of a registered scheme or relevant scheme—
(a) the member’s name;
(b) the member’s date of birth;
(c) the member’s Hong Kong Identity Card number or travel document number;
(d) the member’s income; and
(e) the member’s correspondence address, telephone number and electronic mail address.

(3) The Authority may specify in the notice—
(a) a manner in which the specified information or document must be given to the Authority; and
(b) a period that is reasonable in the circumstances within which the specified information or document must be

given to the Authority.
(4) Where—

(a) a person is given a notice in writing under subsection (1); and
(b) the information or document specified in the notice is in the possession, or under the control, of that person,

that person must give the specified information or document to the Authority in the specified manner within the
specified period.

(5) In this section—
member (成員), in relation to a registered scheme or relevant scheme, includes a former member of the scheme;
relevant scheme (有關計劃) has the same meaning as in Schedule 2 to the Mandatory Provident Fund Schemes

(Exemption) Regulation (Cap 485 sub. leg. B).

Section: 19D Authority may require approved trustees to take actions

necessary for paying special contributions
E.R. 1 of 2013 25/04/2013



(1) The Authority may by a notice in writing require an approved trustee of a registered scheme to take any action,
specified in the notice, that the Authority reasonably considers to be necessary for the purpose of paying special
contributions.

(2) The Authority may specify in the notice—
(a) a manner in which the approved trustee must take the specified action; and
(b) a period that is reasonable in the circumstances within which the approved trustee must take the specified



Cap 485 - Mandatory Provident Fund Schemes Ordinance 33

action.
(3) The action specified in the notice may include (but is not limited to) registering a person specified in the notice

as a member of the scheme and opening a personal account for that person. (Amended 11 of 2009 s. 5)
(4) The approved trustee must, after receiving the Authority’s notice, take the specified action in the specified

manner within the specified period.
(5) Where—

(a) the action specified in a notice in writing given to an approved trustee of a registered scheme under
subsection (1) is to register a person specified in the notice as a member of the scheme and to open a
personal account for that person; and (Amended 11 of 2009 s. 5)

(b) the approved trustee takes the specified action in compliance with the requirements under subsection (4),
that person is deemed to have agreed in writing to comply with the governing rules of the scheme.

Section: 19E Authority may recover special contributions that should

not have been paid
E.R. 1 of 2013 25/04/2013



(1) If the Authority reasonably believes that a special contribution should not have been paid into an account of a
member of a registered scheme, the Authority may by a notice in writing specify that account and direct an
approved trustee of the scheme to—
(a) withdraw from the specified account a sum equal to the special contribution or the accrued benefits derived

from the special contribution, whichever is the less, and pay it to the Authority, in the manner specified in
the notice; and

(b) notify the member of the withdrawal.
(2) If the accrued benefits derived from the special contribution have been transferred to another account in the

scheme or to an account in another registered scheme, the Authority may by a notice in writing specify that
account and direct an approved trustee of the scheme or that other scheme to—
(a) withdraw from the specified account a sum equal to the special contribution or the accrued benefits,

whichever is the less, and pay it to the Authority, in the manner specified in the notice; and
(b) notify the member of the withdrawal.

(3) The Authority may specify in the notice—
(a) a period that is reasonable in the circumstances within which the approved trustee must withdraw the sum

from the specified account and pay it to the Authority; and
(b) a period that is reasonable in the circumstances within which the approved trustee must notify the member

of the withdrawal.
(4) The approved trustee must—

(a) after receiving the Authority’s notice, withdraw the sum from the specified account, and pay it to the
Authority, in the specified manner within the period specified under subsection (3)(a); and

(b) after withdrawing the sum from the specified account, by a notice in writing notify the member of the
withdrawal within the period specified under subsection (3)(b).

(5) A direction under subsection (1) or (2) may only be given in respect of a special contribution within 6 months
after the special contribution is paid into an account of a member of a registered scheme.


Section: 19F Vesting of special contributions E.R. 1 of 2013 25/04/2013


Subject to section 19E—
(a) a special contribution paid by the Authority in respect of a member of a registered scheme vests in the

member as accrued benefits as soon as it is paid to an approved trustee of the scheme; and
(b) the provisions of this Ordinance apply to accrued benefits derived from a special contribution in the same

way they apply to accrued benefits derived from a mandatory contribution paid under section 7A(1)(b) or
(2)(b) or 7C.


Section: 19G Liability to pay other contributions E.R. 1 of 2013 25/04/2013


(1) A special contribution paid under this Part does not extinguish or reduce the liability of any person to pay any



Cap 485 - Mandatory Provident Fund Schemes Ordinance 34

other contributions under—
(a) this Ordinance;
(b) the governing rules of a registered scheme; or
(c) the instrument (however described) that governs a relevant scheme.

(2) In this section—
relevant scheme (有關計劃) has the same meaning as in Schedule 2 to the Mandatory Provident Fund Schemes

(Exemption) Regulation (Cap 485 sub. leg. B).

Section: 19H Part 3A prevails over any instruments applicable to

registered schemes*
L.N. 163 of 2013 03/03/2014



(1) If there is any conflict or inconsistency between the provisions of this Part and the provisions of a specified
instrument applicable to a registered scheme, the provisions of this Part prevail over the provisions of the
instrument to the extent of the conflict or inconsistency.

(2) In this section—
specified instrument (指明文書) means—

(a) any governing rules;
(b) any participation agreement within the meaning of the Mandatory Provident Fund Schemes (General)

Regulation (Cap 485 sub. leg. A); or
(c) any articles within the meaning of the Companies Ordinance (Cap 622). (Amended 28 of 2012 ss. 912 &

920)
___________________________________________________________________
Note:
* (Amended E.R. 1 of 2013)

Part: 4 Mandatory Provident Fund Schemes E.R. 1 of 2013 25/04/2013


(*Format changes—E.R. 1 of 2013)
_______________________________________________________________________________
Note:
*The format of Part 4 has been updated to the current legislative styles.

Section: 20 Approval of trustees E.R. 1 of 2013 25/04/2013


(1) A person may apply to the Authority for approval as a trustee for the purposes of this Ordinance.
(2) A company is not eligible to make an application under this section unless at least 1 of the company's directors is

an independent director. The regulations may prescribe the qualifications of independent directors for the
purposes of this subsection.

(3) A natural person is not eligible to make an application under this section if the person-
(a) is a public officer; or
(b) 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
(c) is an undischarged bankrupt or has entered into a composition with the person's creditors without paying the

creditors in full.
(4) An application must-

(a) be in a form approved by the Authority; and
(b) contain such information, and be accompanied by such documents, as may be prescribed by the guidelines;

and
(c) be accompanied by an application fee of such amount as may be prescribed by the regulations.

(5) The Authority may, by written notice, require an applicant to provide additional information and documents as is
reasonably necessary to enable it to determine the application. If such a requirement is not complied with within
a reasonable time specified in the notice, the Authority may reject the application.

(6) The Authority may approve an application only if satisfied that the applicant-
(a) is likely to be able to perform, in a proper manner, the duties that an approved trustee is required by this



Cap 485 - Mandatory Provident Fund Schemes Ordinance 35

Ordinance to perform in relation to registered schemes; and
(b) has given an undertaking to the Authority by deed, or by a document of like effect acceptable to the

Authority, that the applicant will not, in relation to a registered scheme of which the applicant becomes the
approved trustee, refuse-
(i) an application for membership of the scheme made by or on behalf of a relevant employee of a

participating employer, or by or on behalf of a self-employed person who is 18 years of age or over
and below retirement age, who-
(A) is not precluded by a provision of this Ordinance from being a member of the scheme; and
(B) is required by this Ordinance to be a member of a registered scheme;

(ii) an application for participation in the scheme made by or on behalf of an employer whose employee-
(A) is not precluded by a provision of this Ordinance from being a member of the scheme; and
(B) is required by this Ordinance to be a member of a registered scheme; or

(iii) an application for membership of the scheme made only for the purpose of maintaining a personal
account within the scheme by a person who- (Amended 11 of 2009 s. 6)
(A) is not precluded by a provision of this Ordinance from being a member of the scheme; and
(B) is required by this Ordinance to be a member of a registered scheme; and (Replaced 1 of 2008 s.

15)
(c) complies with such requirements as are prescribed by the regulations.

(7) The regulations referred to in subsection (6)(c) may include requirements as to the following matters-
(a) the qualifications that an applicant must have;
(b) the financial resources that an applicant must have (including capital adequacy);
(c) in the case of an application by a company-

(i) the membership of the company; and
(ii) the objects of the company as set out in its constitution; and
(iii) the suitability of the company's controllers (including their reputation and character and their

knowledge of, experience in and qualifications for administering provident fund schemes); and
(iv) in the case of a company that is a non-Hong Kong company, requirements that the place where the

company is incorporated has in force laws that provide for the establishment and operation of
corporations and trusts and that there must be in that place an effective regulatory authority to
supervise those corporations and trusts and to enforce those laws; (Amended 30 of 2004 s. 3)

(d) in the case of an application by a natural person-
(i) the suitability of the applicant to be an approved trustee (including the applicant's reputation and

character and the applicant's knowledge of, experience in and qualifications for administering
provident fund schemes); and

(ii) the need to provide a performance guarantee and the contents of such a guarantee.
(8) In approving an applicant as an approved trustee, the Authority may impose such conditions with respect to the

conduct of the applicant's business as it considers appropriate.
(9) On approving an applicant as an approved trustee, the Authority must issue the applicant with a certificate of

approval and, if the Authority has imposed conditions on the applicant under subsection (8), must specify those
conditions in the certificate or in a document accompanying the certificate.

(10) The Authority must not reject an application under this section without giving the applicant an opportunity to
make representations (either orally or in writing or both) as to why the application should not be rejected.

(11) If the Authority rejects an application made under this section, it must give written notice of the rejection to the
applicant and must include in the notice a statement setting out the reasons for the rejection.

(12) Where the Authority-
(a) has decided that it is appropriate to-

(i) amend any conditions imposed under subsection (8) or this subsection with respect to the conduct of
an approved trustee's business; or

(ii) impose conditions with respect to the conduct of an approved trustee's business; and
(b) has given to the approved trustee-

(i) not less than 30 days' advance notice of its decision, specifying its grounds; and
(ii) an opportunity to make written representations as to why the conditions should not be amended or

imposed,
then the Authority may, by written notice served on the approved trustee-

(c) amend any conditions imposed under subsection (8) or this subsection with respect to the conduct of the



Cap 485 - Mandatory Provident Fund Schemes Ordinance 36

approved trustee's business; or
(d) impose conditions with respect to the conduct of the approved trustee's business. (Added 2 of 2002 s. 10)

(13) The Authority may waive a person's compliance with a condition imposed under subsection (8) or (12)-
(a) in a particular case; and
(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. (Added 2 of 2002 s. 10)
(Replaced 4 of 1998 s. 2)


Section: 20A Suspension of approval of approved trustee E.R. 1 of 2013 25/04/2013


(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 5.

(Added 4 of 1998 s. 2. Amended E.R. 1 of 2013)

Section: 20B Revocation of approval of approved trustee E.R. 1 of 2013 25/04/2013


(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



Cap 485 - Mandatory Provident Fund Schemes Ordinance 37

the creditors in full.
(Added 4 of 1998 s. 2)


Section: 20C Register of approved trustees to be kept E.R. 1 of 2013 25/04/2013


(1) The Authority must establish and maintain a register of trustees approved under section 20. The register may be
in such form, and contain such information, as the Authority may determine.

(2) The register is to be kept at the head office of the Authority in Hong Kong.
(3) Members of the public are entitled, without charge, to inspect the register during the ordinary business hours of

the Authority.
(Added 4 of 1998 s. 2)


Section: 21 Application for registration as employer sponsored scheme

or master trust scheme
E.R. 1 of 2013 25/04/2013



(1) An application for the registration of a provident fund scheme as an employer sponsored scheme may be made to
the Authority only-
(a) by a company that is an approved trustee or has applied for approval as such under section 20; or
(b) by 2 or more natural persons who are approved trustees, or have applied for approval under that section, and

at least 1 of whom must be an independent trustee; or
(c) by such a company and 1 or more such natural persons.

(2) An application for the registration of a provident fund scheme as a master trust scheme may be made to the
Authority only by an approved trustee that is a company or by a company that has applied for approval under
section 20.

(3) If an application under this section is made by 2 or more approved trustees who are natural persons, at least 1 of
those persons must be an independent trustee. The regulations may prescribe the qualifications of independent
trustees for the purposes of this subsection.

(4) An application must-
(a) specify particulars of the scheme sought to be registered and contain such other information (if any) as is

prescribed in guidelines issued under section 6H; and
(b) be accompanied-

(i) by a copy of the proposed rules that are to govern the scheme and by such other documents (if any) as
are prescribed in guidelines issued under section 6H; and

(ii) by an application fee of such amount as is prescribed by the regulations.
(5) The Authority may, by written notice, require an applicant to provide such additional information and

documents as are reasonably necessary to enable it to determine the application. If such a requirement is not
complied with within a reasonable time specified in the notice, the Authority may reject the application.

(6) As soon as practicable after receiving an application for the registration of a provident fund scheme, the
Authority must consider the application.

(7) The Authority may register a scheme only if satisfied that the scheme-
(a) complies with, or will if registered comply with, such requirements and standards as are prescribed by the

regulations referred to in section 21C; and
(b) will be governed by the law of Hong Kong.

(8) The Authority may, as a condition of registering a provident fund scheme under this section, require the
applicant to give to the Authority an undertaking with respect to the administration of the scheme by deed, or by
a document of like effect acceptable to the Authority, including-
(a) in the case of an application to register a scheme as an employer sponsored scheme, an undertaking not to

refuse-
(i) an application for membership of the scheme made by or on behalf of a relevant employee of the

participating employer; or
(ii) an application for participation in the scheme made by or on behalf of an employer; and

(b) in the case of an application to register a scheme as a master trust scheme, an undertaking not to refuse-
(i) an application for membership of the scheme made by or on behalf of-

(A) any relevant employee; or
(B) any self-employed person who is 18 years of age or over and below retirement age; or



Cap 485 - Mandatory Provident Fund Schemes Ordinance 38

(ii) an application for participation in the scheme made by or on behalf of an employer; or
(iii) an application for membership of the scheme made by a person only for the purpose of maintaining a

personal account within the scheme. (Replaced 1 of 2008 s. 16. Amended 11 of 2009 s. 8)
(8A) Without prejudice to the operation of subsection (8), on registering a provident fund scheme, the Authority may

impose such conditions with respect to the administration or marketing of the scheme as it considers appropriate.
(Added 2 of 2002 s. 11)

(9) The Authority must not reject an application under this section without giving the applicant an opportunity to
make representations (either orally or in writing or both) as to why the application should not be rejected.

(10) If the Authority rejects an application made under this section, it must give written notice of the rejection to the
applicant and must include in the notice a statement setting out the reasons for the rejection.

(11) On registering a provident fund scheme, the Authority must issue to the approved trustee of the scheme a
certificate of registration and, if the Authority has imposed conditions under subsection (8A) with respect to the
administration or marketing of the scheme, must specify those conditions in the certificate or in a document
accompanying the certificate. The certificate must specify whether the scheme is an employer sponsored scheme
or a master trust scheme. (Amended 2 of 2002 s. 11)

(12) Where the Authority-
(a) has decided that it is appropriate to-

(i) amend any conditions imposed under subsection (8A) or this subsection with respect to the
administration or marketing of a registered scheme; or

(ii) impose conditions with respect to the administration or marketing of a registered scheme; and
(b) has given to the approved trustee-

(i) not less than 30 days' advance notice of its decision, specifying its grounds; and
(ii) an opportunity to make written representations as to why the conditions should not be amended or

imposed,
then the Authority may, by written notice served on the approved trustee-

(c) amend any conditions imposed under subsection (8A) or this subsection with respect to the administration
or marketing of the scheme; or

(d) impose conditions with respect to the administration or marketing of the scheme. (Added 2 of 2002 s. 11)
(13) The Authority may waive a person's compliance with a condition imposed under subsection (8A) or (12)-

(a) in a particular case; and
(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. (Added 2 of 2002 s. 11)
(14) The Authority shall not impose under this section any conditions with respect to the marketing of a registered

scheme, or amend any conditions imposed under this section with respect to the marketing of the scheme, unless
the imposition or amendment, as the case may be, falls within the ambit of the guidelines. (Added 2 of 2002 s.
11)

(Replaced 4 of 1998 s. 2)

Section: 21A Applications for registration of schemes as industry

schemes
E.R. 1 of 2013 25/04/2013



(1) The Authority may invite approved trustees that are companies to lodge with it applications to register a
provident fund scheme as an industry scheme.

(2) Such a scheme may be for the persons engaged (whether as employees or as self-employed persons) in a
particular industry or a particular class of industries or in 2 or more industries or classes of industries.

(2A) Despite subsection (2), any person may also apply for the membership of such a scheme only for the purpose of
maintaining a personal account within the scheme. (Added 11 of 2009 s. 9)

(3) The invitations sent or given to the approved trustees must be in writing and be identical in all material respects
and must specify-
(a) the criteria on which the consideration of applications will be based; and
(b) the date by which applications must be lodged with the Authority.

(4) An application by an approved trustee in response to an invitation sent or delivered under subsection (1) must-
(a) specify particulars of the scheme sought to be registered and contain such other information as is specified

in the invitation; and
(b) be accompanied-



Cap 485 - Mandatory Provident Fund Schemes Ordinance 39

(i) by a copy of the proposed rules that are to govern the scheme and by such other documents as are
specified in the invitation; and

(ii) by an application fee of such amount as is prescribed by the regulations; and
(c) be made within the period specified in the invitation.

(5) The Authority may, by written notice, require an applicant to provide such additional information and
documents as are reasonably necessary to enable it to determine the application. If such a requirement is not
complied with within a reasonable time specified in the notice, the Authority may reject the application.

(6) As soon as practicable after the date specified in the invitations sent or delivered under subsection (1), the
Authority must-
(a) consider the applications made in response to the invitation; and
(b) from among the applicants, select the applicant that best satisfies the criteria specified in the invitation; and
(c) register the scheme for the industry concerned and the successful applicant as the approved trustee of the

scheme.
(7) The Authority may register a scheme as an industry scheme only if satisfied that the scheme-

(a) will, when registered, comply with such requirements and standards as are prescribed by the regulations
referred to in section 21C; and

(b) will be governed by the law of Hong Kong.
(8) The Authority may, as a condition of registering a provident fund scheme as an industry scheme, require the

applicant to give to the Authority an undertaking with respect to the administration of the scheme by deed, or by
a document of like effect acceptable to the Authority, including an undertaking not to refuse-
(a) an application for membership of the scheme made by or on behalf of-

(i) any relevant employee who is employed in the industry concerned; or
(ii) any self-employed person who is 18 years of age or over and below retirement age and engaged in the

industry concerned; or
(b) an application for participation in the scheme made by or on behalf of an employer engaged in the industry

concerned; or
(c) an application for membership of the scheme made by a person only for the purpose of maintaining a

personal account within the scheme. (Replaced 11 of 2009 s. 9)
(8A) Without prejudice to the operation of subsection (8), on registering a provident fund scheme as an industry

scheme, the Authority may impose such conditions with respect to the administration or marketing of the
scheme as it considers appropriate. (Added 2 of 2002 s. 12)

(9) An applicant is entitled to make representations (either orally or in writing or both) as to why the Authority
should select the scheme specified in the applicant's application from among the applicants.

(10) As soon as practicable after selecting the successful applicant, the Authority must notify that applicant of the
selection and give written notices to the other applicants that their applications have been rejected.

(11) On registering a provident fund scheme as an industry scheme, the Authority must-
(a) publish in the Gazette a notice of that registration containing such particulars as are prescribed by the

regulations; and
(b) issue to the approved trustee of the scheme a certificate of registration and, if the Authority has imposed

conditions under subsection (8A) with respect to the administration or marketing of the scheme, must
specify those conditions in the certificate or in a document accompanying the certificate. (Amended 2 of
2002 s. 12)

The certificate must specify that the scheme is an industry scheme.
(12) Where the Authority-

(a) has decided that it is appropriate to-
(i) amend any conditions imposed under subsection (8A) or this subsection with respect to the

administration or marketing of a registered scheme; or
(ii) impose conditions with respect to the administration or marketing of a registered scheme; and

(b) has given to the approved trustee-
(i) not less than 30 days' advance notice of its decision, specifying its grounds; and
(ii) an opportunity to make written representations as to why the conditions should not be amended or

imposed,
then the Authority may, by written notice served on the approved trustee-

(c) amend any conditions imposed under subsection (8A) or this subsection with respect to the administration
or marketing of the scheme; or



Cap 485 - Mandatory Provident Fund Schemes Ordinance 40

(d) impose conditions with respect to the administration or marketing of the scheme. (Added 2 of 2002 s. 12)
(13) The Authority may waive a person's compliance with a condition imposed under subsection (8A) or (12)-

(a) in a particular case; and
(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. (Added 2 of 2002 s. 12)
(14) The Authority shall not impose under this section any conditions with respect to the marketing of a registered

scheme, or amend any conditions imposed under this section with respect to the marketing of the scheme, unless
the imposition or amendment, as the case may be, falls within the ambit of the guidelines. (Added 2 of 2002 s.
12)

(Added 4 of 1998 s. 2)

Section: 21B Register of schemes to be kept E.R. 1 of 2013 25/04/2013


(1) The Authority must establish and maintain a register of schemes registered under sections 21 and 21A. The
register may be in such form, and contain such information, as the Authority may determine.

(2) The register is to be kept at the head office of the Authority in Hong Kong.
(3) Members of the public are entitled, without charge, to inspect the register during the ordinary business hours of

the Authority.
(Added 4 of 1998 s. 2)


Section: 21BA Constituent funds of registered schemes to be approved 1 of 2015 30/01/2015


(1) An approved trustee of a registered scheme must, before making a constituent fund available in the scheme for
investment by scheme members, ensure that the fund has been approved by the Authority.

(2) An approved trustee who, without reasonable excuse, fails to comply with subsection (1) commits an offence
and is liable-
(a) on conviction on indictment to a fine of $5000000 and to imprisonment for 7 years and, in the case of a

continuing offence, to a further fine of $100000 for each day on which the offence is continued; or
(b) on summary conviction to a fine of $500000 and to imprisonment for 2 years and, in the case of a

continuing offence, to a further fine of $10000 for each day on which the offence is continued.
(Added 1 of 2015 s. 7)


Section: 21BB Application for approval and cancellation of approval of

constituent funds of registered schemes
1 of 2015 30/01/2015



(1) The Authority may on application made by an approved trustee of a registered scheme—
(a) approve a constituent fund of the scheme; or
(b) cancel the approval granted in respect of a constituent fund of the scheme.

(2) An application for approval or cancellation must—
(a) be in a form specified or approved by the Authority; and
(b) contain the information, and be accompanied by the documents, specified for the purposes of this section in

the guidelines.
(3) An application for approval must include a statement of investment policy that sets out—

(a) the investment objectives of the fund;
(b) the policy as to the kinds of securities and other assets in which the fund may be invested;
(c) the policy as to the balance between different kinds of securities and other assets of the fund;
(d) the policy regarding the acquisition, holding and disposal of financial futures contracts, and of financial

option contracts, for the purposes of the fund; and
(e) the risks inherent in implementing the policies referred to in paragraphs (b), (c) and (d), and the return

expected to result from giving effect to those policies.
(4) The Authority may, by written notice, require an applicant for approval or cancellation to provide additional

information and documents that are reasonably necessary to enable it to determine the application.
(5) If the requirement referred to in subsection (4) is not complied with within a reasonable time specified in the

notice, the Authority may reject the application.



Cap 485 - Mandatory Provident Fund Schemes Ordinance 41

(6) Without limiting any other ground on which the Authority may refuse to approve any constituent fund under
subsection (1), the Authority may refuse to approve a constituent fund if it is not satisfied that the fund is in
scheme members’ interests.

(7) The Authority must not reject an application for approval or cancellation without giving the applicant an
opportunity to make representations (either orally or in writing or both) as to why the application should not be
rejected.

(8) If the Authority rejects an application for approval or cancellation, it must—
(a) give written notice of the rejection to the applicant; and
(b) include in the notice a statement setting out the reasons for the rejection.

(9) The approval granted in respect of each constituent fund of a registered scheme is taken to be cancelled on the
cancellation of the registration of the scheme.

(Added 1 of 2015 s. 7)

Section: 21C Regulations with respect to registered schemes E.R. 1 of 2013 25/04/2013


(1) Regulations may be made under section 46 as to the requirements and standards that must be complied with in
relation to-
(a) registered schemes; or
(b) applications for the registration of provident fund schemes.

(2) Those regulations may include requirements or standards as to the following matters-
(a) the vesting in scheme members of accrued benefits;
(b) the acceptance by approved trustees of mandatory contributions, voluntary contributions and special

contributions under Part 3A in respect of scheme members; (Amended 30 of 2008 s. 5)
(c) the preservation of the accrued benefits of scheme members;
(d) the payment of accrued benefits to or in respect of scheme members;
(e) the transfer of accrued benefits from one scheme to another or from one account in a scheme to another

account in the same scheme;
(f) the investment of accrued benefits;
(g) (Repealed 18 of 2008 s. 29)
(h) the keeping of records (including accounting records) relating to registered schemes;
(i) the provision of information about the relevant scheme to scheme members;
(j) the preparation and publication of financial and other reports relating to schemes;
(k) the provision of information and documents to the Authority relating to schemes;
(l) the provision of information to other persons in relation to schemes;
(m) the financial viability of schemes (including their funding and solvency).

(Added 4 of 1998 s. 2. Amended E.R. 1 of 2013)

Section: 22 Approved trustee to comply with prescribed requirements

and standards
E.R. 1 of 2013 25/04/2013



The approved trustee of a registered scheme must, as far as reasonably practicable, ensure that the requirements and
standards prescribed by the regulations referred to in section 21C are complied with in relation to the scheme.

(Replaced 4 of 1998 s. 2)

Section: 22A Annual statements to be lodged with the Authority E.R. 1 of 2013 25/04/2013


(1) The approved trustee of a registered scheme must lodge with the Authority an annual statement not later than the
date prescribed by the regulations for the purposes of this section.

(2) The statement must include or be accompanied by the following-
(a) the name and business address of the approved trustee;
(b) such other information or documents as are prescribed by the regulations for the purposes of this section.

(Added 4 of 1998 s. 2)




Cap 485 - Mandatory Provident Fund Schemes Ordinance 42

Section: 22B Annual registration fee to be paid to the Authority E.R. 1 of 2013 25/04/2013


(1) The approved trustee of a registered scheme must pay to the Authority an annual registration fee in respect of the
scheme not later than the date on which the annual statement relating to the scheme is required to be lodged with
the Authority under section 22A.

(2) The annual registration fee is to be an amount prescribed by the regulations and may be determined by reference
to the current value of the assets of a registered scheme. However, the amount must not be fixed at a level that
exceeds that which will enable the Authority to recover the costs incurred, or likely to be incurred, in exercising
and performing its functions with respect to registered schemes.

(3) The amounts likely to be received by the Authority from other fees payable to it under this Ordinance are to be
taken into account when fixing the level of the annual registration fee.

(4) The amount at which the annual registration fee may be fixed is not to be affected by the fact that, in exercising
or performing a function for or in relation to a particular person, the fee payable to the Authority by the person
may exceed the actual cost to the Authority of exercising or performing the function.

(5) The Authority may, by proceedings brought in a court of competent jurisdiction, recover from the approved
trustee of a registered scheme as a debt an annual registration fee that is not paid on time.

(Added 4 of 1998 s. 2)

Section: 23 Residual Provident Fund Scheme E.R. 1 of 2013 25/04/2013


(1) The Authority may establish, or arrange for the establishment of, a provident fund scheme, to be known as the
"Residual Provident Fund Scheme", for the purpose specified in subsection (2). On establishing, or making
arrangements for the establishment of, the Residual Provident Fund Scheme, the Authority must appoint a
company that is an approved trustee to administer the scheme. (Replaced 4 of 1998 s. 2)

(2) The principal purpose of the Residual Provident Fund Scheme established under subsection (1) is to provide, as
a last resort only, membership of that Scheme to a relevant employee of an employer, or to a self-employed
person where that employer or self-employed person, as the case may be-
(a) (i) in the case of the employer, declares in writing to the Authority that he has not, through his own efforts

or otherwise, been able to comply with the requirements of section 7(1); or
(ii) in the case of the self-employed person, declares in writing to the Authority that he has not, through his

own efforts or otherwise, been able to become a member of a registered scheme as required under
section 7C; (Amended 4 of 1998 s. 2)

(b) authorizes the Authority to assist him in obtaining access to a registered scheme for the purpose of
compliance with the requirements referred to in paragraph (a), as applicable;

(c) provides to the Authority all information and assistance as may reasonably be required by the Authority for
that purpose, and

in respect of that employer or self-employed person, as the case may be, the Authority has not succeeded in
obtaining access to a registered scheme which would otherwise enable compliance with the requirements
referred to in paragraph (a).

(3) If, in the opinion of the Authority, it is desirable to do so, the Authority may authorize the Residual Provident
Fund Scheme to have the following additional purposes-
(a) to facilitate portability or transferability of accrued benefits to, from or between registered schemes;
(b) to provide for any unclaimed accrued benefits; and
(c) to achieve any other purposes of this Ordinance.

(4) The Authority may make rules under section 47 for the purpose of this section for the efficient and effectual
operation of the Residual Provident Fund Scheme.

(5) In this section employer (僱主) includes a prospective employer, and self-employed person (自僱人士)
includes a prospective self-employed person.

(Enacted 1995)

Section: 24 Trustee's covenants in respect of governing rules E.R. 1 of 2013 25/04/2013


Where the governing rules of a registered scheme do not expressly contain covenants by the approved trustee of the
registered scheme to the same, or substantially the same, effect as the implied covenants specified in Schedule 5 as to



Cap 485 - Mandatory Provident Fund Schemes Ordinance 43

the discharge of the fiduciary duties of approved trustees, the performance or exercise of their functions in relation to
registered schemes, those governing rules shall apply as if the implied covenants in that Schedule were expressly
contained therein and any contrary provision in those governing rules purporting otherwise is void.

(Amended 4 of 1998 s. 2)
(Enacted 1995)


Section: 25 Duties of officers of corporate trustees E.R. 1 of 2013 25/04/2013


If the approved trustee of a registered scheme is a company, each of the officers of the company has a duty to exercise
a degree of care and diligence sufficient to ensure that, as far as reasonably practicable, the company-

(a) complies with all requirements and standards prescribed by the regulations referred to in section 21C; and
(b) fulfils the trustee's covenants (whether they are contained in the rules governing the scheme expressly or are

implied because of section 24); and
(c) performs all duties imposed on the trustee in accordance with section 27.

(Replaced 4 of 1998 s. 2)

Section: 26 Governing rules not to exempt approved trustee from

liability for breach of trust etc.
E.R. 1 of 2013 25/04/2013



A provision of the governing rules of a registered scheme is void in so far as it purports to exempt the approved trustee
of the scheme from, or to indemnify that trustee against-

(a) liability for breach of trust for failure to act honestly as regards a matter concerning the scheme; or
(b) liability for breach of trust for an intentional or reckless failure to exercise, as regards a matter concerning

the scheme, the degree of care and diligence that is to be reasonably expected of a trustee who is exercising
functions in relation to a trust; or

(c) liability for a fine or penalty imposed by or under the law,
or purports to limit any such liability.

(Replaced 4 of 1998 s. 2)

Section: 27 Duties and powers of approved trustees of registered

schemes
E.R. 1 of 2013 25/04/2013



(1) An approved trustee shall comply with such duties in relation to a registered scheme as may be imposed by the
regulations.

(2) The duties that may be imposed by the regulations include (but are not limited to) the following-
(a) the duty to collect or receive mandatory contributions;
(b) the duty to exercise sufficient and adequate control over the investment of accrued benefits in relation to a

registered scheme, including the control and supervision of persons responsible for such investment;
(c) the duty to make arrangements for receiving and dealing expeditiously with inquiries and complaints by

scheme members in relation to a registered scheme;
(d) the duty to keep and retain records in respect of scheme members in relation to a registered scheme;
(e) the duty to give to the Authority any information or document in the approved trustee's possession or under

his control as may be required by the Authority;
(f) the duty to report events of a significant nature to the Authority in relation to a registered scheme;
(g) the duty to keep accounting records which record and explain the transactions and financial position of a

registered scheme at a current date;
(h) the duty to prepare at regular intervals financial statements in respect of a registered scheme;
(i) in the case of an approved trustee of a registered scheme that is a company, the duty of each officer of the

company to make such disclosures affecting the scheme or that could affect the scheme, as are prescribed
by those regulations; (Added 4 of 1998 s. 2)

(j) in the case of an approved trustee of a registered scheme who is a natural person, the duty of the person to
make such disclosures affecting the scheme, or that could affect the scheme, as are prescribed by those
regulations; (Added 4 of 1998 s. 2)

(k) the duty of an approved trustee to keep a register of disclosures referred to in paragraph (i) or (j), as
appropriate. (Added 4 of 1998 s. 2)



Cap 485 - Mandatory Provident Fund Schemes Ordinance 44

(3) An approved trustee has the same duties as those imposed, the same powers as those conferred, on trustees by
law, except in so far as they are expressly or impliedly modified by, or are inconsistent with, this Ordinance.
(Replaced 4 of 1998 s. 2)

(4) Whenever the approved trustee of a registered scheme is required or empowered by or under this Ordinance, or
by the governing rules of the scheme, to delegate a duty of the trustee in relation to the scheme to a service
provider, the delegation does not absolve the trustee-
(a) from responsibility to ensure that the duty is performed in relation to the scheme; or
(b) from the consequences of any failure by the service provider to perform that duty. (Added 4 of 1998 s. 2)

(Amended 4 of 1998 s. 2)
(Enacted 1995)


Section: 28 Authority may publish guidelines on forbidden investment

practices in relation to registered schemes
E.R. 1 of 2013 25/04/2013



(1) The Authority may, after consultation with the Financial Secretary, make and publish in the Gazette or otherwise
guidelines, for the guidance of the trustees of registered schemes, specifying which investment practices
(forbidden investment practices) must not be engaged in by approved trustees of registered schemes because, in
the opinion of the Authority, the forbidden investment practices may or are likely to prejudice the financial
soundness of those registered schemes. (Amended 4 of 1998 s. 2)

(2) For the purposes of subsection (1), the guidelines made under that subsection may be expressed to apply to all
registered schemes or to a class of registered schemes specified therein.

(3) (Repealed 4 of 1998 s. 2)
(Enacted 1995)


Section: 29 Restricted investments E.R. 1 of 2013 25/04/2013


(1) The approved trustee of a registered scheme may invest the accrued benefits of scheme members in restricted
investments-
(a) only in so far as approved trustees are not prohibited by the regulations from investing those benefits in

those investments; or
(b) if approved trustees are not so prohibited, only in accordance with such limitations and conditions as are

prescribed by the regulations. (Replaced 4 of 1998 s. 2)
(2) In this section restricted investments (受限制投資項目) means any investments in respect of an employer (or

an associate of an employer) who is employing scheme members comprising-
(a) loans to that employer or associate, as the case may be, other than loans made by way of deposits with

authorized institutions within the meaning of the Banking Ordinance (Cap 155);
(b) shares or other securities of, or issued by, that employer or associate, as the case may be.

(Enacted 1995)

Section: 30 Report of auditor E.R. 1 of 2013 25/04/2013


(1) If at any time the Authority reasonably believes that circumstances exist or have existed that may prejudice the
accrued benefits of a member of a registered scheme, it may, by written notice served on the approved trustee of
the scheme, require that trustee-
(a) to arrange for an auditor (who must be approved by the Authority) to investigate whether or not any such

circumstances exist or have existed and to investigate any other matters relating to the trustee or the scheme
that may be specified in the notice and to prepare for the trustee a report on the investigation; and

(b) to provide the Authority, within such period as may be specified in the notice, with a copy of the report.
(Replaced 4 of 1998 s. 2)

(2) The Authority may publish the report or supply the report to the scheme member referred to in subsection (1).
(3) Any approved trustee who without reasonable excuse fails to comply with a notice in writing referred to in

subsection (1) commits an offence and is liable on summary conviction to a fine at level 2.
(Enacted 1995)





Cap 485 - Mandatory Provident Fund Schemes Ordinance 45

Section: 30A General power of inspection E.R. 1 of 2013 25/04/2013


(1) An authorized person may, at any reasonable time during ordinary business hours, enter premises at which the
person reasonably believes that-
(a) the affairs of a registered scheme are being conducted; or
(b) any document relating to the scheme is being kept,

for the purpose of ascertaining whether or not the provisions of this Ordinance (except sections 34L, 34ZL and
34ZM), the requirements imposed under this Ordinance, or the conditions imposed under this Ordinance (except
section 34X), are being complied with. (Amended 16 of 2012 s. 11)

(2) Subsection (1) does not authorize an authorized person to enter premises that are being used as a private
dwelling.

(3) An authorized person may enter premises under this section without giving notice and without the consent of the
occupier-
(a) if entry is required urgently and the Authority has expressly authorized entry; or
(b) if giving notice or obtaining the consent of the occupier would defeat the purpose for which it is intended to

exercise the power of entry.
In all other circumstances, an authorized person must give the occupier of the premises reasonable notice of the

intention to enter the premises.
(4) An authorized person who enters premises under this section may do any of the following-

(a) inspect the premises and examine any record found on the premises that the person reasonably believes
relates to a registered scheme;

(b) take photographs of the premises or of any thing found on the premises that the authorized person
reasonably believes relates to the scheme;

(c) require the occupier of the premises or any person who is apparently an employee or agent of that occupier
to provide the authorized person with such assistance and facilities as is or are reasonably necessary to
enable the authorized person to exercise or perform that person's functions;

(d) require any person on the premises to produce for inspection records under the control of the person relating
to the scheme and, if any such records are not legible or are not in the English or Chinese language, to
produce a statement in writing in English or Chinese setting out the contents of those records;

(e) make copies of all or any part of any such records or statements.
(5) A person may exercise a power conferred by this section only if the person-

(a) is in possession of a warrant of authority issued by the Authority; and
(b) on being requested to do so, produces that warrant to the occupier of the premises sought to be entered,

inspected or examined or to any other person in relation to whom it is sought to exercise that power.
(Added 4 of 1998 s. 2)


Section: 31 Information and documents E.R. 1 of 2013 25/04/2013


(1) The Authority may, by notice in writing served on an approved trustee of a registered scheme, require the
approved trustee to give to the Authority within such period as may be specified in the notice any information or
document relating to the scheme that is specified in the notice, but only if the information or document is in the
possession, or under the control, of that trustee.

(2) Any approved trustee who, without reasonable excuse, fails to comply with a notice in writing referred to in
subsection (1) commits an offence and is liable on summary conviction to a fine at level 6.

(Amended 4 of 1998 s. 2)
(Enacted 1995)


Section: 32 Investigation E.R. 1 of 2013 25/04/2013


(1) The Authority may, by written notice served on the approved trustee of a registered scheme, notify that trustee
that the Authority intends to investigate the matters specified in the notice on the ground that the Authority
reasonably believes that-
(a) a person has contravened this Ordinance (except sections 34L, 34ZL and 34ZM), a requirement imposed

under this Ordinance, or a condition imposed under this Ordinance (except section 34X), with respect to the
scheme; or (Amended 16 of 2012 s. 12)



Cap 485 - Mandatory Provident Fund Schemes Ordinance 46

(b) circumstances may exist that could prejudice the interests of scheme members; or
(c) the trustee is failing, or has failed, to fulfil the trustee's duties with respect to the scheme. (Replaced 4 of

1998 s. 2)
(1A) The Authority must, as soon as practicable after serving such a notice, investigate the matters specified in the

notice. (Added 4 of 1998 s. 2)
(2) The Authority may appoint one or more competent persons to be inspectors to conduct an investigation under

this section.
(3) For the purpose of conducting an investigation, an inspector may do any of the following-

(a) enter premises (other than premises referred to in subsection (3A)) if the inspector reasonably believes that
it is necessary to enter those premises because they may have some connection with a registered scheme;

(b) inspect those premises and make copies of records found on the premises that the inspector reasonably
believes may relate to the financial or other affairs of the scheme;

(c) require the trustee of the scheme or any other person who the inspector reasonably believes has custody of
records relating to the affairs of the trustee or the scheme to produce the records to the inspector;

(d) require the trustee or any other person who the inspector reasonably believes has information concerning
the affairs of the scheme-
(i) to give all reasonable assistance to the inspector in connection with the investigation; and
(ii) to appear before the inspector at a time and place specified by the inspector in writing to be examined

with respect to the matters relating to the affairs of the trustee or the scheme and to answer questions
that the inspector may put to the trustee or other person. (Replaced 4 of 1998 s. 2)

(3A) If premises are being used as private dwelling, an inspector may enter and search those premises only under the
authority of a warrant issued under subsection (3B). (Added 4 of 1998 s. 2)

(3B) A magistrate may, on an application made by or on behalf of an inspector, issue a warrant authorizing the
inspector to enter and search premises referred to in subsection (3A) if satisfied by information made on oath
that there are reasonable grounds for suspecting-
(a) that the premises may have some connection with a particular registered scheme; and
(b) that there may be on the premises records relating to the affairs of the trustee or the scheme. (Added 4 of

1998 s. 2)
(3C) An inspector who enters premises under the authority of a warrant issued under this section may take possession

of any records that the inspector reasonably believes relate to the affairs of the trustee or the scheme. (Added 4
of 1998 s. 2)

(4) If an inspector is satisfied that any person has, without reasonable excuse, failed to comply with any reasonable
request in respect of his investigation or any requirement made under this Ordinance in respect of that
investigation, the inspector may, by complaint made to the Court, certify the failure of that person to so comply.

(5) On the receipt of a certificate made under subsection (4), the Court may inquire into the case and, after hearing
any statement that may be offered by way of an explanation by the person who is the subject of the complaint,
may accept that explanation or alternatively punish that person in the same way as a person who is found guilty
of a contempt of court.

(6) A person is not excused from answering a question that may be put to him by an inspector under this section on
the ground that the answer may tend to incriminate him but, if the person claims, before answering the question,
that the answer may tend to incriminate him, neither the question put to him by the inspector nor the answer of
the person is admissible in evidence against the person in criminal proceedings other than in proceedings relating
to a charge of perjury in respect of the answer.

(7) Any person who fails to produce any document or record required to be produced under subsection (3) with the
intention of obstructing, delaying or otherwise frustrating the commencement, progress or completion of an
investigation under this section commits an offence and is liable on summary conviction to a fine at level 6 and
to imprisonment for 1 year.

(8) On the completion of an investigation by an inspector under this section, the inspector shall prepare a report
setting out his findings concerning the circumstances or other matters investigated by him and any other relevant
matters arising out of the investigation that the inspector reasonably believes should be included in the report
and shall submit that report to the Authority.

(9) On receiving a report of an investigation conducted under this section, the Authority must provide a copy of the
report to the approved trustee of the registered scheme concerned. The Authority may also do either or both of
the following-
(a) provide a copy of the report to any person who appears to the Authority to have an interest in the scheme;



Cap 485 - Mandatory Provident Fund Schemes Ordinance 47

(b) publish the report or any part of it in such publication as it considers appropriate. (Replaced 4 of 1998 s. 2)
(10) Nothing in this section requires disclosure to an inspector appointed under subsection (2)-

(a) by a solicitor of any privileged communication made to him in that capacity, except as respects the name
and address of his client; or

(b) by an authorized institution within the meaning of the Banking Ordinance (Cap 155) relating to the affairs
of a customer unless-
(i) that customer is a person who the inspector reasonably believes may be able to give information

relevant to the investigation; and
(ii) the Authority is satisfied that the disclosure is necessary for the purposes of the investigation and

certifies in writing that this is the case.
(Amended 4 of 1998 s. 2)

(Enacted 1995)

Section: 33 Suspension and termination of approved trustee's

administration of registered scheme
E.R. 1 of 2013 25/04/2013



(1) The Authority may, by written notice served on an approved trustee of a registered scheme, suspend the trustee's
administration of the scheme if the Authority reasonably believes-
(a) that the trustee's conduct with respect to the scheme is having, has had or could have an adverse effect on

the financial soundness of the scheme or the interests of the scheme members; or
(b) that the trustee is engaging, or has engaged, in a forbidden investment practice specified in guidelines

published under section 28.
(2) A notice under subsection (1) must specify-

(a) the period for which the approved trustee's administration of the scheme is to be suspended; and
(b) the grounds for the suspension.

(3) A suspension of an approved trustee's administration of a registered scheme takes effect from the date specified
in the notice served under subsection (1) or, if a later date is specified, from that date, irrespective of whether or
not the trustee appeals against the suspension under Part 5.

(4) The Authority may, if it reasonably believes that it is necessary to do so, extend the period of an approved
trustee's suspension by serving a further notice on the approved trustee concerned.

(5) As soon as practicable after suspending an approved trustee's administration of a registered scheme, the
Authority must hold an inquiry to determine whether or not the trustee's administration of the scheme should be
terminated. The inquiry is to be held in accordance with Schedule 5A.

(6) The Authority must terminate the approved trustee's administration of a registered scheme if, at the conclusion
of an inquiry held under this section, the Authority is satisfied-

(a) that the trustee's conduct with respect to the scheme is having, has had or could have an adverse effect on the
financial soundness of the scheme or the interests of the scheme members; or

(b) that the trustee is engaging or has engaged in a forbidden investment practice specified in guidelines published
under section 28.

(7) An approved trustee's administration of a registered scheme is also terminated if the trustee's approval is revoked
under section 20B.

(8) An approved trustee's administration of a registered scheme is also suspended if the trustee's approval is
suspended under section 20A.

(9) An approved trustee's administration of a registered scheme may also be terminated by the resignation of the
trustee but only with the prior written approval of the Authority. That approval may be given only when the
Authority is satisfied that adequate arrangements have been made for another approved trustee to assume
responsibility for the administration of the scheme and for the legal interest in the scheme assets to be transferred
to that other trustee.

(Replaced 4 of 1998 s. 2. Amended E.R. 1 of 2013)

Section: 33A Authority to appoint administrator on suspension or

termination of trustee's administration
E.R. 1 of 2013 25/04/2013



(1) If-
(a) the administration of an employer sponsored scheme by a trustee is suspended or terminated; and



Cap 485 - Mandatory Provident Fund Schemes Ordinance 48

(b) after the suspension or termination-
(i) there are no other trustees of the scheme; or
(ii) there is only one remaining trustee (not being a company); or
(iii) if each of the remaining trustees is a natural person, there is no remaining independent trustee,

the Authority must, as soon as practicable after the suspension or termination of administration, appoint an
administrator to replace the trustee whose administration of the scheme has been suspended or terminated until
the suspension ends or the vacancy resulting from the termination is filled.

(2) A person appointed under subsection (1) must, as far as possible, be an approved trustee.
(3) However, if the Authority is unable to find an approved trustee who is willing to act as an administrator of the

registered scheme concerned, it may appoint as administrator a person who is not an approved trustee.
(4) If-

(a) the administration of a master trust scheme or an industry scheme by a trustee is suspended or terminated;
and

(b) there are no other trustees of the scheme,
the Authority must, as soon as practicable after the suspension or termination of administration, appoint an

administrator to administer the scheme to replace the trustee whose administration of the scheme has been
suspended or terminated until the suspension ends or the vacancy resulting from the termination is filled.

(5) A person appointed under subsection (4) must, as far as possible, be an approved trustee that is a company.
(6) However, if the Authority is unable to find an approved trustee that is a company who is willing to act as an

administrator of the registered scheme concerned, it may appoint as administrator a person who is not an
approved trustee or an approved trustee that is not a company.

(7) An appointment under this section is to be on such terms and conditions as are specified in the appointment,
including the fees that are to be payable to the approved trustee. If a person appointed under this section is not an
approved trustee, the terms and conditions are, as nearly as practicable, to be those applicable to such a trustee.

(8) The Authority may terminate the appointment of an administrator after giving reasonable notice to the
administrator and may-
(a) if the approved trustee's administration of the scheme is suspended and the suspension has not ended; or
(b) if that trustee's administration of the scheme is terminated,

in accordance with this section appoint another administrator to administer the scheme.
(9) The administrator of a registered scheme may resign by giving to the Authority not less than 30 days' written

notice of the resignation.
(10) An administrator of a registered scheme may deal with the scheme assets as if the legal interest in those assets

was vested in the administrator or, where the administrator consists of 2 or more persons, was vested in those
persons jointly.

(Added 4 of 1998 s. 2)

Section: 33B Authority to appoint replacement trustee on termination of

approved trustee's administration
E.R. 1 of 2013 25/04/2013



(1) If-
(a) the administration of an employer sponsored scheme by a trustee has been terminated; and
(b) after the termination-

(i) there are no other trustees of the scheme; or
(ii) there is only one remaining trustee (not being a company); or
(iii) if each of the remaining trustees is a natural person, there is no remaining independent trustee,

the Authority must, as soon as practicable after the termination, take all reasonable steps to appoint another
approved trustee to replace the trustee whose administration of the scheme was terminated.

(2) A person appointed under subsection (1) must be an approved trustee.
(3) If-

(a) the administration of a master trust scheme or an industry scheme by a trustee has been terminated; and
(b) there are no other trustees of the scheme,

the Authority must take all reasonable steps to appoint another approved trustee to replace the trustee whose
administration of the scheme was terminated.

(4) A person appointed under subsection (3) must be an approved trustee that is a company.
(5) An appointment under this section is to be on such terms and conditions as are specified in the appointment,



Cap 485 - Mandatory Provident Fund Schemes Ordinance 49

including the fees that are to be payable to the approved trustee.
(6) The legal interest in the assets of a registered scheme in respect of which an approved trustee is appointed under

this section becomes vested in the trustee on that appointment.
(Added 4 of 1998 s. 2)


Section: 34 Voluntary winding up of employer sponsored scheme E.R. 1 of 2013 25/04/2013


(1) An employer sponsored scheme may be wound up voluntarily in such circumstances as are prescribed by the
regulations, but only with the written consent of the Authority. That consent may be given only if the Authority
is satisfied that-
(a) there are no longer any scheme members or, if there are any such members, the interests of those members

are adequately protected and, if those members continue to have accrued benefits in the scheme, satisfactory
arrangements have been made for the transfer of those benefits to another registered scheme; and

(b) all existing liabilities relating to the scheme (including obligations to scheme members) can be met from the
scheme assets.

(2) The approved trustee of an employer sponsored scheme, or any other person of a class prescribed by the
regulations for the purposes of this subsection, may make an application to the Authority to give its consent to
the voluntary winding up of the scheme.

(3) An application must-
(a) be in a form approved by the Authority; and
(b) contain such information, and be accompanied by such documents, as are prescribed by the regulations; and
(c) be accompanied by an application fee of such amount (if any) as is so prescribed.

(4) The Authority may, by written notice, require an applicant to provide such additional information and
documents as are reasonably necessary to enable it to determine the application. If such a requirement is not
complied with within a reasonable time specified in the notice, the Authority may reject the application.

(5) The regulations may prescribe conditions that the Authority may or must impose as a condition of giving its
consent to the voluntary winding up of the scheme, including requirements that must be complied with by the
approved trustee of the scheme or by the participating employer concerned.

(6) The Authority must not refuse to give its consent to the voluntary winding up of the scheme without giving the
applicant an opportunity to make representations (either orally or in writing or both) as to why the Authority
should consent to the winding up.

(7) If the Authority refuses to consent to the voluntary winding up of the scheme, it must give written notice of the
refusal to the applicants and must include in the notice a statement setting out the reasons for the refusal.

(8) On consenting to the voluntary winding up of an employer sponsored scheme, the Authority may appoint a
liquidator to wind up the affairs of the scheme. More than one liquidator may be appointed under this subsection
if the Authority thinks it necessary.

(9) A liquidator appointed under subsection (8) must have such qualifications as are specified in the regulations.
(10) The appointment of a liquidator under subsection (8) is to be on such terms and conditions as are specified in the

appointment, including the fees that are to be payable to the liquidator.
(11) The voluntary winding up of an employer sponsored scheme is to be conducted in accordance with regulations

made under section 46 for the purposes of this section.
(12) On being satisfied that the winding up of a registered scheme has been completed in accordance with this

section, the Authority must cancel the registration of the scheme.
(Replaced 4 of 1998 s. 2)


Section: 34A Winding up of registered schemes otherwise than in

accordance with section 34 or 34D
E.R. 1 of 2013 25/04/2013



(1) Except as provided by section 34 or 34D, a registered scheme may be wound up only by the Court on
application made by the Authority. (Amended 2 of 2002 s. 13)

(2) In winding up a registered scheme, the Court must satisfy itself-
(a) that the interests of scheme members are adequately protected; and
(b) if those members continue to have accrued benefits in the scheme, that satisfactory arrangements are made

for the transfer of those benefits to another registered scheme.
(3) The Court may appoint a liquidator to conduct the winding up of a registered scheme and, subject to the



Cap 485 - Mandatory Provident Fund Schemes Ordinance 50

regulations, may specify the duties to be performed by the liquidator in relation to the conduct of the winding up.
More than one liquidator may be appointed under this subsection if the Court thinks it necessary.

(4) A liquidator appointed under subsection (3) must have such qualifications as are specified in the regulations.
(5) The appointment of a liquidator under subsection (3) is to be on such terms and conditions as are specified in the

appointment, including the fees that are to be payable to the liquidator.
(6) The winding up of a registered scheme under this section is to be conducted in accordance with winding up rules

made in accordance with subsection (7). Those rules may include provision for the payment of fees with respect
to the proceedings relating the winding up of such a scheme and may specify by whom and to whom those fees
are to be paid and the manner in which they are to be paid.

(7) The winding up rules referred to in subsection (6) are to be made by the Rules Committee constituted under
section 55 of the High Court Ordinance (Cap 4) and may be amended by that Committee as and when necessary.
(Amended 31 of 1999 s. 3)

(8) Winding up rules made for the purposes of this section are to be judicially noticed.
(9) On being satisfied that the winding up of a registered scheme has been completed in accordance with this

section, the Authority must cancel the registration of the scheme.
(10) In this section, liquidator (清盤人) includes a provisional liquidator.

(Added 4 of 1998 s. 2)

Section: 34B Authority may consent to restructuring of registered

schemes*
E.R. 1 of 2013 25/04/2013



(1) The approved trustee of a registered scheme or the approved trustees of 2 or more registered schemes may apply
to the Authority to consent to the restructuring of the scheme or schemes, as the case may be. (Replaced 29 of
2002 s. 9. Amended 1 of 2008 s. 46)

(2) (Repealed 29 of 2002 s. 9)
(3) An application must-

(a) be in a form approved by the Authority; and
(b) contain such information, and be accompanied by such documents, as are prescribed by the rules; and
(c) be accompanied by an application fee of such amount as is so prescribed.

(4) The Authority may, by written notice, require an applicant to provide such additional information and
documents as are reasonably necessary to enable it to determine the application. If such a requirement is not
complied with within a reasonable time specified in the notice, the Authority may reject the application.

(5) As soon as practicable after receiving an application to consent to the restructuring of a registered scheme or
registered schemes, the Authority must consider the application. The Authority may consent to the restructuring
only if satisfied-
(a) that the interests of the members of the scheme or those schemes, as the case may be, will be adequately

protected and that, if the restructuring is consented to, their accrued benefits will be transferred to the
transferee scheme or schemes, as the case may be, as appropriate; and

(b) that the transferee scheme or schemes, as the case may be, will be governed by the law of Hong Kong; and
(c) that the transferee scheme or schemes, as the case may be, complies or comply with, or will if the

restructuring is consented to, comply with, such requirements and standards as are prescribed by the
regulations referred to in section 21C. (Replaced 29 of 2002 s. 9)

(6) The Authority must not reject an application under this section without giving the applicant or applicants, as the
case may be, an opportunity to make representations (either orally or in writing or both) as to why the Authority
should consent to the restructuring of the scheme or schemes, as the case may be. (Replaced 29 of 2002 s. 9)

(7) If the Authority rejects an application made under this section, it must give written notice of the rejection to the
applicants and must include in the notice a statement setting out the reasons for the rejection.

(8) On registering a new scheme derived from the restructuring of an existing scheme or schemes, the Authority
must issue to the approved trustee of the new scheme a certificate of registration and cancel the registration of
the existing scheme or such of the existing schemes as is appropriate as a result of the restructuring. The
certificate must specify that the new scheme is an employer sponsored scheme, a master trust scheme, or an
industry scheme, as the case requires. (Replaced 29 of 2002 s. 9)

(9) The restructuring of a registered scheme or registered schemes that is carried out with the consent of the
Authority under this section is, notwithstanding any provision of this Ordinance or the governing rules of the
scheme or schemes, binding on the approved trustee or trustees of the scheme or schemes, all participating



Cap 485 - Mandatory Provident Fund Schemes Ordinance 51

employers and scheme members in the scheme or schemes and all other parties bound by the governing rules of
the scheme or schemes. (Added 1 of 2008 s. 46)

(10) The Authority's consent to the restructuring of a registered scheme or registered schemes does not affect the
right of a participating employer or scheme member in the scheme or any of the schemes to elect to have the
accrued benefits of the member transferred under Part 12 of the Mandatory Provident Fund Schemes (General)
Regulation (Cap 485 sub. leg. A). (Added 1 of 2008 s. 46)

(11) In this section, a reference to a restructuring of a registered scheme or registered schemes is a reference to any
arrangement under which the members of the scheme or schemes, or the accrued benefits of the members of the
scheme or schemes, are transferred to another registered scheme or other registered schemes. (Added 1 of 2008
s. 46)

(Added 4 of 1998 s. 2. Amended E.R. 1 of 2013)
________________________________________________________________________________________
Note:

* (Replaced 1 of 2008 s. 46)

Section: 34C (Repealed 29 of 2002 s. 10) 29 of 2002 19/07/2002




Section: 34D Cancellation of registration of registered scheme which has
no scheme members, etc.

E.R. 1 of 2013 25/04/2013



(1) On being satisfied on the application of the approved trustee of a registered scheme that the scheme has no
scheme members, no scheme assets and no liabilities (including obligations to participating employers and
scheme members), the Authority must cancel the registration of the scheme.

(2) An application must-
(a) be in a form approved by the Authority; and
(b) contain such information, and be accompanied by such documents, as are specified in the form.

(3) The Authority may, by written notice, require an applicant to provide such additional information and
documents as are reasonably necessary to enable it to determine the application. If such a requirement is not
complied with within a reasonable time specified in the notice, the Authority may reject the application.

(Added 2 of 2002 s. 14)

Part: 4A Sales and Marketing Activities, and Giving of Advice, in

relation to Registered Schemes
E.R. 1 of 2013 25/04/2013



(Part 4A added 16 of 2012 s. 13)
(*Format changes—E.R. 1 of 2013)

_______________________________________________________________________________
Note:
*The format of Part 4A has been updated to the current legislative styles.

Part:
Division:

4A
1

Preliminary E.R. 1 of 2013 25/04/2013





Section: 34E Interpretation 16 of 2012 01/11/2012


In this Part—
appointed long term insurance agent (獲委任長期業務保險代理人) means an appointed insurance agent as

defined by section 2(1) of the Insurance Companies Ordinance (Cap 41) who is eligible to engage in long term
business within the meaning of that Ordinance;

authorized long term insurance broker (獲授權長期業務保險經紀) means an authorized insurance broker as
defined by section 2(1) of the Insurance Companies Ordinance (Cap 41) who is eligible to engage in long term
business within the meaning of that Ordinance;



Cap 485 - Mandatory Provident Fund Schemes Ordinance 52

certified public accountant (會計師) means a person who is registered as a certified public accountant by virtue of
section 22 of the Professional Accountants Ordinance (Cap 50);

disciplinary order (紀律制裁命令) means an order made under section 34ZW(3), (4), (5) or (6);
frontline regulator (前線監督)—

(a) in relation to a person who is a principal intermediary, means the industry regulator assigned under section
34Z(1) or (2) as the regulator of the person for the purposes of this Part;

(b) in relation to a person who is a subsidiary intermediary attached to a principal intermediary, means the
industry regulator assigned under section 34ZA(1) or (2) as the regulator of the person, in the person’s
capacity as such a subsidiary intermediary, for the purposes of this Part; or

(c) in relation to an individual who is a responsible officer of a principal intermediary, means the industry
regulator assigned under section 34ZB(1) or (2) as the regulator of the individual, in the individual’s
capacity as such a responsible officer, for the purposes of this Part;

industry regulator (行業監督) means—
(a) the Insurance Authority;
(b) the Monetary Authority; or
(c) the Securities and Futures Commission;

inspector (查察員), in relation to a regulated person, means—
(a) the frontline regulator of the regulated person; or
(b) a person directed by that frontline regulator under section 34ZQ(1)(b) to ascertain any matter in relation to

the regulated person;
investigator (調查員)—

(a) in relation to an investigation under Division 3, means—
(i) the Authority;
(ii) an industry regulator nominated by the Authority under section 34O(1)(b) to assist the Authority in the

investigation; or
(iii) a person directed by the Authority or such an industry regulator under section 34O(1)(a)(ii) or (2)(b) in

relation to the investigation; or
(b) in relation to an investigation under Division 7 in respect of a regulated person, means—

(i) the frontline regulator of the regulated person; or
(ii) a person directed by that frontline regulator under section 34ZT(1)(b) in relation to the investigation;

performance requirement (作業要求)—
(a) in relation to a registered intermediary, means—

(i) a requirement under section 34ZL; or
(ii) a condition to which the registration as a principal or subsidiary intermediary, or the approval of the

attachment to a principal intermediary, is subject by virtue of section 34X; or
(b) in relation to a responsible officer, means—

(i) a requirement under section 34ZM; or
(ii) a condition to which the approval as such responsible officer is subject by virtue of section 34X;

prescribed person (訂明人士)—
(a) in relation to the Insurance Authority, means a public officer employed in the Office of the Commissioner

of Insurance;
(b) in relation to the Monetary Authority, means a person appointed by the Financial Secretary under section

5A(3) of the Exchange Fund Ordinance (Cap 66); or
(c) in relation to the Securities and Futures Commission, means an employee of the Commission;

Register (中介人紀錄冊) means the register of intermediaries for regulated activities established under section
34Q(1);

relevant insurance broker body (有關保險經紀團體) means—
(a) The Hong Kong Confederation of Insurance Brokers; or
(b) the Professional Insurance Brokers Association;

Type A regulatee (甲類受規管者)—
(a) in relation to the Insurance Authority, means—



Cap 485 - Mandatory Provident Fund Schemes Ordinance 53

(i) a company that is authorized under section 8 of the Insurance Companies Ordinance (Cap 41) to carry
on long term business within the meaning of that Ordinance; or

(ii) an authorized long term insurance broker;
(b) in relation to the Monetary Authority, means an authorized financial institution that is registered under

section 119 of the Securities and Futures Ordinance (Cap 571) for Type 1 or Type 4 regulated activity, or
both, within the meaning of that Ordinance; or

(c) in relation to the Securities and Futures Commission, means a corporation that is licensed under section 116
of the Securities and Futures Ordinance (Cap 571) to carry on Type 1 or Type 4 regulated activity, or both,
within the meaning of that Ordinance;

Type B regulatee (乙類受規管者)—
(a) in relation to the Insurance Authority, means—

(i) an appointed long term insurance agent;
(ii) a person who is registered with the Insurance Agents Registration Board as a responsible officer of an

appointed long term insurance agent;
(iii) a person who is registered with the Insurance Authority, the Insurance Agents Registration Board, or a

relevant insurance broker body—
(A) as a technical representative of an appointed long term insurance agent; or
(B) as a technical representative of an authorized long term insurance broker; or

(iv) a person who is registered with the Insurance Authority, or a relevant insurance broker body, as a chief
executive of an authorized long term insurance broker;

(b) in relation to the Monetary Authority, means—
(i) a relevant individual who is registered under section 20 of the Banking Ordinance (Cap 155) as

engaged in respect of Type 1 or Type 4 regulated activity, or both, within the meaning of the Securities
and Futures Ordinance (Cap 571); or

(ii) a person who, with the consent of the Monetary Authority under section 71C of the Banking Ordinance
(Cap 155), is an executive officer of a registered institution appointed under section 71D of that
Ordinance to be responsible for directly supervising the conduct of each business conducted by the
registered institution that constitutes Type 1 or Type 4 regulated activity, or both, within the meaning
of the Securities and Futures Ordinance (Cap 571); or

(c) in relation to the Securities and Futures Commission, means a person who is licensed under section 120 of
the Securities and Futures Ordinance (Cap 571) to carry on Type 1 or Type 4 regulated activity, or both,
within the meaning of that Ordinance.


Section: 34F Regulated activity, material decision and regulated advice 16 of 2012 01/11/2012


(1) For the purposes of this Part, a person carries on a regulated activity if the person—
(a) invites or induces, or attempts to invite or induce, another person to make a material decision; or
(b) gives regulated advice.

(2) Despite subsection (1), a person does not carry on a regulated activity if—
(a) the person issues an advertisement, invitation or document; and
(b) the issue is authorized by the Securities and Futures Commission under section 105 of the Securities and

Futures Ordinance (Cap 571).
(3) For the purposes of this Part, a person makes a material decision if the person makes a decision as to any matter

specified in subsection (5).
(4) For the purposes of this Part, a person gives regulated advice if the person gives an opinion in relation to any

matter specified in subsection (5).
(5) The following matters are specified for the purposes of subsections (3) and (4)—

(a) whether, or when, to apply to join or become a member of a particular registered scheme;
(b) whether, or when, to apply to participate in a particular registered scheme as an employer;
(c) whether, or when, to pay contributions (including voluntary contributions) to a particular registered scheme,

or to invest in a particular constituent fund of a registered scheme;
(d) the amount of contributions (including voluntary contributions) to be paid to a particular registered scheme,

or the amount to be invested in a particular constituent fund of a registered scheme;
(e) whether, or when, to transfer accrued benefits from a particular registered scheme to another particular



Cap 485 - Mandatory Provident Fund Schemes Ordinance 54

registered scheme, or from a particular constituent fund of a registered scheme to another particular
constituent fund of the registered scheme;

(f) the amount of accrued benefits to be transferred from a particular registered scheme to another particular
registered scheme, or from a particular constituent fund of a registered scheme to another particular
constituent fund of the registered scheme;

(g) whether, or when, to transfer benefits from an occupational retirement scheme to a particular registered
scheme;

(h) the amount of benefits to be transferred from an occupational retirement scheme to a particular registered
scheme;

(i) whether, or when, to make a claim for the payment of accrued benefits from a registered scheme;
(j) the amount of a claim mentioned in paragraph (i).


Section: 34G Principal intermediary 16 of 2012 01/11/2012


(1) In this Part—
(a) a person is a principal intermediary if the person is registered under section 34T(4) as an intermediary for

carrying on regulated activities; and
(b) subject to section 34M(9)(a), such a person is still a principal intermediary even though the registration is

suspended under this Part.
(2) In this Part, a reference to a registration of a person as a principal intermediary—

(a) is a reference to a registration under section 34T(4) as an intermediary for carrying on regulated activities;
and

(b) includes such a registration that is suspended under this Part.

Section: 34H Subsidiary intermediary 16 of 2012 01/11/2012


(1) In this Part—
(a) a person is a subsidiary intermediary if the person is registered under section 34U(4) as an intermediary for

carrying on regulated activities for a principal intermediary to which the person is to be attached; and
(b) subject to section 34V(7), such a person is still a subsidiary intermediary even though the registration is

suspended under this Part.
(2) In this Part, a reference to a registration of a person as a subsidiary intermediary—

(a) is a reference to a registration under section 34U(4) as an intermediary for carrying on regulated activities
for a principal intermediary to which the person is to be attached; and

(b) includes such a registration that is suspended under this Part.
(3) In this Part—

(a) a person is a subsidiary intermediary attached to a principal intermediary if the person is approved under
section 34V(4) as being attached to the principal intermediary for the purpose of carrying on regulated
activities; and

(b) subject to sections 34M(9)(b) and 34W(7), such a person is still a subsidiary intermediary attached to the
principal intermediary even though—
(i) the registration of the person as a subsidiary intermediary is suspended under this Part; or
(ii) the approval is suspended under this Part.

(4) In this Part, a reference to an approval of the attachment of a person to a principal intermediary—
(a) is a reference to an approval under section 34V(4) of the attachment of the person to the principal

intermediary for the purpose of carrying on regulated activities; and
(b) includes such an approval that is suspended under this Part.


Section: 34I Responsible officer and specified responsibilities 16 of 2012 01/11/2012


(1) In this Part—
(a) an individual is a responsible officer of a principal intermediary if the individual is approved under section

34W(4) as an officer with specified responsibilities in relation to the principal intermediary; and
(b) subject to section 34ZD(5), such an individual is still a responsible officer of the principal intermediary



Cap 485 - Mandatory Provident Fund Schemes Ordinance 55

even though the approval is suspended under this Part.
(2) In this Part, a reference to the approval of an individual as a responsible officer of a principal intermediary—

(a) is a reference to an approval under section 34W(4) of the individual as an officer with specified
responsibilities in relation to the principal intermediary; and

(b) includes such an approval that is suspended under this Part.
(3) In this Part, a reference to specified responsibilities in relation to a principal intermediary, is a reference to—

(a) the responsibility to ensure that the principal intermediary has established and maintains proper controls and
procedures for securing compliance by the principal intermediary, and by each subsidiary intermediary
attached to the principal intermediary, with this Part; and

(b) the responsibility to ensure that the principal intermediary uses the principal intermediary’ s best
endeavours to secure observance by subsidiary intermediaries attached to the principal intermediary of the
controls and procedures mentioned in paragraph (a).


Section: 34J Revocation or suspension of qualification as Type A

regulatee
16 of 2012 01/11/2012



(1) For the purposes of this Part, a person has a qualification as a Type A regulatee revoked on disciplinary grounds
if—
(a) in the case of the qualification mentioned in paragraph (a)(ii) of the definition of Type A regulatee in

section 34E as an authorized long term insurance broker that is authorized by the Insurance Authority under
section 69 of the Insurance Companies Ordinance (Cap 41), the authorization is withdrawn under section
75(1) of that Ordinance on the grounds of breach of proper conduct;

(b) in the case of the qualification mentioned in paragraph (a)(ii) of that definition as an authorized long term
insurance broker that is a member of a body of insurance brokers approved by the Insurance Authority
under section 70 of the Insurance Companies Ordinance (Cap 41), the membership is terminated in
compliance with the system of disciplinary procedures established by the body of insurance brokers for the
purposes of section 70(3) of that Ordinance;

(c) in the case of the qualification mentioned in paragraph (b) of that definition—
(i) as an authorized financial institution registered for Type 1 or Type 4 regulated activity, the registration

is revoked under section 196(1)(i)(A) of the Securities and Futures Ordinance (Cap 571) in relation to
that regulated activity; or

(ii) as an authorized financial institution registered for Type 1 and Type 4 regulated activities, the
registration is revoked under that section in relation to those regulated activities; or

(d) in the case of the qualification mentioned in paragraph (c) of that definition—
(i) as a corporation licensed to carry on Type 1 or Type 4 regulated activity, the licence is revoked under

section 194(1)(i)(A) of the Securities and Futures Ordinance (Cap 571) in relation to that regulated
activity; or

(ii) as a corporation licensed to carry on Type 1 and Type 4 regulated activities, the licence is revoked
under that section in relation to those regulated activities.

(2) For the purposes of this Part, a person has a qualification as a Type A regulatee suspended if—
(a) in the case of the qualification mentioned in paragraph (a)(ii) of the definition of Type A regulatee in

section 34E as an authorized long term insurance broker that is a member of a body of insurance brokers
approved by the Insurance Authority under section 70 of the Insurance Companies Ordinance (Cap 41), the
membership is suspended;

(b) in the case of the qualification mentioned in paragraph (b) of that definition—
(i) as an authorized financial institution registered for Type 1 or Type 4 regulated activity, the registration

is suspended under section 196(1)(i)(B) or 197(1) of the Securities and Futures Ordinance (Cap 571),
or is deemed to be suspended under section 197(4) of that Ordinance, in relation to that regulated
activity; or

(ii) as an authorized financial institution registered for Type 1 and Type 4 regulated activities, the
registration is suspended under that section 196(1)(i)(B) or 197(1), or is deemed to be suspended under
that section 197(4), in relation to those regulated activities; or

(c) in the case of the qualification mentioned in paragraph (c) of that definition—
(i) as a corporation licensed to carry on Type 1 or Type 4 regulated activity, the licence is suspended



Cap 485 - Mandatory Provident Fund Schemes Ordinance 56

under section 194(1)(i)(B) or 195(1) of the Securities and Futures Ordinance (Cap 571), or is deemed
to be suspended under section 195(4) of that Ordinance, in relation to that regulated activity; or

(ii) as a corporation licensed to carry on Type 1 and Type 4 regulated activities, the licence is suspended
under that section 194(1)(i)(B) or 195(1), or is deemed to be suspended under that section 195(4), in
relation to those regulated activities.


Section: 34K Revocation or suspension of qualification as Type B

regulatee
16 of 2012 01/11/2012



(1) For the purposes of this Part, a person has a qualification as a Type B regulatee revoked on disciplinary grounds
if—
(a) in the case of the qualification mentioned in paragraph (a)(i) of the definition of Type B regulatee in section

34E, the appointment as an agent is terminated under a code of practice approved by the Insurance
Authority under section 67 of the Insurance Companies Ordinance (Cap 41) on the grounds of breach of the
code of practice (other than a failure to complete continuing professional training);

(b) in the case of the qualification mentioned in paragraph (a)(ii) or (iii)(A) of that definition, the registration is
terminated under such a code of practice on the grounds of breach of the code of practice (other than a
failure to complete continuing professional training);

(c) in the case of the qualification mentioned in paragraph (a)(iii)(B) or (iv) of that definition as a technical
representative or chief executive of an authorized long term insurance broker that is authorized by the
Insurance Authority under section 69 of the Insurance Companies Ordinance (Cap 41)—
(i) the name of the person, who has been entered as such technical representative or chief executive in a

register maintained under section 69(3) of that Ordinance, is removed from that register; and
(ii) the name is removed on the grounds of breach of any condition specified by the Insurance Authority to

be a fit and proper person as such technical representative or chief executive (other than a failure to
complete continuing professional training);

(d) in the case of the qualification mentioned in paragraph (a)(iii)(B) or (iv) of that definition as a technical
representative or chief executive of an authorized long term insurance broker that is a member of a body of
insurance brokers approved by the Insurance Authority under section 70 of the Insurance Companies
Ordinance (Cap 41)—
(i) the name of the person is removed from a register of technical representatives or a register of chief

executives (as the case may be) kept by the body of insurance brokers; and
(ii) the name is removed on the grounds of breach of any condition specified for the purposes of section

70(3) of that Ordinance by the Insurance Authority to be a fit and proper person as such technical
representative or chief executive (other than a failure to complete continuing professional training);

(e) in the case of the qualification mentioned in paragraph (b)(i) of that definition—
(i) as a relevant individual registered as engaged in respect of Type 1 or Type 4 regulated activity, all or

any of the person’s relevant particulars are removed from the register under section 58A(1)(c) of the
Banking Ordinance (Cap 155) in relation to that regulated activity; or

(ii) as a relevant individual registered as engaged in respect of Type 1 and Type 4 regulated activities, all
or any of the person’s relevant particulars are removed from the register under that section in relation
to those regulated activities;

(f) in the case of the qualification mentioned in paragraph (b)(ii) of that definition—
(i) as a person who is an executive officer appointed to be responsible for directly supervising the conduct

of each business that constitutes Type 1 or Type 4 regulated activity, the consent is withdrawn under
section 71C(4)(c) of the Banking Ordinance (Cap 155) in relation to a business that constitutes that
regulated activity; or

(ii) as a person who is an executive officer appointed to be responsible for directly supervising the conduct
of each business that constitutes Type 1 and Type 4 regulated activities, the consent is withdrawn
under that section in relation to a business that constitutes those regulated activities; or

(g) in the case of the qualification mentioned in paragraph (c) of that definition—
(i) as a person licensed to carry on Type 1 or Type 4 regulated activity, the licence is revoked under

section 194(1)(i)(A) of the Securities and Futures Ordinance (Cap 571) in relation to that regulated
activity; or



Cap 485 - Mandatory Provident Fund Schemes Ordinance 57

(ii) as a person licensed to carry on Type 1 and Type 4 regulated activities, the licence is revoked under
that section in relation to those regulated activities.

(2) For the purposes of this Part, a person has a qualification as a Type B regulatee suspended if—
(a) in the case of the qualification mentioned in paragraph (a)(i) of the definition of Type B regulatee in section

34E, the appointment as an agent is suspended under a code of practice approved by the Insurance
Authority under section 67 of the Insurance Companies Ordinance (Cap 41);

(b) in the case of the qualification mentioned in paragraph (a)(ii) or (iii)(A) of that definition, the registration is
suspended under such a code of practice;

(c) in the case of the qualification mentioned in paragraph (a)(iii)(B) or (iv) of that definition as a technical
representative or chief executive of an authorized long term insurance broker that is a member of a body of
insurance brokers approved by the Insurance Authority under section 70 of the Insurance Companies
Ordinance (Cap 41)—
(i) the person is suspended from acting as such technical representative or chief executive; and
(ii) the suspension is shown in a register of technical representatives or a register of chief executives (as

the case may be) kept by the body of insurance brokers;
(d) in the case of the qualification mentioned in paragraph (b)(i) of that definition—

(i) as a relevant individual registered as engaged in respect of Type 1 or Type 4 regulated activity, all or
any of the person’s relevant particulars are suspended from the register under section 58A(1)(d) of
the Banking Ordinance (Cap 155) in relation to that regulated activity; or

(ii) as a relevant individual registered as engaged in respect of Type 1 and Type 4 regulated activities, all
or any of the person’s relevant particulars are suspended from the register under that section in
relation to those regulated activities;

(e) in the case of the qualification mentioned in paragraph (b)(ii) of that definition—
(i) as a person who is an executive officer appointed to be responsible for directly supervising the conduct

of each business that constitutes Type 1 or Type 4 regulated activity, the consent is suspended under
section 71C(4)(d) of the Banking Ordinance (Cap 155) in relation to a business that constitutes that
regulated activity; or

(ii) as a person who is an executive officer appointed to be responsible for directly supervising the conduct
of each business that constitutes Type 1 and Type 4 regulated activities, the consent is suspended under
that section in relation to a business that constitutes those regulated activities; or

(f) in the case of the qualification mentioned in paragraph (c) of that definition—
(i) as a person licensed to carry on Type 1 or Type 4 regulated activity, the licence is suspended under

section 194(1)(i)(B) or 195(1) of the Securities and Futures Ordinance (Cap 571), or is deemed to be
suspended under section 195(4) of that Ordinance, in relation to that regulated activity; or

(ii) as a person licensed to carry on Type 1 and Type 4 regulated activities, the licence is suspended under
that section 194(1)(i)(B) or 195(1), or is deemed to be suspended under that section 195(4), in relation
to those regulated activities.


Part:
Division:

4A
2

Prohibitions E.R. 1 of 2012 25/04/2012





Section: 34L Prohibition against carrying on regulated activities etc. 16 of 2012 01/11/2012


(1) A person must not carry on any regulated activity—
(a) in the course of the person’s business or employment; or
(b) for reward.

(2) A person must not hold themselves out—
(a) as carrying on regulated activities in the course of the person’s business or employment; or
(b) as carrying on regulated activities for reward.

(3) A person must not take or use—
(a) the title of “principal intermediary”, “subsidiary intermediary”, “主事中介人” or “附屬中介
人”; or



Cap 485 - Mandatory Provident Fund Schemes Ordinance 58

(b) any other title suggesting that the person carries on regulated activities—
(i) in the course of the person’s business or employment; or
(ii) for reward.


Section: 34M Exceptions to section 34L E.R. 2 of 2014 10/04/2014


(1) Section 34L does not—
(a) prohibit a principal intermediary from—

(i) carrying on regulated activities in the course of the principal intermediary’s business; or
(ii) holding themselves out as so carrying on regulated activities; or

(b) prohibit a subsidiary intermediary attached to a principal intermediary from—
(i) carrying on regulated activities for the principal intermediary in the course of acting as an employee,

agent or representative of the principal intermediary; or
(ii) holding themselves out as so carrying on regulated activities.

(2) Section 34L does not—
(a) prohibit a principal intermediary from taking or using the title of “principal intermediary” or “主事中
介人”; or

(b) prohibit a subsidiary intermediary from taking or using the title of “subsidiary intermediary” or “附屬
中介人”.

(3) Section 34L does not—
(a) prohibit an approved trustee, a participating employer, or a service provider, from—

(i) carrying on regulated activities for the purpose of complying with a requirement under this Ordinance;
or

(ii) holding themselves out as so carrying on regulated activities; or
(b) prohibit the Authority from—

(i) carrying on regulated activities for the purpose of performing a function under this Ordinance; or
(ii) holding itself out as so carrying on regulated activities.

(4) Section 34L does not—
(a) prohibit a solicitor from—

(i) giving regulated advice wholly incidental to his or her practice as a solicitor in a Hong Kong firm or
foreign firm within the meaning of the Legal Practitioners Ordinance (Cap 159); or

(ii) holding himself or herself out as so giving regulated advice;
(b) prohibit counsel from—

(i) giving regulated advice wholly incidental to his or her practice as counsel; or
(ii) holding himself or herself out as so giving regulated advice;

(c) prohibit a certified public accountant from—
(i) giving regulated advice wholly incidental to his or her practice as a certified public accountant in a

practice unit within the meaning of the Professional Accountants Ordinance (Cap 50); or
(ii) holding himself or herself out as so giving regulated advice; or

(d) prohibit a trust company registered under Part 8 of the Trustee Ordinance (Cap 29) (other than an approved
trustee) from—
(i) giving regulated advice wholly incidental to the discharge of its duty as such trust company; or
(ii) holding itself out as so giving regulated advice.

(5) Section 34L does not prohibit a person from—
(a) giving regulated advice through—

(i) a newspaper, magazine, book or other publication that is made generally available to the public
(excluding one that is made available on subscription only); or

(ii) a television broadcast or radio broadcast for reception by the public, whether on subscription or
otherwise; or

(b) holding themselves out as so giving regulated advice.
(6) Section 34L does not prohibit a company from—

(a) giving regulated advice to a specified company; or



Cap 485 - Mandatory Provident Fund Schemes Ordinance 59

(b) holding itself out as so giving regulated advice.
(7) In this section—
specified company (指明公司), in relation to a company, means—

(a) a wholly owned subsidiary of the company;
(b) another company that holds all the issued shares of the company; or
(c) a wholly owned subsidiary of that other company mentioned in paragraph (b).

(8) For the purposes of this section, a company is a wholly owned subsidiary of another company if it has only the
following as members—
(a) that other company;
(b) a nominee of that other company;
(c) a wholly owned subsidiary of that other company;
(d) a nominee of such a wholly owned subsidiary.

(9) In subsection (1)—
(a) a reference to a principal intermediary does not include a person whose registration as a principal

intermediary is suspended under this Part; and
(b) a reference to a subsidiary intermediary attached to a principal intermediary does not include a person—

(i) whose registration as a subsidiary intermediary is suspended under this Part; or
(ii) the approval of whose attachment to the principal intermediary is suspended under this Part.

(Amended E.R. 2 of 2014)

Section: 34N Offence relating to prohibitions 16 of 2012 01/11/2012


(1) A person who, without reasonable excuse, contravenes section 34L(1) or (2) commits an offence.
(2) Subject to subsection (3), a person who commits an offence under subsection (1) is liable—

(a) on conviction on indictment to a fine of $5000000 and to imprisonment for 7 years and, in the case of a
continuing offence, to a further fine of $100000 for each day on which the offence is continued; or

(b) on summary conviction to a fine of $500000 and to imprisonment for 2 years and, in the case of a
continuing offence, to a further fine of $10000 for each day on which the offence is continued.

(3) If a person contravenes section 34L(1) or (2) by carrying on regulated activities for another person in the course
of acting as an employee, agent or representative of that other person, or for holding themselves out as so
carrying on regulated activities, the person is liable—
(a) on conviction on indictment to a fine of $1000000 and to imprisonment for 2 years and, in the case of a

continuing offence, to a further fine of $20000 for each day on which the offence is continued; or
(b) on summary conviction to a fine at level 6 and to imprisonment for 6 months and, in the case of a

continuing offence, to a further fine of $2000 for each day on which the offence is continued.
(4) A person who, without reasonable excuse, contravenes section 34L(3) commits an offence and is liable on

conviction to a fine at level 6 and, in the case of a continuing offence, to a further fine of $2000 for each day on
which the offence is continued.


Part:
Division:

4A
3

Investigation concerning Contravention of Prohibition E.R. 1 of 2013 25/04/2013





Section: 34O Initiating investigation 16 of 2012 01/11/2012


(1) If the Authority has reasonable cause to believe that a person may have contravened section 34L—
(a) the Authority—

(i) may exercise the powers under section 34P for the purpose of investigating the contravention or the
question whether or not there has been such a contravention; or

(ii) may in writing direct a person employed by the Authority to investigate, with those powers, the
contravention or the question whether or not there has been such a contravention; or

(b) the Authority may, in writing, nominate an industry regulator to assist the Authority in the investigation.
(2) If the Authority nominates an industry regulator to assist the Authority in an investigation under subsection



Cap 485 - Mandatory Provident Fund Schemes Ordinance 60

(1)(b), the industry regulator—
(a) may exercise the powers under section 34P for the purpose of investigating the contravention or the

question whether or not there has been such a contravention; or
(b) may in writing direct a prescribed person to investigate, with those powers, the contravention or the

question whether or not there has been such a contravention.
(3) If the Authority or an industry regulator directs a person under subsection (1)(a)(ii) or (2)(b) in relation to an

investigation—
(a) the Authority or industry regulator must provide the person with a copy of the direction; and
(b) the person must, before imposing a requirement under section 34P on another person, produce a copy of the

direction to that other person.
(4) Before the Authority, or a person directed by the Authority under subsection (1)(a)(ii), imposes a requirement

under section 34P on another person who is a Type A or Type B regulatee of an industry regulator, the Authority
or the person so directed must consult the industry regulator.

(5) Before an industry regulator, or a person directed by an industry regulator under subsection (2)(b), imposes a
requirement under section 34P on another person who is a Type A or Type B regulatee of another industry
regulator, the industry regulator or the person so directed must consult that other industry regulator.

(6) Even though the Authority or an industry regulator has directed a person under subsection (1)(a)(ii) or (2)(b) in
relation to an investigation, the Authority or industry regulator may still exercise the powers under section 34P
for the purpose of the investigation.

(7) Even though the Authority has nominated an industry regulator under subsection (1)(b) to assist the Authority in
an investigation, the Authority—
(a) may still exercise the powers under section 34P for the purpose of the investigation; or
(b) may still direct a person employed by the Authority under subsection (1)(a)(ii) in relation to the

investigation.

Section: 34P Investigation powers 16 of 2012 01/11/2012


(1) An investigator may, in writing, require a person specified in subsection (2)—
(a) to produce, within the time and at the place specified in the requirement, any record or document specified

in the requirement—
(i) that is or may be relevant to any matter under investigation; and
(ii) that is in the person’s possession;

(b) to attend before the investigator at the time and place specified in the requirement, and answer any question
relating to any matter under investigation that the investigator may raise with the person;

(c) to respond to any written question relating to any matter under investigation that the investigator may raise
with the person; or

(d) to give the investigator any assistance in connection with the investigation that the person is reasonably able
to give.

(2) The person specified for the purposes of subsection (1) is—
(a) a person whom the Authority has reasonable cause to believe may have contravened section 34L; or
(b) a person whom the investigator has reasonable cause to believe—

(i) to be in possession of any record or document that contains, or that is likely to contain, information
relevant to any matter under investigation; or

(ii) to be otherwise in possession of such information.
(3) If a person produces a record or document in compliance with a requirement imposed under subsection (1)(a),

the investigator may require the person to give an explanation or further particulars in respect of the record or
document.

(4) If a person gives any answer, response, explanation or particulars in compliance with a requirement imposed
under subsection (1) or (3), the investigator may, in writing, require the person to verify within the time
specified in the requirement, the answer, response, explanation or particulars by a statutory declaration.

(5) If, for the reason that the information concerned is not within the person’s knowledge or possession, a person
does not give any answer, response, explanation or particulars in compliance with a requirement imposed under
subsection (1) or (3), the investigator may, in writing, require the person to verify, within the time specified in
the requirement, that reason and fact by a statutory declaration.



Cap 485 - Mandatory Provident Fund Schemes Ordinance 61

(6) This section is subject to section 34ZZB(2).

Part:
Division:

4A
4

Registration of Intermediaries and Approval of
Responsible Officers

E.R. 1 of 2013 25/04/2013





Section: 34Q Register of intermediaries 16 of 2012 01/11/2012


(1) The Authority must establish and keep a register of intermediaries for regulated activities.
(2) The Register may be kept in any form that the Authority considers appropriate.
(3) At all reasonable times, a member of the public—

(a) if the Register is kept in a documentary form, may inspect the Register free of charge; or
(b) if the Register is kept otherwise than in a documentary form, may inspect a reproduction of any information

recorded in the Register in a legible form free of charge.
(4) At all reasonable times, a member of the public may, on payment of a fee of the amount prescribed by the

regulations, obtain—
(a) a copy of an entry in or extract of the Register; or
(b) a copy of such an entry or extract, certified by an authorized officer of the Authority as a true copy of the

entry or extract.
(5) A right under subsection (3) or (4) is only exercisable for the purpose of enabling the member of the public—

(a) to ascertain whether the member of the public is dealing with a regulated person in matters of or connected
with any regulated activity; or

(b) to ascertain the particulars of—
(i) the registration of a person as a principal or subsidiary intermediary; or
(ii) the approval of an individual as a responsible officer.

(6) In any legal proceedings—
(a) a document purporting to be a copy of an entry in or extract of the Register, and purporting to be certified

by an authorized officer of the Authority as a true copy of the entry or extract, is admissible in evidence on
its production without further proof; and

(b) on being admitted in evidence under paragraph (a), the document, unless there is evidence to the contrary—
(i) is presumed to be certified by an authorized officer of the Authority;
(ii) is presumed to be a true copy of the entry or extract; and
(iii) is proof of its contents.


Section: 34R Register to be made available through internet 16 of 2012 01/11/2012


The Authority must make the Register available to the public through the internet.

Section: 34S Contents of Register 16 of 2012 01/11/2012


(1) For every registered intermediary, the Register must contain—
(a) the name and the registration number of the intermediary;
(b) the condition (if any) to which the registration as a principal or subsidiary intermediary, or the approval of

the attachment to a principal intermediary, is subject by virtue of section 34X;
(c) the name of the frontline regulator;
(d) a record of every disciplinary order (except an order under section 34ZW(5)(b)) that has been in force

against the registered intermediary within the last 5 years;
(e) if the registration as a principal or subsidiary intermediary, or the approval of the attachment to a principal

intermediary, is suspended under this Part, a note to that effect; and
(f) any other particulars that are prescribed by the rules.

(2) Without limiting subsection (1)—
(a) for every principal intermediary, the Register must also contain—

(i) the address of the principal intermediary’s principal place of business in Hong Kong; and



Cap 485 - Mandatory Provident Fund Schemes Ordinance 62

(ii) the name and the office address of every responsible officer of the principal intermediary; and
(b) for every subsidiary intermediary attached to a principal intermediary, the Register must also contain—

(i) the name of the principal intermediary;
(ii) the address of the principal intermediary’s principal place of business in Hong Kong;
(iii) if the registration of the principal intermediary as such is suspended under this Part—

(A) a note to that effect; and
(B) a note to the effect that section 34M(1)(b) does not apply to the subsidiary intermediary; and

(iv) if the subsidiary intermediary is also a responsible officer of the principal intermediary—
(A) a note to that effect;
(B) the condition (if any) to which the approval as such a responsible officer is subject by virtue of

section 34X; and
(C) where the approval of the subsidiary intermediary as such responsible officer is suspended under

this Part, a note to that effect.

Section: 34T Registration as principal intermediary and related matters 16 of 2012 01/11/2012


(1) A person may apply to the Authority for registration as an intermediary for carrying on regulated activities.
(2) An application under subsection (1) must be accompanied by—

(a) both of the following—
(i) an application made by the principal applicant under section 34V(1) for approval of attachment of a

subsidiary intermediary to the principal applicant for the purpose of carrying on regulated activities;
(ii) an application made by the principal applicant under section 34W(1) for approval of the subsidiary

intermediary as an officer with specified responsibilities in relation to the principal applicant; or
(b) all of the following—

(i) an application made by an individual under section 34U(1) for registration as an intermediary for
carrying on regulated activities for a principal intermediary to which the individual is to be attached;

(ii) an application made by the principal applicant under section 34V(1) for approval of attachment of the
individual to the principal applicant for the purpose of carrying on regulated activities;

(iii) an application made by the principal applicant under section 34W(1) for approval of the individual as
an officer with specified responsibilities in relation to the principal applicant.

(3) An application under subsection (1)—
(a) must be made in the specified form; and
(b) must be accompanied by an application fee of the amount prescribed by the regulations.

(4) On application under subsection (1), the Authority may register the principal applicant as an intermediary for
carrying on regulated activities if—
(a) it is satisfied—

(i) that the principal applicant is a Type A regulatee of an industry regulator;
(ii) that, within 1 year immediately before the date of the application, the principal applicant has not had

any qualification as a Type A regulatee revoked on disciplinary grounds;
(iii) that the principal applicant does not have any qualification as a Type A regulatee suspended;
(iv) that, within 1 year immediately before the date of the application, the principal applicant has not had a

registration as a registered intermediary revoked under section 34ZW(3)(a)(i); and
(v) that the principal applicant is not disqualified under section 34ZW(3)(a)(ii) from being registered as an

intermediary for carrying on regulated activities; and
(b) it is satisfied—

(i) that—
(A) an accompanying application is made for the purposes of subsection (2)(a)(i), and the criteria for

approval under section 34V(4) are satisfied; and
(B) an accompanying application is made for the purposes of subsection (2)(a)(ii), and the criteria for

approval under section 34W(4)(b), (c) and (d) are satisfied; or
(ii) that—

(A) an accompanying application is made for the purposes of subsection (2)(b)(i), and the criteria for
approval under section 34U(4) (except paragraph (g)) are satisfied;



Cap 485 - Mandatory Provident Fund Schemes Ordinance 63

(B) an accompanying application is made for the purposes of subsection (2)(b)(ii), and the criteria for
approval under section 34V(4)(b), (c) and (d) are satisfied; and

(C) an accompanying application is made for the purposes of subsection (2)(b)(iii), and the criteria
for approval under section 34W(4)(b), (c) and (d) are satisfied.

(5) If the Authority registers under subsection (4) a principal applicant as an intermediary for carrying on regulated
activities, the Authority must also grant the accompanying applications made for the purposes of subsection
(2)(a) or (b).

(6) If the Authority rejects an application made under subsection (1), the Authority must also reject the
accompanying applications made for the purposes of subsection (2)(a) or (b).

(7) The Authority must give the principal applicant a notice in writing of the results of the application made under
subsection (1).

(8) A notice under subsection (7) must, in the case of the application being rejected, include a statement of reasons
for the rejection.

(9) In this section—
principal applicant (主要申請人 ) means the person who applies under subsection (1) for registration as an

intermediary for carrying on regulated activities.

Section: 34U Registration as subsidiary intermediary 16 of 2012 01/11/2012


(1) A person may apply to the Authority for registration as an intermediary for carrying on regulated activities for a
principal intermediary to which the person is to be attached.

(2) An application under subsection (1) must be accompanied by an application made by a principal intermediary
under section 34V(1) for approval of attachment of the principal applicant to the principal intermediary for the
purpose of carrying on regulated activities.

(3) An application under subsection (1)—
(a) must be made in the specified form; and
(b) must be accompanied by an application fee of the amount prescribed by the regulations.

(4) On application under subsection (1), the Authority may register the principal applicant as an intermediary for
carrying on regulated activities for a principal intermediary to which the principal applicant is to be attached if it
is satisfied—
(a) that the principal applicant is a Type B regulatee of an industry regulator but not a Type A regulatee of any

industry regulator;
(b) that, within 1 year immediately before the date of the application, the principal applicant has not had any

qualification as a Type B regulatee revoked on disciplinary grounds;
(c) that the principal applicant does not have any qualification as a Type B regulatee suspended;
(d) that, within 1 year immediately before the date of the application, the principal applicant has not had a

registration as a registered intermediary revoked under section 34ZW(3)(a)(i);
(e) that the principal applicant is not disqualified under section 34ZW(3)(a)(ii) from being registered as an

intermediary for carrying on regulated activities for a principal intermediary to which the principal
applicant is to be attached;

(f) that if the principal applicant is an individual, the principal applicant has, within 1 year immediately before
the date of the application, passed a qualifying examination specified by the Authority; and

(g) that—
(i) an accompanying application is made for the purposes of subsection (2); and
(ii) the criteria for approval of the attachment under section 34V(4)(b), (c) and (d) are satisfied.

(5) Subsection (4)(f) does not apply if—
(a) within 3 years immediately before the date of the application, the principal applicant has been registered as

a subsidiary intermediary and that registration has been revoked; and
(b) the revocation, or the last revocation (if there is more than one), is not made under section 34ZP(4).

(6) If the Authority registers under subsection (4) the principal applicant as an intermediary for carrying on
regulated activities for a principal intermediary to which the principal applicant is to be attached, the Authority
must also grant the accompanying application made for the purposes of subsection (2).

(7) If the Authority rejects an application made under subsection (1), the Authority must also reject the
accompanying application made for the purposes of subsection (2).



Cap 485 - Mandatory Provident Fund Schemes Ordinance 64

(8) The Authority must give the principal applicant a notice in writing of the results of the application made under
subsection (1).

(9) A notice under subsection (8) must, in the case of the application being rejected, include a statement of reasons
for the rejection.

(10) The Authority must publish the qualifying examination specified under subsection (4)(f) in any manner that it
considers appropriate.

(11) In this section—
principal applicant (主要申請人 ) means the person who applies under subsection (1) for registration as an

intermediary for carrying on regulated activities for a principal intermediary to which the person is to be
attached.


Section: 34V Approval of attachment of subsidiary intermediary to

principal intermediary
16 of 2012 01/11/2012



(1) A person specified in subsection (2) may apply to the Authority for approval of attachment of another person to
the specified person for the purpose of carrying on regulated activities.

(2) The person is—
(a) a principal intermediary; or
(b) a person who applies under section 34T(1) for registration as an intermediary for carrying on regulated

activities.
(3) An application under subsection (1)—

(a) must be made in the specified form; and
(b) must be accompanied by an application fee of the amount prescribed by the regulations.

(4) On application under subsection (1), the Authority may approve the attachment if it is satisfied—
(a) that the other person is a subsidiary intermediary;
(b) that the applicant consents to the other person being an intermediary for carrying on regulated activities for

the applicant;
(c) that the other person is employed by, or acts as an agent or representative for, the applicant; and
(d) that the other person is a Type B regulatee of an industry regulator that is the frontline regulator of the

applicant.
(5) The Authority must give the applicant and the other person a notice in writing of the result of the application

made under subsection (1).
(6) A notice under subsection (5) must, in the case of the application being rejected, include a statement of reasons

for the rejection.
(7) In subsection (4)(a), a reference to a subsidiary intermediary does not include a person whose registration as a

subsidiary intermediary is suspended under this Part.

Section: 34W Approval as responsible officer 16 of 2012 01/11/2012


(1) A person specified in subsection (2) may apply to the Authority for approval of an individual as an officer with
specified responsibilities in relation to the specified person.

(2) The person is—
(a) a principal intermediary; or
(b) a person who applies under section 34T(1) for registration as an intermediary for carrying on regulated

activities.
(3) An application under subsection (1)—

(a) must be made in the specified form; and
(b) must be accompanied by an application fee of the amount prescribed by the regulations.

(4) On application under subsection (1), the Authority may approve the individual as an officer with specified
responsibilities in relation to the applicant if it is satisfied—
(a) that the individual is a subsidiary intermediary attached to the applicant;
(b) that the individual has sufficient authority within the applicant, and will be provided with sufficient

resources and support, for carrying out specified responsibilities in relation to the applicant;
(c) that, within 1 year immediately before the date of the application, the individual has not had an approval as



Cap 485 - Mandatory Provident Fund Schemes Ordinance 65

a responsible officer revoked under section 34ZW(4)(a)(i); and
(d) that the individual is not disqualified under section 34ZW(4)(a)(ii) from being approved as an officer with

specified responsibilities in relation to a principal intermediary.
(5) The Authority must give the applicant and the individual a notice in writing of the result of the application made

under subsection (1).
(6) A notice under subsection (5) must, in the case of the application being rejected, include a statement of reasons

for the rejection.
(7) In subsection (4)(a), a reference to a subsidiary intermediary attached to the applicant does not include a person


(a) whose registration as a subsidiary intermediary is suspended under this Part; or
(b) the approval of whose attachment to the applicant is suspended under this Part.


Section: 34X Authority may impose conditions on registration or

approval
16 of 2012 01/11/2012



(1) This section applies if the Authority—
(a) registers a person as a principal or subsidiary intermediary;
(b) approves the attachment of a person to a principal intermediary; or
(c) approves an individual as a responsible officer of a principal intermediary.

(2) The Authority may impose any conditions that it considers appropriate on the registration or approval when the
Authority registers or approves the person or individual.

(3) The Authority may also impose any conditions that it considers appropriate on the registration or approval after
the Authority has registered or approved the person or individual.

(4) Subsection (3) applies whether or not a condition has already been imposed on the registration or approval under
subsection (2) or (3).

(5) The Authority may amend or revoke any conditions imposed under subsection (2) or (3).
(6) The power under subsection (2), (3) or (5) is only exercisable by notice in writing given to—

(a) in relation to subsection (1)(a), the person;
(b) in relation to subsection (1)(b), the person and the principal intermediary; or
(c) in relation to subsection (1)(c), the individual and the principal intermediary.

(7) A notice under subsection (6) must, in the case of any conditions being imposed or amended, include a statement
of reasons for imposing or amending the conditions.


Section: 34Y Procedural requirement for rejecting application, or

imposing or amending conditions
16 of 2012 01/11/2012



(1) The Authority must not reject an application made under section 34T(1) or 34U(1) for registration of a person as
a principal or subsidiary intermediary, or impose a condition under section 34X(2) or (3) on such a registration,
or amend such a condition under section 34X(5), without giving the person an opportunity to make
representations as to why the application should not be rejected or why the condition should not be imposed or
amended.

(2) The Authority must not reject an application made under section 34V(1) for approval of an attachment of a
person to a principal intermediary, or impose a condition under section 34X(2) or (3) on such an approval, or
amend such a condition under section 34X(5), without giving the person and the principal intermediary an
opportunity to make representations as to why the application should not be rejected or why the condition should
not be imposed or amended.

(3) The Authority must not reject an application made under section 34W(1) for approval of an individual as a
responsible officer of a principal intermediary, or impose a condition under section 34X(2) or (3) on such an
approval, or amend such a condition under section 34X(5), without giving the individual and the principal
intermediary an opportunity to make representations as to why the application should not be rejected or why the
condition should not be imposed or amended.

(4) In this section, a reference to an opportunity to make representations is a reference to an opportunity to make
oral representations or written representations, or both.





Cap 485 - Mandatory Provident Fund Schemes Ordinance 66

Section: 34Z Assignment of frontline regulator for principal
intermediary

16 of 2012 01/11/2012



Remarks:
This section has effect subject to section 8(3) of Schedule 5B in its application to a person who, by virtue of section
4(2) of that Schedule, is regarded as being registered as a principal intermediary.

(1) As soon as practicable after the Authority registers a person as a principal intermediary, the Authority must

assign an industry regulator as the regulator of the person for the purposes of this Part.
(2) If the Authority considers appropriate, the Authority may replace the industry regulator assigned as the frontline

regulator of a person registered as a principal intermediary by assigning another industry regulator as the
regulator of the person for the purposes of this Part.

(3) An assignment under subsection (1) or (2) must comply with subsections (4), (5) and (6).
(4) If the person is a Type A regulatee of 1 industry regulator, the industry regulator is to be assigned as the

regulator of the person for the purposes of this Part.
(5) If the person is a Type A regulatee of the Monetary Authority and a Type A regulatee of another industry

regulator—
(a) subject to paragraph (b), the Monetary Authority is to be assigned as the regulator of the person for the

purposes of this Part; or
(b) where the Authority is satisfied that the person carries on the majority of its business activities as a Type A

regulatee of that other industry regulator, that other industry regulator is to be assigned as the regulator of
the person for the purposes of this Part.

(6) If the person is a Type A regulatee of the Insurance Authority and a Type A regulatee of the Securities and
Futures Commission—
(a) subject to paragraph (b), the Insurance Authority is to be assigned as the regulator of the person for the

purposes of this Part; or
(b) where the Authority is satisfied that the person carries on the majority of its business activities as a Type A

regulatee of the Securities and Futures Commission, the Commission is to be assigned as the regulator of
the person for the purposes of this Part.

(7) An assignment of an industry regulator as the frontline regulator of a person under subsection (1) or (2) ceases to
be in force if—
(a) another industry regulator is assigned as the frontline regulator of the person under subsection (2); or
(b) the registration of the person as a principal intermediary is revoked under this Part.


Section: 34ZA Assignment of frontline regulator for subsidiary

intermediary
16 of 2012 01/11/2012



(1) As soon as practicable after the Authority approves the attachment of a person to a principal intermediary, the
Authority must assign the frontline regulator of the principal intermediary as the regulator of the person, in the
person’s capacity as a subsidiary intermediary attached to the principal intermediary, for the purposes of this
Part.

(2) If—
(a) the Authority assigns an industry regulator as the frontline regulator of a person in the person’s capacity as

a subsidiary intermediary attached to a principal intermediary; and
(b) the Authority assigns under section 34Z(2) another industry regulator as the frontline regulator of the

principal intermediary,
the Authority must replace the industry regulator mentioned in paragraph (a) by assigning that other industry

regulator mentioned in paragraph (b) as the regulator of the person, in the person’s capacity as a subsidiary
intermediary attached to the principal intermediary, for the purposes of this Part.

(3) An assignment of an industry regulator as the frontline regulator of a person under subsection (1) or (2) ceases to
be in force if—
(a) another industry regulator is assigned as the frontline regulator of the person under subsection (2); or
(b) the approval of the attachment of the person to the principal intermediary is revoked under this Part.





Cap 485 - Mandatory Provident Fund Schemes Ordinance 67

Section: 34ZB Assignment of frontline regulator for responsible officer 16 of 2012 01/11/2012


(1) As soon as practicable after the Authority approves an individual as a responsible officer of a principal
intermediary, the Authority must assign the frontline regulator of the principal intermediary as the regulator of
the individual, in the individual’s capacity as a responsible officer of the principal intermediary, for the
purposes of this Part.

(2) If—
(a) the Authority assigns an industry regulator as the frontline regulator of an individual in the individual’s

capacity as a responsible officer of a principal intermediary; and
(b) the Authority assigns under section 34Z(2) another industry regulator as the frontline regulator of the

principal intermediary,
the Authority must replace the industry regulator mentioned in paragraph (a) by assigning that other industry

regulator mentioned in paragraph (b) as the regulator of the individual, in the individual’s capacity as a
responsible officer of the principal intermediary, for the purposes of this Part.

(3) An assignment of an industry regulator as the frontline regulator of an individual under subsection (1) or (2)
ceases to be in force if—
(a) another industry regulator is assigned as the frontline regulator of the individual under subsection (2); or
(b) the approval of the individual as a responsible officer of the principal intermediary is revoked under this

Part.

Part:
Division:

4A
5

Change in Circumstances after Registration or Approval E.R. 1 of 2013 25/04/2013





Section: 34ZC Principal intermediary ceasing to be Type A regulatee etc. 16 of 2012 01/11/2012


Remarks:
This section has effect subject to section 8(4) of Schedule 5B in its application to a person who, by virtue of section
4(2) of that Schedule, is regarded as being registered as a principal intermediary.

(1) This section applies if—

(a) a person is a principal intermediary;
(b) the person—

(i) ceases to be a Type A regulatee of an industry regulator; or
(ii) has any qualification as a Type A regulatee of an industry regulator suspended; and

(c) the industry regulator is the frontline regulator of the person.
(2) The registration of the person as a principal intermediary—

(a) in the case of subsection (1)(b)(i), is revoked at the time the person ceases to be such a Type A regulatee; or
(b) in the case of subsection (1)(b)(ii), is suspended for the period during which that suspension is in force.


Section: 34ZD Principal intermediary without responsible officer 16 of 2012 01/11/2012


(1) The Authority may suspend the registration of a person as a principal intermediary for a period, or until the
occurrence of an event, determined by the Authority, if the Authority is satisfied that the person ceases to have a
responsible officer.

(2) The Authority may revoke the registration of the person as a principal intermediary if—
(a) the person has not made an application under section 34W(1) for approval of an individual as a responsible

officer of the principal intermediary within 90 days after the date on which the suspension takes effect; or
(b) the person has made such an application within 90 days after the date on which the suspension takes effect,

and the Authority rejects the application.
(3) The power under subsection (1) is not exercisable unless, before exercising the power, the Authority—

(a) has given the person a notice in writing of its intention to do so and the reasons for doing so; and
(b) has given the person an opportunity to make oral or written representations, or both, on those reasons.



Cap 485 - Mandatory Provident Fund Schemes Ordinance 68

(4) A notice under subsection (3)(a) must also include a statement describing—
(a) the right of the person to make representations; and
(b) how and when the person may make representations.

(5) In subsection (1), a reference to a responsible officer does not include an individual whose approval as a
responsible officer of the principal intermediary is suspended under this Part.


Section: 34ZE Other change in relation to principal intermediary 16 of 2012 01/11/2012


Remarks:
This section has effect subject to section 8(5) of Schedule 5B in its application to a person who, by virtue of section
4(2) of that Schedule, is regarded as being registered as a principal intermediary.

(1) This section applies if—

(a) a principal intermediary ceases to carry on any regulated activity;
(b) there is a change in the address or any contact details of a principal intermediary;
(c) a principal intermediary—

(i) acquires any qualification as a Type A regulatee;
(ii) ceases to be a Type A regulatee of any industry regulator; or
(iii) has any qualification as a Type A regulatee of an industry regulator suspended; or

(d) a responsible officer of a principal intermediary ceases to be an officer with specified responsibilities in
relation to the principal intermediary.

(2) The principal intermediary must give the Authority a notice in writing of the cessation, change, acquisition or
suspension within 7 working days after it occurs.

(3) The Authority may revoke the registration of a person as a principal intermediary if the Authority is given a
notice under subsection (2) that the person ceases to carry on any regulated activity.

(4) The Authority may revoke the approval of an individual as a responsible officer of a principal intermediary if the
Authority is given a notice under subsection (2) that the individual ceases to be an officer with specified
responsibilities in relation to the principal intermediary.

(5) A person who, without reasonable excuse, contravenes subsection (2) commits an offence and is liable to a fine
at level 5.


Section: 34ZF Subsidiary intermediary ceasing to be Type B regulatee

etc.
16 of 2012 01/11/2012



Remarks:
This section has effect subject to section 9(3) of Schedule 5B in its application to a person who, by virtue of section
5(2) or 6(2) of that Schedule, is regarded as being—
(a) registered as a subsidiary intermediary; and
(b) approved as being attached to another person regarded as being registered as a principal intermediary.

(1) This section applies if—

(a) a person is a subsidiary intermediary attached to a principal intermediary;
(b) the person—

(i) ceases to be a Type B regulatee of an industry regulator; or
(ii) has any qualification as a Type B regulatee of an industry regulator suspended; and

(c) the industry regulator is the frontline regulator of the person in the person’s capacity of such intermediary.
(2) The approval of the attachment of the person to the principal intermediary—

(a) in the case of subsection (1)(b)(i), is revoked at the time the person ceases to be such a Type B regulatee; or
(b) in the case of subsection (1)(b)(ii), is suspended for the period during which that suspension is in force.

(3) Where the person is not approved as being attached to any principal intermediary after a revocation under
subsection (2)(a), the Authority may revoke the registration of the person as a subsidiary intermediary if—
(a) no application has been made under section 34V(1) for approval of attachment of the person to a principal

intermediary within 90 days after the date on which the revocation under subsection (2)(a) takes effect; or



Cap 485 - Mandatory Provident Fund Schemes Ordinance 69

(b) such an application has been made within 90 days after the date on which the revocation under subsection
(2)(a) takes effect, and the Authority has rejected the application.


Section: 34ZG Subsidiary intermediary without principal intermediary 16 of 2012 01/11/2012


(1) This section applies if—
(a) a person is a subsidiary intermediary attached to a principal intermediary; and
(b) the principal intermediary intends to withdraw the consent to the person being an intermediary for carrying

on regulated activities for the principal intermediary.
(2) A withdrawal of the consent takes effect on—

(a) the date on which the principal intermediary gives the Authority a notice in the specified form of the
withdrawal; or

(b) if a later date is specified in such a notice as the date on which the withdrawal is to take effect, that later
date.

(3) The approval of the attachment of the person to the principal intermediary is revoked on the date on which the
withdrawal takes effect.

(4) Where the person is not approved as being attached to any principal intermediary after a revocation under
subsection (3), the Authority may revoke the registration of the person as a subsidiary intermediary if—
(a) no application has been made under section 34V(1) for approval of attachment of the person to another

principal intermediary within 90 days after the date on which the revocation under subsection (3) takes
effect; or

(b) such an application has been made within 90 days after the date on which the revocation under subsection
(3) takes effect, and the Authority has rejected the application.


Section: 34ZH Subsidiary intermediary whose principal intermediary

having registration revoked
16 of 2012 01/11/2012



(1) This section applies if—
(a) a person is a subsidiary intermediary attached to another person who is a principal intermediary; and
(b) the registration of that other person as a principal intermediary is revoked under this Part.

(2) The approval of the attachment of the person to that other person is revoked at the time of that revocation.
(3) Where the person is not approved as being attached to any principal intermediary after a revocation under

subsection (2), the Authority may revoke the registration of the person as a subsidiary intermediary if—
(a) no application has been made under section 34V(1) for approval of attachment of the person to another

principal intermediary within 90 days after the date on which the revocation under subsection (2) takes
effect; or

(b) such an application has been made within 90 days after the date on which the revocation under subsection
(2) takes effect, and the Authority has rejected the application.


Section: 34ZI Other change in relation to subsidiary intermediary 16 of 2012 01/11/2012


(1) This section applies if—
(a) there is a change in the name of a subsidiary intermediary;
(b) there is a change in the address or any contact details of a subsidiary intermediary;
(c) a subsidiary intermediary—

(i) acquires any qualification as a Type B regulatee;
(ii) ceases to be a Type B regulatee of any industry regulator; or
(iii) has any qualification as a Type B regulatee of an industry regulator suspended; or

(d) a subsidiary intermediary ceases to be the responsible officer of a principal intermediary.
(2) The subsidiary intermediary must give the Authority a notice in writing of the change, acquisition, cessation or

suspension within 7 working days after it occurs.
(3) A person who, without reasonable excuse, contravenes subsection (2), commits an offence and is liable to a fine

at level 5.




Cap 485 - Mandatory Provident Fund Schemes Ordinance 70

Section: 34ZJ Responsible officer no longer attached to principal
intermediary

16 of 2012 01/11/2012



(1) This section applies if—
(a) an individual is a responsible officer of a principal intermediary; and
(b) the approval of the attachment of the individual to the principal intermediary is revoked or suspended under

this Part.
(2) The approval of the individual as a responsible officer of the principal intermediary—

(a) in the case of a revocation of the approval of the attachment, is revoked at the time of that revocation; or
(b) in the case of a suspension of the approval of the attachment, is suspended for the period during which that

suspension is in force.

Section: 34ZK Responsible officer ceasing to have sufficient authority

within principal intermediary etc.
16 of 2012 01/11/2012



(1) This section applies to an individual who is a responsible officer of a principal intermediary.
(2) The Authority may revoke the approval of the individual as a responsible officer of the principal intermediary if

the Authority is satisfied that the individual has ceased to have sufficient authority within the principal
intermediary, or to be provided with sufficient resources or support, for carrying out specified responsibilities in
relation to the principal intermediary.

(3) The power under subsection (2) is not exercisable unless, before exercising the power, the Authority—
(a) has given the individual a notice in writing of its intention to do so and the reasons for doing so; and
(b) has given the individual an opportunity to make oral or written representations, or both, on those reasons.

(4) A notice under subsection (3)(a) must also include a statement describing—
(a) the right of the individual to make representations; and
(b) how and when the individual may make representations.


Part:
Division:

4A
6

Conduct and Other Requirements for Intermediaries and
Responsible Officers

E.R. 1 of 2013 25/04/2013





Section: 34ZL Conduct requirements for registered intermediary 16 of 2012 01/11/2012


(1) When carrying on a regulated activity, a principal intermediary or a subsidiary intermediary attached to a
principal intermediary—
(a) must act honestly, fairly, in the best interests of the client, and with integrity;
(b) must exercise a level of care, skill and diligence that may reasonably be expected of a prudent person who

is carrying on the regulated activity;
(c) may advise only on matters for which the principal or subsidiary intermediary (as the case may be) is

competent to advise;
(d) must have such regard to the client’s particular circumstances as is necessary for ensuring that the

regulated activity is appropriate to the client;
(e) must make such disclosure of information to the client as is necessary for the client to be sufficiently

informed for the purpose of making any material decision;
(f) must use best endeavours to avoid a conflict between the interests of the principal or subsidiary

intermediary (as the case may be) and the interests of the client and, in the case of such a conflict, must
disclose the conflict to the client;

(g) must ensure that client assets are promptly and properly accounted for; and
(h) must comply with other requirements that are prescribed by the rules.

(2) A principal intermediary must keep such records of activities carried out by the principal intermediary, and of
those carried out by every subsidiary intermediary attached to the principal intermediary, as may be necessary
for enabling the frontline regulator of the principal intermediary to ascertain—
(a) whether or not the principal intermediary has complied with subsection (1); and
(b) whether or not every subsidiary intermediary attached to the principal intermediary has complied with



Cap 485 - Mandatory Provident Fund Schemes Ordinance 71

subsection (1).
(3) A principal intermediary—

(a) must establish and maintain proper controls and procedures for securing compliance by the principal
intermediary, and by each subsidiary intermediary attached to the principal intermediary, with this Part;

(b) must use the principal intermediary’s best endeavours to secure observance by subsidiary intermediaries
attached to the principal intermediary of the controls and procedures established under paragraph (a);

(c) must ensure that the responsible officer has sufficient authority within the principal intermediary for
carrying out specified responsibilities in relation to the principal intermediary; and

(d) must provide the responsible officer with sufficient resources and support for carrying out specified
responsibilities in relation to the principal intermediary.

(4) In this section, a reference to a client of a principal intermediary, or a subsidiary intermediary attached to a
principal intermediary, when carrying on a regulated activity, is a reference to—
(a) a person whom the principal or subsidiary intermediary invites or induces, or attempts to invite or induce, to

make a material decision; or
(b) a person to whom the principal or subsidiary intermediary gives regulated advice.


Section: 34ZM Conduct requirements for responsible officer 16 of 2012 01/11/2012


A responsible officer of a principal intermediary must use his or her best endeavours to carry out specified
responsibilities in relation to the principal intermediary.

Section: 34ZN Annual fees 16 of 2012 01/11/2012


(1) A person who is a registered intermediary must pay to the Authority for every chargeable period an annual fee of
the amount prescribed by the regulations. The fee for a chargeable period must be paid within 1 month after the
first day of the chargeable period.

(2) If a person contravenes subsection (1), the person must pay to the Authority an additional fee of an amount equal
to 10% of the annual fee that was unpaid on the date of the contravention.

(3) The Authority may suspend the registration of a person as a registered intermediary for a period, or until the
occurrence of an event, determined by the Authority if the person fails to pay to the Authority the annual fee for
a chargeable period to which subsection (1) applies, or any additional fee payable under subsection (2) in
relation to that annual fee, within 3 months after the first day of the chargeable period.

(4) The power under subsection (3) is not exercisable unless the Authority has, by notice in writing given to the
registered intermediary at least 15 working days before the suspension is to take effect, informed the registered
intermediary of the contents of this section.

(5) Where the Authority suspends the registration of a person as a registered intermediary under subsection (3) for
failing to pay an annual fee or additional fee, the Authority may revoke that registration if the person fails to pay
to the Authority the annual fee or additional fee—
(a) within 30 days after the suspension takes effect; or
(b) within any longer period that the Authority may specify in a notice in writing given to the registered

intermediary.
(6) The Authority—

(a) may specify a date for the purposes of this section; and
(b) must publish the date in any manner that it considers appropriate.

(7) In this section—
chargeable period (收費期), in relation to a person who is a registered intermediary, means—

(a) the period beginning on the date of the registration of the person as such registered intermediary and ending
immediately before the specified date next following; or

(b) each successive period of 12 months;
specified date (指明日期) means the date specified by the Authority under subsection (6)(a).




Cap 485 - Mandatory Provident Fund Schemes Ordinance 72

Section: 34ZO Annual return 16 of 2012 01/11/2012


(1) A person who is a registered intermediary must deliver to the Authority for every reporting period a return in the
specified form. The return for a reporting period must be delivered within 1 month after the last day of the
reporting period.

(2) Subsection (1) applies to a reporting period that begins on or after the date of the registration of the person as
such registered intermediary.

(3) The Authority may suspend the registration of the person as a registered intermediary for a period, or until the
occurrence of an event, determined by the Authority if the person fails to deliver to the Authority the return for a
reporting period to which subsection (1) applies within 3 months after the last day of the reporting period.

(4) The power under subsection (3) is not exercisable unless the Authority has, by notice in writing given to the
registered intermediary at least 15 working days before the suspension is to take effect, informed the registered
intermediary of the contents of this section.

(5) Where the Authority suspends the registration of a person as a registered intermediary under subsection (3) for
failing to deliver a return, the Authority may revoke that registration if the person has not delivered to the
Authority the return—
(a) within 30 days after the suspension takes effect; or
(b) within any longer period that the Authority may specify in a notice in writing given to the registered

intermediary.
(6) The Authority—

(a) may specify a date for the purposes of this section; and
(b) must publish the date in any manner that it considers appropriate.

(7) In this section—
reporting period (報告期) means—

(a) a period of 12 months beginning on the date specified by the Authority under subsection (6)(a); or
(b) each successive period of 12 months.


Section: 34ZP Continuing training 16 of 2012 01/11/2012


(1) The Authority may, in relation to individuals who are subsidiary intermediaries or a class of subsidiary
intermediaries, specify—
(a) the training that is to be undertaken by those individuals; and
(b) the time within which the training is to be completed by those individuals,

as the Authority considers necessary for ensuring that those individuals will be able to comply with the
performance requirements.

(2) If the Authority is satisfied that an individual has failed to complete the training specified under subsection
(1)(a) within the time specified under subsection (1)(b), the Authority may give the individual a notice in writing
requiring the individual to complete the training within 30 days beginning on the date on which the notice is
given or any longer period specified in the notice.

(3) The Authority may suspend the registration of an individual as a subsidiary intermediary for a period, or until
the occurrence of an event, determined by the Authority, if the Authority is satisfied that the individual has failed
to comply with a notice given under subsection (2).

(4) If, within 30 days after the suspension takes effect, the individual has not complied with the requirement set out
in the notice given under subsection (2), the Authority may revoke the registration of the person as a subsidiary
intermediary.


Part:
Division:

4A
7

Inspection and Investigation Concerning Failure to
Comply with Performance Requirement

E.R. 1 of 2013 25/04/2013





Section: 34ZQ Initiating inspection powers for monitoring compliance 16 of 2012 01/11/2012


(1) A frontline regulator of a regulated person—
(a) may exercise the powers under section 34ZR for the purpose of ascertaining any matter specified in



Cap 485 - Mandatory Provident Fund Schemes Ordinance 73

subsection (2); or
(b) may direct a prescribed person to ascertain any specified matter with those powers.

(2) The following matters are specified for the purposes of subsection (1)—
(a) whether or not the regulated person has complied, or has failed to comply, with the performance

requirements;
(b) whether or not the regulated person is complying, or is failing to comply, with those requirements;
(c) whether or not the regulated person is likely, or is unlikely, to be able to comply with those requirements.

(3) If a frontline regulator directs a person under subsection (1)(b) to ascertain any specified matter—
(a) the frontline regulator must provide the person with a copy of the direction; and
(b) the person must, before imposing a requirement under section 34ZR on another person, produce a copy of

the direction to that other person.
(4) Even though a frontline regulator has directed a person under subsection (1)(b) to ascertain any specified matter,

the frontline regulator may still exercise the powers under section 34ZR for the purpose of ascertaining the
specified matter.


Section: 34ZR Inspection powers 16 of 2012 01/11/2012


(1) An inspector—
(a) may enter at any reasonable time any place of business of the regulated person;
(b) may inspect any business record of the regulated person;
(c) may make copies or otherwise record details of any business record of the regulated person; and
(d) may make inquiries of the regulated person, or a person specified in subsection (5)—

(i) concerning any business record of the regulated person; or
(ii) concerning any transaction or activity that was undertaken in the course of, or may affect, the business

conducted by the regulated person.
(2) In exercising a power under subsection (1)(b) or (c), the inspector may require the regulated person, or a person

specified in subsection (5)—
(a) to give the inspector access to any business record of the regulated person;
(b) to produce to the inspector, within the time and at the place specified in the requirement, any business

record of the regulated person; and
(c) to answer any question regarding any business record of the regulated person.

(3) In exercising a power under subsection (1)(d), the inspector may require the regulated person, or the specified
person—
(a) to give the inspector access to any business record of the regulated person;
(b) to produce to the inspector, within the time and at the place specified in the requirement, any business

record of the regulated person; and
(c) to answer any question raised for the purposes of subsection (1)(d).

(4) The power under subsection (1)(d) or (2) is not exercisable in relation to a specified person unless the inspector
has reasonable cause to believe that the information or record sought under that subsection cannot be obtained
by exercising the power in relation to the regulated person.

(5) The person specified for the purposes of subsections (1)(d) and (2) is a person whom the inspector has
reasonable cause to believe—
(a) has information relating to any business record of the regulated person; or
(b) is in possession of any business record of the regulated person.

(6) If a person gives an answer in compliance with a requirement imposed under subsection (1), (2) or (3), the
inspector may, in writing, require the person to verify, within the time specified in the requirement, the answer
by a statutory declaration.

(7) If, for the reason that the information concerned is not within the person’s knowledge or possession, a person
does not give any answer in compliance with a requirement imposed under subsection (1), (2) or (3), the
inspector may, in writing, require the person to verify, within the time specified in the requirement, that reason
and fact by a statutory declaration.

(8) This section is subject to section 34ZZB(1).
(9) In this section—



Cap 485 - Mandatory Provident Fund Schemes Ordinance 74

business record (業務紀錄), in relation to a regulated person, means any record or document relating to—
(a) the business conducted by the regulated person; or
(b) any transaction or activity that was undertaken in the course of, or may affect, the business conducted by

the regulated person.

Section: 34ZS Inspection powers exercisable in relation to former

regulated person
16 of 2012 01/11/2012



(1) An industry regulator may exercise the powers under section 34ZR for the purpose of ascertaining whether or
not a person who was a regulated person of which the industry regulator was formerly the frontline regulator has
complied, or has failed to comply, with the performance requirements at any time during the period the industry
regulator was the frontline regulator of the person.

(2) An industry regulator may direct any prescribed person to ascertain, with those powers, whether or not a person
who was a regulated person of which the industry regulator was formerly the frontline regulator has complied, or
has failed to comply, with the performance requirements at any time during the period the industry regulator was
the frontline regulator of the person.

(3) This Part is to be construed accordingly.

Section: 34ZT Initiating investigation powers for suspected non-

compliance
16 of 2012 01/11/2012



(1) If a frontline regulator of a regulated person has reasonable cause to believe that the regulated person may have
failed to comply with a performance requirement, the frontline regulator—
(a) may exercise the powers under section 34ZU for the purpose of investigating the failure or the question

whether or not there has been such a failure; or
(b) may in writing direct a prescribed person to investigate, with those powers, the failure or the question

whether or not there has been such a failure.
(2) If a frontline regulator directs a person under subsection (1)(b) in relation to an investigation—

(a) the frontline regulator must provide the person with a copy of the direction; and
(b) the person must, before imposing a requirement under section 34ZU on another person, produce a copy of

the direction to that other person.
(3) Before a frontline regulator, or a person directed by a frontline regulator under subsection (1)(b), imposes a

requirement under section 34ZU on another person who is a Type A or Type B regulatee of an industry regulator
that is not the frontline regulator, the frontline regulator or the person so directed must consult the industry
regulator.

(4) Even though a frontline regulator has directed a person under subsection (1)(b) in relation to an investigation, the
frontline regulator may still exercise the powers under section 34ZU for the purpose of the investigation.


Section: 34ZU Investigation powers 16 of 2012 01/11/2012


(1) An investigator may, in writing, require a person specified in subsection (2)—
(a) to produce, within the time and at the place specified in the requirement, any record or document specified

in the requirement—
(i) that is or may be relevant to any matter under investigation; and
(ii) that is in the person’s possession;

(b) to attend before the investigator at the time and place specified in the requirement, and answer any question
relating to any matter under investigation that the investigator may raise with the person;

(c) to respond to any written question relating to any matter under investigation that the investigator may raise
with the person; or

(d) to give the investigator any assistance in connection with the investigation that the person is reasonably able
to give.

(2) The person specified for the purposes of subsection (1) is—
(a) a person whom the frontline regulator has reasonable cause to believe may have failed to comply with a

performance requirement; or



Cap 485 - Mandatory Provident Fund Schemes Ordinance 75

(b) a person whom the investigator has reasonable cause to believe—
(i) to be in possession of any record or document that contains, or that is likely to contain, information

relevant to any matter under investigation; or
(ii) to be otherwise in possession of such information.

(3) If a person produces a record or document in compliance with a requirement imposed under subsection (1)(a),
the investigator may require the person to give an explanation or further particulars in respect of the record or
document.

(4) If a person gives any answer, response, explanation or particulars in compliance with a requirement imposed
under subsection (1) or (3), the investigator may, in writing, require the person to verify within the time
specified in the requirement, the answer, response, explanation or particulars by a statutory declaration.

(5) If, for the reason that the information concerned is not within the person’s knowledge or possession, a person
does not give any answer, response, explanation or particulars in compliance with a requirement imposed under
subsection (1) or (3), the investigator may, in writing, require the person to verify, within the time specified in
the requirement, that reason and fact by a statutory declaration.

(6) This section is subject to section 34ZZB(2).

Section: 34ZV Investigation powers exercisable in relation to former

regulated persons
16 of 2012 01/11/2012



(1) If an industry regulator has reasonable cause to believe that a person who was a regulated person of which the
industry regulator was formerly a frontline regulator may have failed to comply with a performance requirement
at any time during the period the industry regulator was the frontline regulator of the person—
(a) the industry regulator may exercise the powers under section 34ZU for the purpose of investigating the

failure or the question whether or not there has been such a failure; or
(b) the industry regulator may direct a prescribed person to investigate, with those powers, the failure or the

question whether or not there has been such a failure.
(2) This Part is to be construed accordingly.

Part:
Division:

4A
8

Disciplinary Order for Failure to Comply with
Performance Requirements

E.R. 1 of 2013 25/04/2013



(*Format changes—E.R. 1 of 2013)
_______________________________________________________________________________
Note:
*The format of Part 4A has been updated to the current legislative styles.

Section: 34ZW Authority may make disciplinary order 16 of 2012 01/11/2012


(1) The Authority may make any disciplinary order under subsection (3), (4), (5) or (6) against a regulated person if
the Authority is satisfied that the regulated person has failed to comply with a performance requirement.

(2) The Authority may make any disciplinary order under subsection (3) or (4) against a regulated person if the
regulated person is convicted of an offence under this Ordinance or any subsidiary legislation under this
Ordinance.

(3) If the regulated person is a registered intermediary—
(a) the Authority—

(i) may order that the registration of the person as such registered intermediary be revoked; and
(ii) may order that the person be disqualified from being registered as an intermediary for carrying on

regulated activities, or as an intermediary for carrying on regulated activities for a principal
intermediary to which the person is to be attached, for a period determined by the Authority; or

(b) the Authority may order that the registration of the person as such registered intermediary be suspended for
a period determined by the Authority.

(4) If the regulated person is a responsible officer of a principal intermediary—
(a) the Authority—

(i) may order that the approval of the individual as such responsible officer be revoked; and



Cap 485 - Mandatory Provident Fund Schemes Ordinance 76

(ii) may order that the person be disqualified from being approved as an officer with specified
responsibilities in relation to a principal intermediary for a period determined by the Authority; or

(b) the Authority may order that the approval of the individual as such responsible officer be suspended for a
period determined by the Authority.

(5) The Authority may order that the regulated person—
(a) be publicly reprimanded; or
(b) be privately reprimanded.

(6) The Authority may order the regulated person to pay a pecuniary penalty not exceeding whichever is the greater
amount of the following—
(a) $10000000;
(b) 3 times the amount of the profit gained or loss avoided by the regulated person as a result of the failure.

(7) A power to make a disciplinary order against a regulated person under subsection (1) for a failure to comply
with a performance requirement is only exercisable if—
(a) the frontline regulator of the regulated person—

(i) has exercised the powers under section 34ZU for the purpose of investigating the failure or the
question whether or not there has been such a failure; or

(ii) has directed a person under section 34ZT(1)(b) to investigate, with those powers, the failure or the
question whether or not there has been such a failure;

(b) in considering the matters specified in subsection (8), the Authority has regard to the information—
(i) obtained by the frontline regulator or such a person from the investigation; and
(ii) disclosed to the Authority for the purpose of assisting or enabling the Authority to consider those

matters; and
(c) the Authority complies with section 34ZZ before making the disciplinary order.

(8) The matters specified for the purposes of subsection (7)(b) are—
(a) whether the regulated person has failed to comply with the performance requirement; and
(b) what disciplinary order is to be made against the regulated person.

(9) If the Authority exercises a power under subsection (1) or (2) to make a disciplinary order against a regulated
person, the Authority may disclose to the public details of the decision, including the reasons for it and any
material facts of the case.

(10) The Authority must pay any pecuniary penalty paid to or recovered by it under a disciplinary order into the
general revenue.

(11) In this section, a reference to a person being disqualified from registration or approval, or a registration or
approval being suspended, for a period determined by the Authority includes the person being so disqualified, or
the registration or approval being suspended, until the occurrence of an event determined by the Authority.


Section: 34ZX When disciplinary order takes effect 16 of 2012 01/11/2012


(1) This section applies if the Authority makes a disciplinary order against a regulated person.
(2) If, before the expiry of the period prescribed by the regulations for making an appeal, the regulated person gives

the Authority a notice in writing that the person will not appeal against the decision, the disciplinary order takes
effect when the notice is given.

(3) If the regulated person does not appeal against the decision within the period prescribed by the regulations for
making an appeal, the disciplinary order takes effect when that period expires.

(4) If the regulated person appeals against the decision—
(a) where the appeal is withdrawn, the disciplinary order takes effect at the time of the withdrawal;
(b) where the decision is upheld on appeal, the disciplinary order takes effect at the time it is upheld; or
(c) where the decision is varied on appeal, the disciplinary order as varied takes effect at the time of the

variation.
(5) Despite subsections (2), (3) and (4), if the Authority considers appropriate, the disciplinary order takes effect at a

time determined by the Authority. The Authority must give the regulated person a notice in writing of the time
so determined.

(6) In deciding whether or not a disciplinary order should take effect at a time determined by the Authority, the
Authority must have regard—
(a) to the maintenance of public confidence—



Cap 485 - Mandatory Provident Fund Schemes Ordinance 77

(i) in the operation of registered schemes; and
(ii) in the operation of the retirement schemes industry in Hong Kong; and

(b) to the public interest.

Section: 34ZY Further action by Authority 16 of 2012 01/11/2012


(1) If the Authority is satisfied that a regulated person has failed to comply with a performance requirement and
intends to make a disciplinary order against a regulated person under section 34ZW, it may, by agreement with
the regulated person, take any further action, whether in place of or in addition to any disciplinary order, in
respect of the regulated person that it considers appropriate in the circumstances of the case.

(2) A power to take further action in respect of a regulated person under subsection (1) for a failure to comply with a
performance requirement is only exercisable if—
(a) the frontline regulator of the regulated person—

(i) has exercised the powers under section 34ZU for the purpose of investigating the failure or the
question whether or not there has been such a failure; or

(ii) has directed a person under section 34ZT(1)(b) to investigate, with those powers, the failure or the
question whether or not there has been such a failure;

(b) in considering the matters specified in subsection (3), the Authority has regard to the information—
(i) obtained by the frontline regulator or such a person from the investigation; and
(ii) disclosed to the Authority for the purpose of assisting or enabling the Authority to consider those

matters;
(c) the Authority considers it appropriate to exercise the power, having regard to—

(i) the maintenance of public confidence—
(A) in the operation of registered schemes; and
(B) in the operation of the retirement schemes industry in Hong Kong; and

(ii) the public interest; and
(d) subject to subsection (4), the Authority complies with section 34ZZ before taking the further action.

(3) The matters specified for the purposes of subsection (2)(b) are—
(a) whether the regulated person has failed to comply with the performance requirement; and
(b) what further action is to be taken in respect of the regulated person.

(4) The Authority is not required to comply with section 34ZZ(2)(b) for the purposes of subsection (2)(d) if the
regulated person so agrees. In that case, section 34ZZ(3)(c) does not apply.


Section: 34ZZ Procedural requirement for Authority before making

disciplinary order or taking further action
16 of 2012 01/11/2012



(1) This section applies if the Authority forms a preliminary view that it should make a disciplinary order against, or
take further action under section 34ZY in respect of, the regulated person.

(2) The Authority—
(a) must give the regulated person a notice in writing of the preliminary view and the reasons for it; and
(b) must give the regulated person an opportunity to make oral or written representations, or both, on the

preliminary view and the reasons for it.
(3) A notice under subsection (2)(a) must also include—

(a) particulars of the disciplinary order or further action proposed to be made or taken;
(b) particulars of the time at which the disciplinary order is proposed to take effect in accordance with section

34ZX; and
(c) a statement describing—

(i) the right of the regulated person to make representations; and
(ii) how and when the regulated person may make representations.

(4) For the purposes of subsection (3)(a), a notice under subsection (2)(a) must include—
(a) for a disciplinary order under section 34ZW(3) or (4), particulars of the duration and terms of the proposed

revocation, disqualification or suspension;
(b) for a disciplinary order under section 34ZW(5), particulars of the terms of the proposed reprimand; or



Cap 485 - Mandatory Provident Fund Schemes Ordinance 78

(c) for a disciplinary order under section 34ZW(6), the amount of the proposed pecuniary penalty and the
proposed period within which that penalty must be paid.


Section: 34ZZA Application of disciplinary powers in relation to former

regulated person
16 of 2012 01/11/2012



(1) This section applies to a power that is exercisable by the Authority under section 34ZW or 34ZY in relation to a
person who is a regulated person, in connection with the person’s failure to comply with a performance
requirement.

(2) The power is also exercisable by the Authority in relation to the person if the person was a regulated person at
the time of the failure, regardless of whether the person is a regulated person when the power is being exercised.

(3) This Part is to be construed accordingly.

Part:
Division:

4A
9

Miscellaneous E.R. 1 of 2013 25/04/2013





Part:
Division:
Subdivision:

4A
9
1

Provisions Supplementary to Divisions 3 and 7 E.R. 1 of 2013 25/04/2013





Section: 34ZZB Inspection and investigation powers in relation to certain
entity

16 of 2012 01/11/2012



(1) An inspector has no power under section 34ZR to require an entity specified in subsection (3) to disclose any
information, or to produce any record or document, relating to the affairs of a customer of the entity—
(a) unless the inspector is a relevant authority of the entity; or
(b) unless the inspector is satisfied that the disclosure or production is necessary for the purpose of ascertaining

any matter specified in section 34ZQ(2) and so certifies in writing to the entity.
(2) An investigator has no power under section 34P or 34ZU to require an entity specified in subsection (3) to

disclose any information, or to produce any record or document, relating to the affairs of a customer of the entity

(a) unless the investigator is a relevant authority of the entity; or
(b) unless—

(i) the customer is a person whom the investigator has reasonable cause to believe may be able to give
information relevant to the matter under investigation; and

(ii) the investigator is satisfied that the disclosure or production is necessary for the purpose of the
investigation and so certifies in writing to the entity.

(3) The entity is—
(a) an authorized financial institution;
(b) a licensed corporation as defined by section 1 of Part 1 of Schedule 1 to the Securities and Futures

Ordinance (Cap 571);
(c) an insurer authorized under the Insurance Companies Ordinance (Cap 41);
(d) an appointed insurance agent as defined by section 2(1) of the Insurance Companies Ordinance (Cap 41); or
(e) an authorized insurance broker as defined by section 2(1) of the Insurance Companies Ordinance (Cap 41).

(4) In this section—
relevant authority (有關主管當局)—

(a) in relation to an entity specified in subsection (3)(a), means—
(i) the Monetary Authority; or
(ii) a person directed by the Monetary Authority under section 34O(2)(b), 34ZQ(1)(b) or 34ZT(1)(b);

(b) in relation to an entity specified in subsection (3)(b), means—
(i) the Securities and Futures Commission; or



Cap 485 - Mandatory Provident Fund Schemes Ordinance 79

(ii) a person directed by the Securities and Futures Commission under section 34O(2)(b), 34ZQ(1)(b) or
34ZT(1)(b); or

(c) in relation to an entity specified in subsection (3)(c), (d) or (e), means—
(i) the Insurance Authority; or
(ii) a person directed by the Insurance Authority under section 34O(2)(b), 34ZQ(1)(b) or 34ZT(1)(b).


Section: 34ZZC Offences relating to sections 34P, 34ZR and 34ZU 16 of 2012 01/11/2012


(1) A person commits an offence if the person, without reasonable excuse, fails to comply with a specified
requirement imposed on the person.

(2) A person commits an offence if the person, with intent to defraud, fails to comply with a specified requirement
imposed on the person.

(3) A person commits an offence if—
(a) in purported compliance with a specified requirement imposed on the person, the person produces any

record or document, or gives an answer or response, or gives any explanation or particulars, that are false or
misleading in a material respect; and

(b) the person knows that, or is reckless as to whether, the record or document, or the answer or response, or
the explanation or particulars, are false or misleading in a material respect.

(4) A person commits an offence if, in purported compliance with a specified requirement imposed on the person,
the person, with intent to defraud, produces any record or document, or gives an answer or response, or gives
any explanation or particulars, that are false or misleading in a material respect.

(5) A person commits an offence if, being an officer or employee of a company, the person, with intent to defraud—
(a) causes or allows the company to fail to comply with a specified requirement imposed on the company; or
(b) causes or allows the company, in purported compliance with a specified requirement imposed on the

company, to produce any record or document, or give an answer or response, or give any explanation or
particulars, that are false or misleading in a material respect.

(6) A person is not excused from complying with a requirement imposed under section 34P or 34ZU on the person
only on the ground that to do so might tend to incriminate the person.

(7) Despite anything in this Ordinance, no criminal proceedings may be instituted against a person under subsection
(1), (2), (3), (4) or (5) in respect of a conduct if—
(a) proceedings have previously been instituted against the person for the purposes of section 34ZZD(3)(b) in

respect of the same conduct; and
(b) those proceedings remain pending, or by reason of the previous institution of those proceedings, no

proceedings may again be lawfully instituted against that person for the purposes of section 34ZZD(3)(b) in
respect of the same conduct.

(8) A person who commits an offence under subsection (1) is liable—
(a) on conviction on indictment to a fine of $200000 and to imprisonment for 1 year; or
(b) on summary conviction to a fine at level 5 and to imprisonment for 6 months.

(9) A person who commits an offence under subsection (3) is liable—
(a) on conviction on indictment to a fine of $1000000 and to imprisonment for 2 years; or
(b) on summary conviction to a fine at level 6 and to imprisonment for 6 months.

(10) A person who commits an offence under subsection (2), (4) or (5) is liable—
(a) on conviction on indictment to a fine of $1000000 and to imprisonment for 7 years; or
(b) on summary conviction to a fine at level 6 and to imprisonment for 6 months.

(11) In this section—
specified requirement (指明要求) means a requirement imposed under section 34P, 34ZR or 34ZU.

Section: 34ZZD Court to inquire into failure to comply with inspection or

investigation requirement
16 of 2012 01/11/2012



(1) A person specified in subsection (2) may, by originating summons, apply to the Court for an inquiry into any
person’s failure to comply with a requirement imposed under section 34P, 34ZR or 34ZU.

(2) The person specified for the purposes of subsection (1) is—



Cap 485 - Mandatory Provident Fund Schemes Ordinance 80

(a) in the case of section 34P or 34ZU, an investigator; or
(b) in the case of section 34ZR, an inspector.

(3) On such application, the Court may—
(a) on being satisfied that there is no reasonable excuse for the person not to comply with the requirement,

order the person to comply with the requirement within the period specified by the Court; and
(b) on being satisfied that the failure was without reasonable excuse, punish the person, and any other person

knowingly involved in the failure, in the same manner as if the person and, if applicable, that other person
had been guilty of contempt of court.

(4) An originating summons under subsection (1) is to be in Form No. 10 in Appendix A to the Rules of the High
Court (Cap 4 sub. leg. A).

(5) Despite anything in this Ordinance, no proceedings may be instituted against a person for the purposes of
subsection (3)(b) in respect of any conduct if—
(a) criminal proceedings have previously been instituted against the person under section 34ZZC(1), (2), (3),

(4) or (5) in respect of the same conduct; and
(b) those criminal proceedings remain pending, or by reason of the previous institution of those criminal

proceedings, no criminal proceedings may again be lawfully instituted against that person under section
34ZZC(1), (2), (3), (4) or (5) in respect of the same conduct.


Section: 34ZZE Use of incriminating evidence in proceedings 16 of 2012 01/11/2012


(1) If an investigator requires a person to give an answer or response to any question, or to give an explanation or
further particulars, under section 34P or 34ZU, the investigator must ensure that the person has first been
informed or reminded of the limitations imposed by subsection (2) on the admissibility in evidence of—
(a) the requirement; and
(b) the question and the answer or response, or the explanation or particulars.

(2) Despite anything in this Part, if—
(a) an investigator requires a person to give an answer or response to any question, or to give an explanation or

further particulars, under section 34P or 34ZU; and
(b) the answer or response, or the explanation or particulars, might tend to incriminate the person, and the

person so claims before giving the answer or response or giving the explanation or particulars,
the requirement, as well as the question and the answer or response, or the explanation or particulars, are not

admissible in evidence against the person in criminal proceedings in a court of law other than those specified in
subsection (3).

(3) The criminal proceedings are those in which the person is charged with an offence under section 34ZZC(1), (2),
(3), (4) or (5), or under Part V of the Crimes Ordinance (Cap 200), or for perjury, in respect of the answer or
response, or the explanation or particulars.


Section: 34ZZF Magistrate’s warrant 16 of 2012 01/11/2012


(1) If a magistrate is satisfied on information on oath laid by a person specified in subsection (2) that there are
reasonable grounds to suspect that there is, or is likely to be, on premises specified in the information any record
or document that may be required to be produced under section 34P, 34ZR or 34ZU, the magistrate may issue a
warrant authorizing a person set out in the warrant, and such other person as may be necessary to assist in the
execution of the warrant—
(a) to enter the premises, if necessary by force, at any time within the period of 7 days beginning on the date of

the warrant; and
(b) to search for, seize and remove any record or document that the person so set out has reasonable cause to

believe may be required to be produced under section 34P, 34ZR or 34ZU, as the case may be.
(2) The person specified for the purposes of subsection (1) is—

(a) in the case of section 34P or 34ZU, an investigator; or
(b) in the case of section 34ZR, an inspector.

(3) If a relevant person has reasonable cause to believe that another person on the premises is employed, or engaged
to provide a service, in connection with a business that is or has been conducted on the premises, the relevant
person may require that other person to produce for examination any record or document—



Cap 485 - Mandatory Provident Fund Schemes Ordinance 81

(a) that is in the possession of that other person; and
(b) that the relevant person has reasonable cause to believe may be required to be produced under section 34P,

34ZR or 34ZU, as the case may be.
(4) A relevant person may, in relation to any record or document required to be produced under subsection (3)—

(a) prohibit any person found on the premises from—
(i) removing the record or document from the premises;
(ii) erasing anything from, adding anything to or otherwise altering anything in, the record or document; or
(iii) otherwise interfering in any manner with, or causing or permitting any other person to interfere with,

the record or document; or
(b) take any other step that appears to the relevant person to be necessary for—

(i) preserving the record or document; or
(ii) preventing interference with the record or document.

(5) Any record or document removed under this section may be retained for—
(a) a period not exceeding 6 months beginning on the day of its removal; or
(b) if the record or document is or may be required for any criminal proceedings or for any other proceedings

under this Part, such longer period as may be necessary for the purpose of those proceedings.
(6) If a relevant person removes any record or document under this section, the relevant person—

(a) must as soon as practicable after the removal give a receipt for the record or document; and
(b) may permit any person who would be entitled to inspect the record or document but for the removal—

(i) to inspect it; and
(ii) to make copies or otherwise record details of it at all reasonable times.

(7) Section 102 of the Criminal Procedure Ordinance (Cap 221) applies to any property that has by virtue of this
section come into the possession of an investigator or inspector, as it applies to property that has come into the
possession of the police.

(8) A person commits an offence if the person—
(a) without reasonable excuse, fails to comply with a requirement or prohibition under subsection (3) or (4); or
(b) obstructs a relevant person in the exercise of any power conferred by subsection (3) or (4).

(9) A person who commits an offence under subsection (8) is liable—
(a) on conviction on indictment to a fine of $1000000 and to imprisonment for 2 years; or
(b) on summary conviction to a fine at level 6 and to imprisonment for 6 months.

(10) In this section—
relevant person (有關人士) means a person authorized by a warrant issued under subsection (1) to carry out the acts

mentioned in paragraphs (a) and (b) of that subsection.

Part:
Division:
Subdivision:

4A
9
2

Other Miscellaneous Provisions E.R. 1 of 2013 25/04/2013





Section: 34ZZG Registration or approval revocable on request 16 of 2012 01/11/2012


The Authority may revoke the registration of a person as a principal intermediary or subsidiary intermediary, or the
approval of the attachment of a person to a principal intermediary, or the approval of an individual as a responsible
officer of a principal intermediary, at the request of the person or individual.

Section: 34ZZH Notice of revocation, suspension, etc. 16 of 2012 01/11/2012


(1) This section applies if the Authority—
(a) suspends or revokes the registration of a person as a registered intermediary under Division 5 or 6;
(b) revokes the approval of a person as a responsible officer of a principal intermediary under section 34ZK; or
(c) makes a disciplinary order against a person under section 34ZW.

(2) The Authority must give the person a notice in writing of—
(a) the suspension or revocation, or the disciplinary order; and



Cap 485 - Mandatory Provident Fund Schemes Ordinance 82

(b) a statement of reasons for the suspension or revocation, or for the disciplinary order.

Section: 34ZZI Effect of revocation and suspension 16 of 2012 01/11/2012


(1) A revocation or suspension under this Part of the registration of a person as a registered intermediary does not
affect any agreement, transaction or arrangement entered into by the person as such registered intermediary.

(2) A revocation or suspension under this Part of the approval of the attachment of a person to a principal
intermediary does not affect any agreement, transaction or arrangement entered into by the person as a
subsidiary intermediary attached to the principal intermediary.


Section: 34ZZJ Payment by Authority to industry regulator in relation to

expenditure or cost for services
16 of 2012 01/11/2012



(1) The Authority may pay to an industry regulator an amount that in the Authority’s opinion represents the
expenditure or cost incurred, or likely to be incurred, by the industry regulator in providing the services or
performing the functions under this Part.

(2) A payment under subsection (1) is to be paid from the MPFA Administration Account.

Section: 34ZZK Transitional and saving provisions 16 of 2012 01/11/2012


Schedule 5B has effect.

Part: 5 Appeals E.R. 1 of 2013 25/04/2013


(*Format changes—E.R. 1 of 2013)
_______________________________________________________________________________
Note:
*The format of Part 5 has been updated to the current legislative styles.

Section: 35 Appeal Board E.R. 1 of 2013 25/04/2013


(1) Any person aggrieved by any decision specified in Schedule 6 may appeal to an Appeal Board called in English
the "Mandatory Provident Fund Schemes Appeal Board" and in Chinese "強制性公積金計劃上訴委員會".
An appeal must be made within the period prescribed by the regulations. (Amended 4 of 1998 s. 2)

(2) The Chief Executive shall appoint a person to be the Chairman of the Appeal Board and such other person or
such number of other persons as he thinks fit to be the Deputy Chairman or Deputy Chairmen of the Appeal
Board. (Amended 4 of 1998 s. 2)

(3) Subject to subsection (7), the Chairman or any Deputy Chairman shall be appointed for a term of not more than
2 years but may be reappointed.

(3A) A person appointed under subsection (2) to be the Chairman of the Appeal Board must be—
(a) a person who is eligible for appointment as a judge of the High Court under section 9 of the High Court

Ordinance (Cap 4);
(b) a former Justice of Appeal of the Court of Appeal; or
(c) a former judge or a former deputy judge of the Court of First Instance. (Added 16 of 2012 s. 14)

(4) A person appointed under subsection (2) to be the Deputy Chairman, or one of the Deputy Chairmen, of the
Appeal Board must be a solicitor or barrister admitted under the Legal Practitioners Ordinance (Cap 159).
(Amended 16 of 2012 s. 14)

(5) The Chief Executive shall appoint a panel of persons whom he considers suitable for appointment under section
36 as members of the Appeal Board. (Amended 4 of 1998 s. 2; 16 of 2012 s. 14)

(5A) The panel of persons appointed under subsection (5)—
(a) must not include any public officer; and
(b) must include—

(i) at least 1 but not more than 2 persons who, in the Chief Executive’s opinion, represent the interests
of both Type A regulatees and Type B regulatees within the meaning of Part IVA; and



Cap 485 - Mandatory Provident Fund Schemes Ordinance 83

(ii) at least 1 but not more than 2 persons who, in the Chief Executive’s opinion, represent the interests
of relevant employees. (Added 16 of 2012 s. 14)

(6) An appointment under subsection (2) or (5) shall be notified in the Gazette.
(7) The Chairman and any Deputy Chairman or person appointed under subsection (5) may at any time resign by

notice in writing to the Chief Executive. (Amended 4 of 1998 s. 2)
(8) The Chairman and any Deputy Chairman or person appointed under subsection (5) shall be remunerated out of

money provided by the Legislative Council for that purpose at a rate that the Financial Secretary may determine.
(Enacted 1995)


Section: 36 Constitution and powers of Appeal Board E.R. 1 of 2013 25/04/2013


(1) The Appeal Board shall consist of the Chairman or any Deputy Chairman who shall preside at the hearing and
such number of persons, not being fewer than 2, from the panel referred to in section 35(5) as the Chairman may
appoint to be members of the Appeal Board to hear any appeal.

(2) In relation to the hearing of appeals every question before the Appeal Board shall be determined by the opinion
of the majority of the members hearing the appeal except a question of law which shall be determined by the
Chairman or (where appropriate) the Deputy Chairman and in the case of an equality of votes the Chairman or
Deputy Chairman shall have a casting vote.

(3) In hearing an appeal the Appeal Board may-
(a) receive and consider any material, whether by way of oral evidence, written statements, documents or

otherwise, and whether or not it would be admissible in a court of law;
(b) by notice in writing signed by the Chairman, summon any person-

(i) to produce to it any document that is relevant to the appeal and is in his custody or under his control; or
(ii) to appear before it and to give evidence relevant to the appeal;

(c) administer oaths and affirmations;
(d) require evidence to be given on oath or affirmation;
(e) make an award of such sum, if any, in respect of the costs involved in the appeal as is just and equitable in

all the circumstances of the case.
(4) After hearing an appeal made in respect of any decision specified in Schedule 6 the Appeal Board may uphold,

vary or quash that decision and make such consequential orders as may be necessary.
(Enacted 1995)


Section: 37 Appeal Board's decision is final E.R. 1 of 2013 25/04/2013


Subject to section 39, the determination of an appeal by the Appeal Board or any order as to costs made by the Appeal
Board shall be final.

(Enacted 1995)

Section: 38 Supplementary provisions relating to appeals E.R. 1 of 2013 25/04/2013


(1) The procedure and practice of the Appeal Board shall, subject to this Ordinance, be determined by the Chairman.
(2) If the Chairman is precluded by illness, absence from Hong Kong or any other cause from exercising his

functions, the Chief Executive may appoint any Deputy Chairman to act as Chairman and as such to exercise all
the functions of the Chairman during the period of his appointment. (Amended 4 of 1998 s. 2)

(3) If a person appointed by the Chairman under section 36(1) to hear an appeal is precluded by illness, absence
from Hong Kong or any other cause from exercising his functions, the Chairman may appoint any other person
from the panel referred to in section 35(5) to act in his place.

(4) At the hearing of an appeal, the appellant is entitled to appear in person or to be represented by any of the
following persons-
(a) a legal practitioner;
(b) if the appellant is a company, any of its officers or employees;
(c) if the appellant is a partnership, any of its partners or employees;
(d) with the leave of the Appeal Board, any other person. (Replaced 4 of 1998 s. 2)

(4A) At the hearing of an appeal, the Authority is entitled to be represented by any of the following persons-



Cap 485 - Mandatory Provident Fund Schemes Ordinance 84

(a) the Managing Director;
(b) any of the Authority's employees;
(c) a legal practitioner;
(d) with the leave of the Appeal Board, any other person. (Added 4 of 1998 s. 2)

(5) In relation to any appeal to the Appeal Board, the members of the Appeal Board, the appellant, and any witness,
representative or other person appearing before the Appeal Board shall have the same privileges and immunities
as they would have if the proceedings were civil proceedings before a court.

(6) A sum awarded to the Authority under section 36(3) as costs is recoverable by the Authority in a court of
competent jurisdiction as a debt due to the Authority. (Replaced 4 of 1998 s. 2)

(7) A sum awarded against the Authority under section 36(3) as costs is recoverable from the Authority in a court of
competent jurisdiction as a debt. (Added 4 of 1998 s. 2)

(Enacted 1995)

Section: 39 Case may be stated for Court of Appeal E.R. 1 of 2013 25/04/2013


(1) The Appeal Board may refer any question of law arising in an appeal to the Court of Appeal for determination
by way of case stated.

(2) On the hearing of the case, the Court of Appeal may either-
(a) determine the question stated; or
(b) remit the case to the Appeal Board, in whole or in part, for reconsideration in the light of the Court's

determination. (Replaced 4 of 1998 s. 2)
(3) Where a case is stated under subsection (1), the Appeal Board shall not determine the relevant appeal before the

Court of Appeal determines the relevant point of law.
(Enacted 1995)


Section: 40 Offences relating to appeal E.R. 1 of 2013 25/04/2013


Any person who, without reasonable excuse, refuses or fails-
(a) to attend and give evidence when required to do so by the Appeal Board; or
(b) to answer truthfully, and completely questions put to him by the Appeal Board; or
(c) to produce any document which he is required by the Appeal Board to produce,

commits an offence and is liable on summary conviction to a fine at level 4.
(Amended 4 of 1998 s. 2)

(Enacted 1995)

Part: 6 Miscellaneous E.R. 1 of 2013 25/04/2013


(*Format changes—E.R. 1 of 2013)
_______________________________________________________________________________
Note:
*The format of Part 6 has been updated to the current legislative styles.

Section: 41 Persons not to disclose certain information E.R. 1 of 2013 25/04/2013


(1) A person who obtains information in the exercise or performance of functions conferred or imposed by or under
this Ordinance-
(a) must not disclose the information to any other person, unless the disclosure is necessary in order to exercise

or perform those functions; and
(b) must not enable another person to have access to the information, except in so far as that access is necessary

to allow that other person to exercise or perform functions under or for the purposes of this Ordinance.
(2) Subsection (1) does not prevent the disclosure of, or the provision of access to, information (not being

information contained in a report referred to in section 7C(4)) in accordance with an order of a court or in
accordance with a law or a requirement made under a law.

(3) A person who, without lawful authority, contravenes subsection (1) commits an offence and is liable on
conviction to a fine at level 4.



Cap 485 - Mandatory Provident Fund Schemes Ordinance 85

(Replaced 4 of 1998 s. 2)

Section: 42 Authority may disclose certain information despite section

41
1 of 2015 30/01/2015



(1) Section 41 does not prevent the Authority from doing any of the following with respect to information obtained
by it under this Ordinance-
(a) disclose the information as a summary compiled from information provided by persons in accordance with

this Ordinance but only if the summary is compiled so as to prevent the identities and businesses of those
persons from being ascertained from the summary;

(b) disclose the information for the purposes of any criminal proceedings in Hong Kong or an investigation
conducted with a view to bringing any such proceedings;

(c) disclose the information in connection with any civil proceedings to which the Authority is a party or with a
view to bringing any such proceedings;

(caa)disclose the information for seeking advice from, or giving advice by, counsel or a solicitor or other
professional adviser acting or proposing to act in a professional capacity in connection with a matter arising
under this Ordinance; (Added 1 of 2015 s. 9)

(ca) disclose the information in such form as the Authority considers appropriate but only if the information has
been made available to members of the public by virtue of being disclosed in any circumstances in which,
or for any purpose for which, disclosure is not precluded by section 41; (Added 1 of 2008 s. 37)

(d) subject to subsections (1A) and (2), disclose the information to—
(i) the Chief Executive;
(ii) the Financial Secretary;
(iii) the Secretary for Justice;
(iv) the Registrar of Occupational Retirement Schemes;
(v) the Insurance Authority;
(vi) the Monetary Authority;
(vii) the Securities and Futures Commission;
(viii)the Commissioner of Inland Revenue;
(ix) the Privacy Commissioner for Personal Data;
(x) the Ombudsman;
(xi) the Registrar of Companies;
(xii) the Financial Reporting Council established by section 6(1) of the Financial Reporting Council

Ordinance (Cap 588);
(xiii)the Official Receiver appointed under the Bankruptcy Ordinance (Cap 6);
(xiv) a liquidator appointed under the Companies (Winding Up and Miscellaneous Provisions) Ordinance

(Cap 32); or
(xv) a person authorized by a person or body specified in subparagraph (i), (ii), (iii), (iv), (v), (vi) or (vii).

(Replaced 1 of 2015 s. 9)
(e) disclose the information to a body specified in accordance with subsection (4), but only if the Authority-

(i) is satisfied that the information will be used only in disciplinary proceedings brought or proposed to be
brought against a member of the body; and

(ii) considers that the disclosure is appropriate; (Amended 1 of 2008 s. 37)
(f) disclose the information with the consent of the person from whom the information was obtained or

received and, if the information relates to a different person, with the consent also of the person to whom
the information relates; (Added 1 of 2008 s. 37)

(g) disclose the information relating to provident fund schemes or constituent funds or approved pooled
investment funds, but only if the Authority considers that it could-
(i) promote understanding by the public of the retirement scheme industry in Hong Kong and of the

benefits, risks and liabilities associated with investing in provident fund schemes or occupational
retirement schemes;

(ii) promote understanding by the public of the importance of making informed decisions relating to
provident fund schemes or occupational retirement schemes, including, in particular, the importance of
making informed decisions when choosing registered schemes or investing contributions or accrued
benefits; or



Cap 485 - Mandatory Provident Fund Schemes Ordinance 86

(iii) secure an appropriate degree of protection for the public by ensuring that they have sufficient
information to help them make informed decisions relating to provident fund schemes or occupational
retirement schemes, including, in particular, sufficient information to help them make informed
decisions when choosing registered schemes or investing contributions or accrued benefits. (Added 1
of 2008 s. 37)

(1A) The Authority may only disclose information under subsection (1)(d) if it is satisfied that—
(a) the disclosure is in the interests of the scheme members concerned;
(b) the disclosure is in the public interest; or
(c) the disclosure enables the exercise or performance of a function imposed or conferred by law. (Added 1 of

2015 s. 9)
(2) The Authority may disclose information under subsection (1) to the Commissioner of Inland Revenue only if it

is satisfied that the information is required in order to assist the Commissioner in determining a matter that the
Commissioner is required or empowered to determine under the Inland Revenue Ordinance (Cap 112).

(3) Subsection (1) does not authorize the disclosure of information contained in a report referred to in section 7C(4)
to a person or body specified in subsection (1)(d) or (e).

(4) The Authority may, by notice published in the Gazette, specify a body for the purposes of subsection (1)(e).
(5) (Repealed 1 of 2015 s. 9)
(5A) The information that may be disclosed under subsection (1)(g) includes (but is not limited to) information

relating to-
(a) the investment portfolios and investment policies of provident fund schemes, constituent funds or approved

pooled investment funds;
(b) the investment performances of provident fund schemes, constituent funds or approved pooled investment

funds;
(c) the risks associated with investing in provident fund schemes, constituent funds or approved pooled

investment funds;
(d) the fees and charges payable under provident fund schemes, constituent funds or approved pooled

investment funds; and
(e) the types of services available to members of provident fund schemes. (Added 1 of 2008 s. 37)

(6) Section 41 does not prevent the Authority from disclosing to a person located in a place outside Hong Kong
information obtained by it under this Ordinance if-
(a) the person exercises or performs in that place functions that correspond to those of the Authority or a person

or body specified in subsection (1)(d); and
(b) the Authority is satisfied that-

(i) the person is subject to adequate secrecy provisions imposed by the law of that place; or
(ii) the disclosure will enable or assist the person to exercise or perform the person's official functions,

and that it is not contrary to the interests of any scheme members or the public interest that the information
should be disclosed to the person.

(7) The information that may be disclosed under subsection (6) includes (but is not limited to) information on
matters relating to the affairs of an approved trustee or a service provider-
(a) that is incorporated, or that has its principal place of business, in a place outside Hong Kong; or
(b) that is incorporated in or outside Hong Kong and that is an associate of an approved trustee that is

incorporated, or has its principal place of business, in that place; or
(c) that is incorporated in Hong Kong and that has, or is proposing to establish, in that place an associate that is

or would be subject to supervision by that person.
(8) Subject to subsection (9), if information is disclosed by the operation of subsection (1) (other than paragraph (a),

(ca) or (f) of that subsection), any of the following persons must not disclose the information (or any part of it) to
any other person—
(a) the person to whom the information is so disclosed;
(b) another person obtaining or receiving the information, whether directly or indirectly, from that person.

(Added 1 of 2015 s. 9)
(9) Subsection (8) does not prevent a person from disclosing information to any other person if—

(a) the Authority consents to the disclosure;
(b) the disclosure—

(i) is made by a person or body specified in subsection (1)(d)(v), (vi) or (vii), or a person authorized by



Cap 485 - Mandatory Provident Fund Schemes Ordinance 87

any of them; and
(ii) in the opinion of the person or body, enables or assists the person or body to perform their functions

under Part 4A;
(c) the information (or the part of it) has already been made available to the public;
(d) the disclosure is for seeking advice from, or giving advice by, counsel or a solicitor or other professional

adviser acting or proposing to act in a professional capacity in connection with a matter arising under this
Ordinance;

(e) the disclosure is in connection with any judicial or other proceedings to which the person or that other
person referred to in subsection (8)(a) or (b) is a party; or

(f) the disclosure is in accordance with a court order, a law or a requirement made under a law. (Added 1 of
2015 s. 9)

(10) Section 41 does not prevent the Authority from giving consent under subsection (9)(a) if it is satisfied that the
disclosure—
(a) is in the interests of the scheme members concerned;
(b) is in the public interest; or
(c) enables the exercise or performance of a function imposed or conferred by law. (Added 1 of 2015 s. 9)

(11) The Authority may, in disclosing information under this section or in giving consent under subsection (9)(a),
impose conditions that it considers appropriate. (Added 1 of 2015 s. 9)

(12) A person who contravenes subsection (8) commits an offence and is liable on conviction to a fine at level 4.
(Added 1 of 2015 s. 9)

(Replaced 4 of 1998 s. 2)

Section: 42AA Specified entity may disclose information obtained under

Part 4A despite section 41*
1 of 2015 30/01/2015



(1) Section 41 does not prevent an entity specified in subsection (5) from disclosing the information to another
entity so specified if, in the opinion of the entity disclosing the information— (Amended 1 of 2015 s. 10)
(a) the disclosure will enable or assist the recipient of the information to perform the recipient’s functions

under Part 4A;
(b) the disclosure will enable or assist the recipient of the information to perform the recipient’s functions

(other than those under Part 4A) and it is not contrary to the interest of the investing public or to the public
interest that the information should be so disclosed; or

(c) it is desirable or expedient that the information should be disclosed in the interest of the investing public or
in the public interest.

(2) Section 41 does not prevent an entity specified in subsection (5) from disclosing the information to the Authority
if, in the opinion of the entity, the disclosure will enable or assist the Authority to perform its functions.

(3) Section 41 does not prevent an entity specified in subsection (5) from doing any of the following with respect to
information obtained by it under Part 4A—
(a) disclose the information as a summary compiled from information provided by persons in accordance with

Part 4A but only if the summary is compiled so as to prevent the identities and businesses of those persons
from being ascertained from the summary;

(b) disclose the information for the purpose of any criminal proceedings in Hong Kong or an investigation
conducted with a view to bringing any such proceedings;

(c) disclose the information in connection with any civil proceedings to which the entity is a party or with a
view to bringing any such proceedings;

(ca) disclose the information for seeking advice from, or giving advice by, counsel or a solicitor or other
professional adviser acting or proposing to act in a professional capacity in connection with a matter arising
under this Ordinance; (Added 1 of 2015 s. 10)

(d) disclose the information in such form as the entity considers appropriate but only if the information has
been made available to members of the public by virtue of being disclosed in any circumstances in which,
or for any purpose for which, disclosure is not precluded by section 41;

(e) subject to subsections (3A) and (4), disclose the information to—
(i) the Chief Executive;
(ii) the Financial Secretary;



Cap 485 - Mandatory Provident Fund Schemes Ordinance 88

(iii) the Secretary for Justice;
(iv) the Registrar of Occupational Retirement Schemes;
(v) the Commissioner of Inland Revenue;
(vi) the Privacy Commissioner for Personal Data;
(vii) the Ombudsman;
(viii)the Registrar of Companies;
(ix) the Financial Reporting Council established by section 6(1) of the Financial Reporting Council

Ordinance (Cap 588);
(x) the Official Receiver appointed under the Bankruptcy Ordinance (Cap 6);
(xi) a liquidator appointed under the Companies (Winding Up and Miscellaneous Provisions) Ordinance

(Cap 32); or
(xii) a person authorized by a person or body specified in subparagraph (i), (ii), (iii) or (iv). (Replaced 1 of

2015 s. 10)
(f) disclose the information with the consent of the person from whom the information was obtained or

received and, if the information relates to a different person, with the consent also of the person to whom
the information relates.

(3A) An entity specified in subsection (5) may only disclose information under subsection (3)(e) if, in its opinion, the
disclosure-
(a) is in the interests of the scheme members concerned;
(b) is in the public interest; or
(c) enables the exercise or performance of a function imposed or conferred by law. (Added 1 of 2015 s. 10)

(4) An entity specified in subsection (5) may disclose information under subsection (3) to the Commissioner of
Inland Revenue only if the entity is satisfied that the information is required in order to assist the Commissioner
in determining a matter that the Commissioner is required or empowered to determine under the Inland Revenue
Ordinance (Cap 112). (Amended 1 of 2015 s. 10)

(5) The entity specified for the purposes of this section is—
(a) the Insurance Authority;
(b) the Monetary Authority; or
(c) the Securities and Futures Commission.

(6) Subject to subsection (7), if information is disclosed by the operation of subsection (3) (other than paragraph (a),
(d) or (f) of that subsection), any of the following persons (not being the Authority or an entity specified in
subsection (5)) must not disclose the information (or any part of it) to any other person—
(a) the person to whom the information is so disclosed;
(b) another person obtaining or receiving the information, whether directly or indirectly, from that person.

(Added 1 of 2015 s. 10)
(7) Subsection (6) does not prevent a person from disclosing information to any other person if—

(a) the entity disclosing the information consents to the disclosure;
(b) the information (or the part of it) has already been made available to the public;
(c) the disclosure is for seeking advice from, or giving advice by, counsel or a solicitor or other professional

adviser acting or proposing to act in a professional capacity in connection with a matter arising under this
Ordinance;

(d) the disclosure is in connection with any judicial or other proceedings to which the person or that other
person referred to in subsection (6)(a) or (b) is a party; or

(e) the disclosure is in accordance with a court order, a law or a requirement made under a law. (Added 1 of
2015 s. 10)

(8) Section 41 does not prevent the entity disclosing the information from giving consent under subsection (7)(a) if,
in its opinion, the disclosure—
(a) is in the interests of the scheme members concerned;
(b) is in the public interest; or
(c) enables the exercise or performance of a function imposed or conferred by law. (Added 1 of 2015 s. 10)

(9) The entity disclosing the information may, in disclosing information under this section or in giving consent
under subsection (7)(a), impose conditions that it considers appropriate. (Added 1 of 2015 s. 10)

(10) A person who contravenes subsection (6) commits an offence and is liable on conviction to a fine at level 4.
(Added 1 of 2015 s. 10)



Cap 485 - Mandatory Provident Fund Schemes Ordinance 89

(Added 16 of 2012 s. 15)
_____________________________________________________________________________
Note:
* (Amended E.R. 1 of 2013; 1 of 2015 s. 10)

Section: 42AAB Administrator under Occupational Retirement Schemes

Ordinance or approved trustee may disclose certain
information despite section 41

1 of 2015 30/01/2015



(1) Section 41 does not prevent an administrator as defined by section 2(1) of the Occupational Retirement Schemes
Ordinance (Cap 426), or an approved trustee of a registered scheme, from disclosing information if—
(a) the Authority has given written consent; and
(b) any of the following applies—

(i) the person to whom the information relates has given written consent;
(ii) the information is disclosed in a manner that prevents particulars relating to the identity of the person

to whom the information relates from being ascertained from the information.
(2) The Authority may give consent only if—

(a) the information is to be disclosed to a person located in a place outside Hong Kong;
(b) the person exercises or performs in that place functions that correspond to those of the Commissioner of

Inland Revenue; and
(c) the Authority is satisfied that the disclosure will enable or assist the person to exercise or perform the

person’s official functions.
(3) The Authority may, in giving consent, impose conditions that it considers appropriate.

(Added 1 of 2015 s. 11)

Section: 42AB Person not to disclose information obtained in the course

of inspection, investigation or disciplinary action
E.R. 1 of 2013 25/04/2013



(1) This section applies to—
(a) a person on whom a requirement under section 34P, 34ZR or 34ZU has been imposed by—

(i) the Authority or a person directed by the Authority under section 34O(1)(a)(ii); or
(ii) an industry regulator or a person directed by an industry regulator under section 34O(2)(b),

34ZQ(1)(b) or 34ZT(1)(b); or
(b) a person who has been given a notice under section 34ZZ(2)(a) or 34ZZH(2).

(2) The person specified in subsection (1)(a) must not disclose any information obtained in the course of the
requirement being imposed, or in the course of a compliance or purported compliance with the requirement, to
any other person unless—
(a) the following consents to the disclosure—

(i) in the case of subsection (1)(a)(i), the Authority;
(ii) in the case of subsection (1)(a)(ii), the industry regulator; or

(b) any of the conditions specified in subsection (4) is satisfied.
(3) The person specified in subsection (1)(b) must not disclose any information obtained from the notice, or from

any communication with the Authority in relation to the subject matter of the notice, unless—
(a) the Authority consents to the disclosure; or
(b) any of the conditions specified in subsection (4) is satisfied.

(4) The conditions specified for the purposes of subsections (2)(b) and (3)(b) are—
(a) the information has already been made available to the public by virtue of being disclosed in any

circumstances in which, or for any purpose for which, disclosure is not precluded by section 41;
(b) the disclosure is for the purpose of seeking advice from, or giving advice by counsel, a solicitor, or any

other professional advisor, acting or proposing to act in a professional capacity in connection with any
matter arising under a provision of Part 4A;

(c) the disclosure is in connection with any judicial or other proceedings to which the person is a party; and
(d) the disclosure is in accordance with an order of a court, or in accordance with a law or a requirement made

under a law.



Cap 485 - Mandatory Provident Fund Schemes Ordinance 90

(5) The Authority or industry regulator may impose any conditions that it considers appropriate on a consent given
by it for the purposes of subsection (2)(a) or (3)(a).

(6) A person who contravenes subsection (2) or (3) commits an offence and is liable on conviction to a fine at level
4.

(Added 16 of 2012 s. 15. Amended E.R. 1 of 2013)

Section: 42A Protection for auditors and service providers E.R. 1 of 2013 25/04/2013


(1) An auditor or a service provider appointed or engaged by an approved trustee under this Ordinance does not
contravene a duty owed by the auditor or service provider in law only because the auditor or service provider has
given to the Authority in good faith information, an opinion or a document concerning a matter if-
(a) the auditor or service provider became aware of the matter in the auditor's or service provider's capacity as

such; and
(b) the matter is relevant to a function of the Authority under this Ordinance.

(2) Subsection (1) has effect with respect to information, an opinion or a document given to the Authority whether
or not it is given in response to a request of the Authority.

(3) Subsection (1) applies-
(a) to a person whose appointment or engagement as an auditor or service provider has ceased; and
(b) to an auditor or service provider who was appointed by a trustee whose approval has been revoked.

(Added 4 of 1998 s. 2)

Section: 42B Immunity E.R. 1 of 2013 25/04/2013


(1) No civil liability shall be incurred by the Authority, a director of the Authority or an employee of the Authority
in respect of anything done, or omitted to be done, by the Authority, director or employee, as the case may be, in
good faith in the performance or purported performance of any function under this Ordinance. (Amended 16 of
2012 s. 16)

(2) No civil liability is incurred by an entity specified in subsection (3), or a director or employee of such an entity,
or a person directed by such an entity under section 34O(2)(b), 34ZQ(1)(b) or 34ZT(1)(b), in respect of anything
done, or omitted to be done, by the entity, director, employee or person, as the case may be, in good faith in the
performance or purported performance of any function under Part4A. (Added 16 of 2012 s. 16)

(3) The entity is—
(a) the Insurance Authority;
(b) the Monetary Authority; or
(c) the Securities and Futures Commission. (Added 16 of 2012 s. 16)

(Added 2 of 2002 s. 15. Amended E.R. 1 of 2013)

Section: 43 Offence for unapproved person to carry on business as

approved trustee, etc.
1 of 2015 30/01/2015



(1) A person must not act as, or purport to carry on business as, an approved trustee unless the person is approved as
a trustee under section 20.

(2) A person must not administer, or purport to administer, a provident fund scheme unless-
(a) the person is an approved trustee or has been appointed under section 33A(3) as administrator of the

scheme; and
(b) the scheme is registered under section 21 or 21A.

(3) A person who contravenes subsection (1) or (2) commits an offence and is liable-
(a) on conviction on indictment to a fine of $5000000 and to imprisonment for 7 years and, in the case of a

continuing offence, to a further fine of $100000 for each day on which the offence is continued; or
(Replaced 1 of 2015 s. 12)

(b) on summary conviction to a fine of $500000 and to imprisonment for 2 years and, in the case of a
continuing offence, to a further fine of $10000 for each day on which the offence is continued. (Replaced 1
of 2015 s. 12)

(Replaced 4 of 1998 s. 2)



Cap 485 - Mandatory Provident Fund Schemes Ordinance 91


Section: 43A Offences by approved trustees E.R. 1 of 2013 25/04/2013


(1) An approved trustee of a registered scheme commits an offence if the trustee, without reasonable excuse-
(a) pays the accrued benefits of a scheme member otherwise than in the circumstances permitted by or under

this Ordinance; or
(b) fails to pay accrued benefits of a scheme member in accordance with an entitlement conferred by or under

this Ordinance.
(2) An approved trustee of a registered scheme who invests the accrued benefits of scheme members in restricted

investments in contravention of section 29 commits an offence.
(3) An approved trustee who, without reasonable excuse, fails to comply with a requirement of section 14(3)

commits an offence.
(4) An approved trustee who is convicted of an offence against this section is liable-

(a) to a fine at level 6 and to imprisonment for 12 months on the first occasion on which the person is convicted
of the offence; and

(b) to a fine of $200000 and to imprisonment for 2 years on each subsequent occasion on which the person is
convicted of the offence.

(Added 4 of 1998 s. 2)

Section: 43B Offences by employers E.R. 1 of 2013 25/04/2013


(1) An employer who, without reasonable excuse, fails to comply with a requirement imposed on employers by
section 7 commits an offence and is liable on conviction to a fine of $350000 and to imprisonment for 3 years
and, in the case of an offence consisting of a failure by the employer to comply with the requirement imposed by
section 7(1A), to a daily penalty of $500 for each day on which the offence is continued. (Replaced 18 of 2008
s. 3)

(1A) For the purposes of subsection (1), an employer does not have a reasonable excuse for failing to comply with a
requirement imposed by section 7 by reason only that the relevant employee’s not becoming or continuing to
be a member of a registered scheme was wholly or partly due to the fault of the employee. (Added 18 of 2008 s.
3)

(1B) An employer who, without reasonable excuse, fails to comply with section 7A(1), (2) or (7) commits an offence
and is liable on conviction-
(a) to a fine at level 6 and to imprisonment for 6 months on the first occasion on which the person is convicted

of the offence; and
(b) to a fine of $200000 and to imprisonment for 12 months on each subsequent occasion on which the person

is convicted of the offence. (Added 18 of 2008 s. 3)
(1C) An employer who, without reasonable excuse, fails to comply with section 7A(8) commits an offence and is-

(a) in the case where he has deducted any amount from the employee’s relevant income for the contribution
period concerned as the employee’s contribution and the total amount of contribution paid in respect of
the employee to the approved trustee for that contribution period is less than the amount so deducted, liable
on conviction to a fine of $450000 and to imprisonment for 4 years and, in the case of a continuing offence,
to a daily penalty of $700 for each day on which the offence is continued; and (Amended 16 of 2012 s. 17)

(b) in any other case, liable on conviction to a fine of $350000 and to imprisonment for 3 years and, in the case
of a continuing offence, to a daily penalty of $500 for each day on which the offence is continued. (Added
18 of 2008 s. 3. Amended 16 of 2012 s. 17)

(1D) An employer who, without reasonable excuse, fails to comply with section 7AA(2), (3) or (6) commits an
offence and is liable on conviction-
(a) to a fine at level 6 and to imprisonment for 6 months on the first occasion on which the person is convicted

of the offence; and
(b) to a fine of $200000 and to imprisonment for 12 months on each subsequent occasion on which the person

is convicted of the offence. (Added 18 of 2008 s. 11)
(1E) An employer who, without reasonable excuse, fails to comply with section 7AA(7) commits an offence and is-

(a) in the case where he has deducted any amount from the employee’s relevant income for the contribution
period concerned as the employee’s contribution and the total amount of contribution paid in respect of



Cap 485 - Mandatory Provident Fund Schemes Ordinance 92

the employee to the Authority for that contribution period is less than the amount so deducted, liable on
conviction to a fine of $450000 and to imprisonment for 4 years and, in the case of a continuing offence, to
a daily penalty of $700 for each day on which the offence is continued; and (Amended 16 of 2012 s. 17)

(b) in any other case, liable on conviction to a fine of $350000 and to imprisonment for 3 years and, in the case
of a continuing offence, to a daily penalty of $500 for each day on which the offence is continued. (Added
18 of 2008 s. 11. Amended 16 of 2012 s. 17)

(2) An employer who, without reasonable excuse, fails to comply with a requirement of section 14(4) commits an
offence and is liable on conviction- (Amended 18 of 2008 s. 3)
(a) to a fine at level 6 and to imprisonment for 6 months on the first occasion on which the person is convicted

of the offence; and
(b) to a fine of $200000 and to imprisonment for 12 months on each subsequent occasion on which the person

is convicted of the offence. (Amended 18 of 2008 s. 3)
(3) (Repealed 18 of 2008 s. 3)

(3A) If—
(a) in proceedings brought under section 18(3), a court orders an employer to pay any arrears or contribution

surcharge to the Authority; and
(b) without reasonable excuse, the employer fails to pay to the Authority any sum payable under the order at

the end of 14 days after the date by which the sum must be paid to the Authority under the order,
the employer commits an offence and is liable on conviction to a fine of $350000 and to imprisonment for 3

years and, in the case of a continuing offence, to a daily penalty of $500 for each day on which the offence is
continued. (Added 16 of 2012 s. 17)

(3B) In subsection (3A), a reference to a sum payable under an order includes—
(a) any part of a sum payable under the order; and
(b) in the case of a sum payable by instalments, any instalment or any part of an instalment. (Added 16 of 2012

s. 17)
(4) Notwithstanding section 26 of the Magistrates Ordinance (Cap 227), proceedings may be instituted for an

offence against this section within 6 months after the offence is discovered by, or comes to the notice of, the
Authority. (Added 29 of 2002 s. 11. Amended 1 of 2008 s. 42)

(Added 4 of 1998 s. 2)

Section: 43BA Court may make certain orders in proceedings for offences

under section 43B
E.R. 1 of 2013 25/04/2013



(1) Where an employer is convicted by a court of an offence against section 43B(1), the court may, in addition to
any penalty imposed under that section, make an order requiring the employer to procure for the employee
concerned membership in a registered scheme within the time specified in the order.

(2) Where an employer is acquitted by a court of an offence against section 43B(1) on the ground that there was a
reasonable excuse for the default, the court may make an order requiring the employer to procure for the
employee concerned membership in a registered scheme within the time specified in the order.

(3) Where an employer is convicted by a court of an offence against section 43B(1C) or (1E), the court may, in
addition to any penalty imposed under that section, make an order requiring the employer to pay any mandatory
contribution or contribution surcharge that is outstanding at the time of the conviction and in respect of which
the offence was committed.

(4) Where an employer is acquitted by a court of an offence against section 43B(1C) or (1E) on the ground that
there was a reasonable excuse for the default, the court may make an order requiring the employer to pay any
mandatory contribution or contribution surcharge that is outstanding at the time of the acquittal and in respect of
which the charge was brought.

(5) An employer who, without reasonable excuse, fails to comply with an order made under this section commits an
offence and is liable on conviction to a fine of $350000 and to imprisonment for 3 years and, in the case of a
continuing offence, to a daily penalty of $500 for each day on which the offence is continued.

(6) The Authority must pay any contribution or surcharge that is paid to it in respect of a relevant employee
pursuant to an order made under subsection (3) or (4)—
(a) where the employee is still employed by the employer concerned at the time the Authority makes payment





Cap 485 - Mandatory Provident Fund Schemes Ordinance 93

(i) to the approved trustee of the registered scheme nominated by the employer for this purpose; or
(ii) if the employer has not nominated a registered scheme, to the approved trustee of the registered

scheme nominated by the employee for this purpose; or
(iii) if neither the employer nor the employee has nominated a registered scheme, to the approved trustee of

a registered scheme that the Authority considers appropriate; or
(b) where the employee has ceased to be employed by the employer concerned at the time the Authority makes

payment—
(i) to the approved trustee of the registered scheme nominated by the employee for this purpose; or
(ii) if the employee has not nominated a registered scheme, to the approved trustee of a registered scheme

that the Authority considers appropriate.
(7) On receiving a payment under subsection (6), the approved trustee must credit the amount of the payment to the

relevant employee’s account.
(8) An approved trustee who, without reasonable excuse, fails to comply with subsection (7) commits an offence

and is liable on conviction to a fine at level 5.
(9) Nothing in subsection (3) or (4) affects the rights conferred on the Authority or any other person by this

Ordinance or any other law to bring proceedings to recover from the employer any outstanding mandatory
contribution or contribution surcharge.

(Added 18 of 2008 s. 12)

Section: 43C Offences by self-employed persons 1 of 2015 30/01/2015


(1) A self-employed person who is 18 years of age or over and below retirement age commits an offence if, without
reasonable excuse, the person- (Amended 2 of 2002 s. 16)
(a) fails to become a member of a registered scheme; or
(b) fails to continue to be a member of a registered scheme; or
(c) being a member of a registered scheme-

(i) fails to pay a mandatory contribution on time; or
(ii) pays as a mandatory contribution an amount that is less than the required amount.

(2) A self-employed person who is convicted of an offence against this section is liable-
(a) to a fine at level 5 and to imprisonment for 6 months on the first occasion on which the person is convicted

of the offence; and
(b) to a fine at level 6 and to imprisonment for 12 months on each subsequent occasion on which the person is

convicted of the offence.
(3) (Repealed 1 of 2015 s. 13)

(Added 4 of 1998 s. 2)

Section: 43D Offence to obstruct Authority etc. in the exercise or

performance of functions
E.R. 1 of 2013 25/04/2013



(1) Any person who-
(a) without lawful authority, obstructs or hinders, or interferes with, a person to whom this section applies in

the exercise or performance of a function conferred or imposed on that person by or under this Ordinance;
or

(b) without reasonable excuse, fails to comply with a lawful requirement made by such a person in the course
of exercising or performing such a function,

commits an offence and is liable on conviction-
(i) to a fine at level 6 and to imprisonment for 12 months on the first occasion on which the person is convicted

of the offence; and
(ii) to a fine of $200000 and to imprisonment for 2 years on each subsequent occasion on which the person is

convicted of the offence.
(2) This section applies to the following persons-

(a) the Authority;
(b) an authorized person;
(c) an auditor who is appointed by an approved trustee for the purposes of section 30;



Cap 485 - Mandatory Provident Fund Schemes Ordinance 94

(d) an inspector appointed for the purposes of section 32.
(Added 4 of 1998 s. 2)


Section: 43E Offence to make false or misleading statement 1 of 2015 30/01/2015


(1) A person who, in any document given to the Authority, an approved trustee or an auditor of an approved trustee
or of a registered scheme in connection with this Ordinance, makes a statement that the person knows to be false
or misleading in a material respect, or recklessly makes a statement which is false or misleading in a material
respect, commits an offence and is liable on conviction- (Amended 1 of 2008 s. 44)
(a) to a fine at level 6 and to imprisonment for 12 months on the first occasion on which the person is convicted

of the offence; and
(b) to a fine of $200000 and to imprisonment for 2 years on each subsequent occasion on which the person is

convicted of the offence.
(2) (Repealed 1 of 2015 s. 14)

(Added 4 of 1998 s. 2)

Section: 43F Offence relating to pay-record 1 of 2015 30/01/2015


(1) A participating employer who, in a pay-record given to an employee, provides any information that the employer
knows to be false or misleading in a material respect, or recklessly provides any information that is false or
misleading in a material respect, commits an offence and is liable on conviction—
(a) to a fine at level 6 and to imprisonment for 12 months on the first occasion on which the person is convicted

of the offence; and
(b) to a fine of $200000 and to imprisonment for 2 years on each subsequent occasion on which the person is

convicted of the offence.
(2) (Repealed 1 of 2015 s. 15)
(3) In this section, pay-record (供款紀錄) means a pay-record prepared under section 139 of the Mandatory

Provident Fund Schemes (General) Regulation (Cap 485 sub. leg. A).
(Added 18 of 2008 s. 35)


Section: 44 Liability of officers, managers and partners E.R. 1 of 2013 25/04/2013


(1) Where an offence under this Ordinance is committed by a company and is proved to have been committed with
the consent or connivance of, or to be attributable to any neglect on the part of, any officer, or other person
concerned in the management of the company, or any person who was purporting to act in that capacity, the
officer or person as well as the company commits the offence and is liable to be proceeded against and punished
accordingly. (Amended 4 of 1998 s. 2)

(2) Where an offence under this Ordinance committed by a partner is proved to have been committed with the
consent or connivance of, or to be attributable to any neglect on the part of, any other partner of the partnership,
that other partner also commits the offence and is liable to be proceeded against and punished accordingly.
(Amended 4 of 1998 s. 2)

(3) Where an offence under section 43B(3A) is committed by a company, the offence is presumed to have been
committed with the consent or connivance of, or to be attributable to the neglect on the part of, an officer or any
person who was purporting to act in that capacity if it is proved that, at the time the offence was committed, the
officer or person—
(a) was concerned in the management of the company; or
(b) knew or ought to have known that the order in respect of which the offence was committed had been made

against the company. (Added 16 of 2012 s. 18)
(4) Where an offence under section 43B(3A) is committed by a company, the offence is presumed to have been

committed with the consent or connivance of, or to be attributable to the neglect on the part of, a person (other
than an officer) concerned in the management of the company or any person who was purporting to act in that
capacity if it is proved that, at the time the offence was committed, the person knew or ought to have known that
the order in respect of which the offence was committed had been made against the company. (Added 16 of
2012 s. 18)



Cap 485 - Mandatory Provident Fund Schemes Ordinance 95

(5) Where an offence under section 43B(3A) is committed by a partner, the offence is presumed to have been
committed with the consent or connivance of, or to be attributable to the neglect on the part of, another partner
of the partnership if it is proved that, at the time the offence was committed, the other partner—
(a) was concerned in the management of the partnership; or
(b) knew or ought to have known that the order in respect of which the offence was committed had been made

against the partner. (Added 16 of 2012 s. 18)
(6) The presumption under subsection (3), (4) or (5) is rebutted by a person charged with an offence under section

43B(3A) by virtue of that subsection if—
(a) there is sufficient evidence to raise an issue that the offence was committed without the person’s consent

or connivance and was not attributable to the person’s neglect; and
(b) the contrary is not proved by the prosecution beyond reasonable doubt. (Added 16 of 2012 s. 18)

(Enacted 1995)

Section: 44A Proof of certain matters in proceedings for offence under

section 43B(3A)
16 of 2012 01/11/2012



(1) In proceedings for an offence under section 43B(3A)—
(a) a document purporting to be a copy of a document specified in subsection (6), and purporting to be certified

by or on behalf of the registrar of a court as a true copy of the specified document, is admissible in evidence
on its production without further proof; and

(b) on being admitted in evidence under paragraph (a), the document, unless there is evidence to the contrary—
(i) is presumed to be so certified;
(ii) is presumed to be a true copy of the specified document; and
(iii) if the specified document is prepared by an officer of a court, is proof of its contents.

(2) In proceedings for an offence under section 43B(3A)—
(a) a document purporting to be a copy of any document relevant to any of the facts specified in subsections (7)

and (8), and purporting to be certified by or on behalf of the registrar of a court as a true copy of the
document so relevant, is admissible in evidence on its production without further proof; and

(b) on being admitted in evidence under paragraph (a), the document, unless there is evidence to the contrary—
(i) is presumed to be so certified;
(ii) is presumed to be a true copy of the document so relevant; and
(iii) if the document so relevant is prepared by an officer of a court, is proof of the facts to which the

document is relevant.
(3) In proceedings for an offence under section 43B(3A)—

(a) a certificate purporting to be issued by or on behalf of the registrar of a court, and stating any of the facts
specified in subsection (7), is admissible in evidence on its production without further proof; and

(b) on being admitted in evidence under paragraph (a), the certificate, unless there is evidence to the contrary—
(i) is presumed to be so issued; and
(ii) is proof of the facts so stated.

(4) In proceedings for an offence under section 43B(3A)—
(a) a certificate purporting to be issued by or on behalf of the Registrar of the High Court or of the Court of

Final Appeal, and stating any of the facts specified in subsection (8), is admissible in evidence on its
production without further proof; and

(b) on being admitted in evidence under paragraph (a), the certificate, unless there is evidence to the contrary—
(i) is presumed to be so issued; and
(ii) is proof of the facts so stated.

(5) In proceedings for an offence under section 43B(3A)—
(a) a certificate purporting to be issued by the Authority, and stating either or both of the facts specified in

subsection (9), is admissible in evidence on its production without further proof; and
(b) on being admitted in evidence under paragraph (a), the certificate, unless there is evidence to the contrary—

(i) is presumed to be issued by the Authority; and
(ii) is proof of the facts so stated.

(6) The document specified for the purposes of subsection (1)(a) is—



Cap 485 - Mandatory Provident Fund Schemes Ordinance 96

(a) a claim filed with a court of competent jurisdiction in proceedings brought under section 18(3);
(b) an order made by a court of competent jurisdiction in those proceedings; or
(c) any other document relating to proceedings brought under section 18(3).

(7) The facts specified for the purposes of subsections (2)(a) and (3)(a) are—
(a) whether any payment has been made to the court in full or partial discharge of an order of the court and if

so, the particulars of the payment (including the amount and date of the payment);
(b) whether a decision has been made in any proceedings to set aside or review an order of the court and, if so,

the particulars of the decision;
(c) whether any proceedings are pending to set aside or review an order of the court and, if so, the particulars of

the pending proceedings;
(d) whether any person was present—

(i) at the hearing of the court at which an order of the court was made; or
(ii) at any hearing of the claim to which the order relates; and

(e) whether any document relating to the proceedings before the court has been served on any person and, if so,
the particulars of service (including the mode, time and address of the service).

(8) The facts specified for the purposes of subsections (2)(a) and (4)(a) are—
(a) whether a decision has been made in an appeal (if any) against an order of a court and, if so, the particulars

of the decision; and
(b) whether an appeal is pending against an order of a court and, if so, the particulars of the pending appeal.

(9) The facts specified for the purposes of subsection (5)(a) are—
(a) the amount and date of any payment received in satisfaction of an order of a court made in proceedings

brought under section 18(3); and
(b) the outstanding amount under such an order.

(Added 16 of 2012 s. 19)

Section: 45 Application and interpretation of sections 45B and 45C E.R. 1 of 2013 25/07/2013


(1) Sections 45B and 45C apply to-
(a) approved trustees;
(b) participating employers; (Amended 30 of 2008 s. 6)
(c) self-employed persons who are 18 years of age or over and below retirement age; and (Replaced 2 of 2002

s. 17. Amended 30 of 2008 s. 6)
(d) persons required to give information or documents under section 19C. (Added 30 of 2008 s. 6)

(2) In sections 45B and 45C-
prescribed financial penalty (訂明罰款) means the amount of financial penalty prescribed by the regulations in

relation to a provision referred to in section 45A(1)(a);
prescribed provision (訂明條文) means a provision of this Ordinance or of the regulations prescribed by the

regulations for the purposes of those sections.
(Replaced 4 of 1998 s. 2)


Section: 45A Power to make regulations for purposes of sections 45B

and 45C
E.R. 1 of 2013 25/04/2013



(1) For the purposes of sections 45B and 45C, the regulations may-
(a) prescribe a provision of this Ordinance or of the regulations that-

(i) specifies a duty that is required to be performed, or a requirement or standard that is required to be
complied with; or

(ii) requires a fee, contribution or other amount of money to be paid; and
(b) prescribe the amount of financial penalty payable for a failure to perform the duty, or to comply with the

requirement or standard, or to pay the amount of money on time; and
(c) subject to subsection (2), prescribe different amounts of financial penalties in respect of different provisions

of this Ordinance and of the regulations and prescribe different amounts of financial penalties according to
whether it is the first or second or a subsequent occasion on which the person concerned has failed-
(i) to perform a duty, or comply with a requirement or standard, specified in a prescribed provision; or



Cap 485 - Mandatory Provident Fund Schemes Ordinance 97

(ii) to pay on time a fee, contribution or other amount under such a provision; and
(d) subject to subsection (2), prescribe a daily penalty for each day on which a failure to perform a duty, or to

comply with a requirement or standard, specified in a prescribed provision continues. (Added 18 of 2008 s.
30)

(2) The maximum amount that the regulations may prescribe as a financial penalty-
(a) for failing to perform a duty, or to comply with a requirement or standard, specified in a prescribed

provision, is- (Amended 18 of 2008 s. 30)
(i) in the case of a daily penalty, $1000 per day; and
(ii) in any other case, $50000; and

(b) for failing to pay on time a fee, contribution or other amount of money payable under a prescribed
provision, is $5000 or 10 per cent of the amount, whichever is the greater.

(Added 4 of 1998 s. 2. Amended 18 of 2008 s. 30)

Section: 45B Authority may serve notice requiring payment of financial

penalty in certain cases
E.R. 1 of 2013 25/04/2013



(1) The Authority may serve on a person to whom this section applies a notice in the required form if it reasonably
believes that the person has failed-
(a) to perform a duty or to comply with a requirement or standard specified in a prescribed provision; or
(b) to pay on time a fee, contribution or other amount of money payable under such a provision.

(2) For the purposes of subsection (1), a notice is in the required form if it-
(a) alleges that the person concerned has failed to perform a duty or to comply with a requirement or standard,

or to pay on time a fee, contribution or other amount of money, referred to in that subsection; and
(b) specifies the prescribed financial penalty that is applicable to the alleged failure; and
(c) states that, if within the period specified in the notice (being a period of not less than 14 days), the person-

(i) pays to the Authority the prescribed financial penalty specified in the notice; and
(ii) performs the duty, or complies with the requirement or standard, or pays the fee, contribution or other

amount of money,
no further action will be taken against the person in relation to the matter; and

(d) further states that, if at the end of that period, the person has not paid the prescribed financial penalty to the
Authority or has not performed the duty, or complied with the requirement or standard, or paid that fee,
contribution or amount of money, civil proceedings may be brought against the person to recover the
amount of the penalty.

(3) If a person on whom a notice is served under this section, within the specified period-
(a) pays the prescribed financial penalty to the Authority; and
(b) performs the duty or complies with the requirement or standard, or pays the fee, contribution or amount of

money, specified in the notice,
no proceedings are to be brought against the person for the recovery of that penalty.
(4) The fact that a person pays a financial penalty to the Authority does not absolve the person from having to

perform the duty or to comply with the relevant requirement or standard specified in, or to pay the fee,
contribution or amount of money payable under, the relevant prescribed provision.

(Added 4 of 1998 s. 2)

Section: 45C Proceedings for recovery of financial penalty E.R. 1 of 2013 25/04/2013


(1) If a person on whom a notice is served under section 45B does not, within the period specified in the notice-
(a) pay the prescribed financial penalty to the Authority; or
(b) perform the duty or comply with the relevant requirement or standard specified, or pay the fee, contribution

or amount of money payable under, the relevant prescribed provision,
the Authority may bring proceedings in a court of competent jurisdiction for the recovery of that penalty.
(2) On the hearing of proceedings brought under this section, the court may, if satisfied that the defendant has failed

to perform the duty or to comply with the requirement or standard, or to pay the fee, contribution or other
amount of money, that gave rise to the proceedings, order the defendant to pay-
(a) the amount of the prescribed financial penalty; or
(b) such smaller amount as it considers appropriate, having regard to the nature and extent of the failure.



Cap 485 - Mandatory Provident Fund Schemes Ordinance 98

(3) It is a defence to proceedings brought under this section (other than proceedings relating to the payment of an
amount of money) that it was not reasonably practicable to perform the duty, or to comply with the requirement
or standard, to which the proceedings relate.

(4) Proceedings under this section may be brought at any time-
(a) within 6 years after the date on which it is alleged that the relevant duty was not performed, the relevant

requirement or standard was not complied with or the relevant fee, contribution or amount of money was
not paid; or

(b) if the failure to perform that duty, or to comply with that requirement or standard, or to pay that fee,
contribution or amount has continued, within 6 years after the date on which the failure ceased.

(5) The procedure and rules of evidence, and the burden of proof, applicable to civil proceedings apply to
proceedings brought under this section.

(6) In proceedings brought under this section, the court may make an order awarding costs to either party and assess
the amount of those costs. An award of costs can be made against the Authority only in the circumstances in
which an award of costs could be made against a prosecutor in criminal proceedings.

(7) Failure to comply with an order made under this section is a contempt of the court.
(Added 4 of 1998 s. 2)


Section: 45D How financial penalty is to be dealt with when paid or

recovered
E.R. 1 of 2013 25/04/2013



A financial penalty paid under section 45B or recovered under section 45C is to be paid into the MPFA
Administration Account maintained under section 6M.

(Added 4 of 1998 s. 2)

Section: 45E Person not liable to be proceeded against for offence and

financial penalty relating to same matter
E.R. 1 of 2013 25/04/2013



(1) A person may not be charged with an offence arising out of a contravention of a provision of this Ordinance if
proceedings for the recovery of a financial penalty have been brought for the same contravention.

(2) Proceedings for the recovery of a financial penalty may not be brought against a person for a contravention of
this Ordinance if the person has been charged with an offence arising out of the same contravention.

(Added 4 of 1998 s. 2)

Section: 45F Power of Court to make certain orders E.R. 1 of 2013 25/04/2013


(1) Whenever a person has done, is doing or is proposing to do any act or thing that constituted, constitutes or would
constitute a contravention of this Ordinance, the Court may, on the application of the Authority or of any person
whose interests have been, are being or would be affected by the doing of the act or thing-
(a) make an order restraining the person from again doing, continuing to do or doing that act or thing; and
(b) if in the opinion of the Court it is desirable to do so, make a further order requiring the person to do any act

or thing.
(2) Whenever a person has refused or failed, is refusing or failing, or is proposing to refuse or fail, to do any act or

thing that the person is required to do by or under this Ordinance, the Court may, on the application of the
Authority or of any person whose interests have been, are being or would be affected by the refusal or failure to
do the act or thing, make an order requiring the person to do the act or thing.

(3) An order under subsection (1) or (2) may be made on such terms as the Court considers appropriate.
(4) The Court may grant an interim order pending determination of an application referred to in subsection (1) if in

its opinion it is desirable to do so.
(5) The Court may from time to time rescind or vary an order made under this section.
(6) The power of the Court to make an order restraining a person from again doing, continuing to do or doing an act

or thing may be exercised-
(a) whether or not it appears to the Court that the person intends to do the act or thing again or to continue to do

the act or thing; and
(b) whether or not the person has previously done the act or thing; and
(c) whether or not there is imminent danger of substantial damage to any other person if the person does the act



Cap 485 - Mandatory Provident Fund Schemes Ordinance 99

or thing.
(7) The power of the Court to make an order requiring a person to do an act or thing may be exercised-

(a) whether or not it appears to the Court that the person intends to refuse or fail again, or to continue to refuse
or fail, to do the act or thing; and

(b) whether or not the person has previously refused or failed to do the act or thing; and
(c) whether or not there is an imminent danger of substantial damage to any other person if the person refuses

or fails to do the act or thing.
(8) If an application for an order under this section is made by the Authority, the Court may not require the

Authority or any other person, as a condition of making an interim order, to give any undertaking as to damages.
(9) The Court may, in addition to or instead of making an order under this section in respect of a person, order the

person to pay damages to another person.
(Added 4 of 1998 s. 2)


Section: 45G Right to bring civil proceedings to recover financial loss E.R. 1 of 2013 25/04/2013


(1) A person who has sustained financial loss that is attributable-
(a) to a contravention of the governing rules of a registered scheme by another person; or
(b) to the failure of another person to perform a duty, or to comply with a requirement or standard, imposed on

that other person by or under this Ordinance (except Part IVA), (Amended 16 of 2012 s. 20)
is entitled, by proceedings brought in a court of competent jurisdiction, to recover from that other person the

amount of that loss as damages.
(2) The right conferred by this section is in addition to any other right conferred by law to recover the loss or

damages in respect of the loss.
(Added 4 of 1998 s. 2)


Section: 46 Regulations L.N. 98 of 2015 01/08/2015


(1) The Chief Executive in Council may make regulations, not inconsistent with this Ordinance, for or with respect
to any matter-
(a) that by this Ordinance is required or permitted to be prescribed by regulations; or
(b) that is necessary or convenient to be prescribed for achieving the objects of this Ordinance. (Replaced 4 of

1998 s. 2)
(1A) Regulations may also be made under subsection (1) for all or any of the following purposes-

(a) providing for the giving of undertakings to the Authority by approved trustees and applicants for approval
as trustees;

(b) requiring approved trustees and persons applying for approval as such to enter into arrangements for the
provision of adequate insurance against the risk of losses that are attributable to misfeasance or other illegal
conduct by them or by others with respect to registered schemes;

(c) prescribing the retirement age for the purposes of this Ordinance;
(d) requiring approved trustees of registered schemes to provide information to scheme members and

prescribing the kind of information that is to be provided to them;
(da) providing for the keeping of records (including the establishment and maintenance of registers), and the

provision of information in those records; (Added 11 of 2009 s. 10)
(e) providing for the payment of accrued benefits to or in respect of scheme members and providing for the

transfer of accrued benefits from one registered scheme to another or from one account in a registered
scheme to another;

(f) providing for the preservation of the accrued benefits of scheme members until the occurrence of a
specified event (including, but not limited to, the retirement, death, total incapacity, terminal illness or
permanent departure from Hong Kong of scheme members); (Amended 1 of 2015 s. 16)

(g) providing for the disposal of unclaimed accrued benefits;
(h) providing for the operation of the compensation fund referred to in section 17;
(i) providing for the formulation of proper accounting systems (including the keeping of proper accounting

records) with respect to registered schemes;
(j) prescribing requirements with which approved trustees must comply with with respect to keeping scheme

member's accounts;



Cap 485 - Mandatory Provident Fund Schemes Ordinance 100

(k) permitting approved trustees, despite section 12, to deduct from scheme members' accounts fees for
administrative expenses;

(l) providing for the auditing of the accounting records and financial statements of approved trustees and of
registered schemes;

(m) prescribing the duties of auditors so appointed (including the duty of an auditor to report specified matters
to the Authority in specified circumstances);

(n) providing for the engagement or appointment by the approved trustee of a registered scheme of service
providers to provide services for the purposes of the scheme and for the delegation of the trustee's functions
in relation to the scheme to such a service provider;

(o) prescribing the duties of service providers and other persons engaged or appointed by the approved trustee
of a registered scheme to provide services for the purposes of the scheme (including the duty of such a
service provider or other person to report specified matters to the Authority in specified circumstances);

(p) prescribing requirements that are to be complied with with respect to the funds of registered schemes,
including-
(i) requirements relating to the separation of the funds and other assets of a registered scheme from other

funds and assets that are beneficially owned by employers who are participating in the scheme; and
(ii) requirements that the funds and other assets of a registered scheme are to be applied only for the

purposes of the scheme; and
(iii) requirements that the funds and other assets of a registered scheme are not to be subject to any charge,

pledge, lien, mortgage or other encumbrance, except in circumstances specified in the rules or by the
Authority;

(q) requiring approved trustees of registered schemes to enter into arrangements for the scheme assets to be
held by custodians and prescribing requirements to be complied with with respect to those arrangements
and the qualifications of custodians;

(r) requiring the approved trustees of registered schemes to maintain adequate reserves so as to provide
investment guarantees;

(s) requiring approved trustees of registered schemes to maintain specified internal control procedures with
respect to those schemes;

(sa) providing for, in relation to approved trustees that are companies-
(i) the composition of the board of directors of those trustees and the composition of committees of those

boards;
(ii) any change or proposed change of controllers of those trustees; and
(iii) the objection by the Authority to the existing controllers of those trustees continuing to be such

controllers; (Added 18 of 2008 s. 31)
(t) requiring persons to lodge with the Authority returns containing specified kinds of information, or to

provide the Authority with specified kinds of information, relevant to the exercise of the Authority's
functions;

(u) providing for the service or notification of documents for the purposes of this Ordinance;
(v) providing for the voluntary winding up of employer sponsored schemes;
(w) providing for the merger of existing registered schemes and for the division of an existing registered

scheme into one or more other schemes;
(wa) requiring the guarantor of an approved pooled investment fund, within the meaning of section 2 of the

Mandatory Provident Fund Schemes (General) Regulation (Cap 485 sub. leg. A), to maintain adequate
reserves so as to provide investment guarantees; (Added 2 of 2002 s. 18)

(x) prohibiting funds of a registered scheme from being invested in pooled investment funds except as
permitted by the regulations or as approved by the Authority. (Added 4 of 1998 s. 2)

(1B) A regulation under this section may do all or any of the following-
(a) apply generally or be limited in its application by reference to specified exceptions or factors;
(b) apply differently according to different factors of a specified kind;
(c) authorize any matter or thing to be determined, applied or regulated by any specified person;
(d) prescribe fees for the purposes of those regulations, including fees for the granting of approvals for the

purposes of this Ordinance;
(e) authorize the Authority to charge (on a cost recovery basis) for any service provided by the Authority.

(Added 4 of 1998 s. 2)
(1C) A regulation under this section may apply, adopt or incorporate by reference, with or without modifications, any



Cap 485 - Mandatory Provident Fund Schemes Ordinance 101

publication (including an Ordinance or subsidiary legislation), either in force at the time of publication or as in
force from time to time. (Added 4 of 1998 s. 2)

(2) Any regulations made under this section may prescribe offences in respect of contraventions of the regulations,
and may provide for the imposition of a fine not exceeding level 6 and of imprisonment for a period not
exceeding 1 year.

(3) Regulations made under this section shall be subject to the approval of the Legislative Council.
(Enacted 1995)


Section: 47 Rules E.R. 1 of 2013 25/04/2013


(1) The Authority may make rules, not inconsistent with this Ordinance or the regulations, for or with respect to any
matter that by this Ordinance is required or permitted to be prescribed by the rules. (Replaced 4 of 1998 s. 2)

(1A) Rules may also be made under subsection (1) for all or any of the following purposes-
(a) providing for matters relating to the administration of registered schemes;
(b) prescribing methods by which mandatory contributions must or may be paid to approved trustees of

registered schemes;
(c) prescribing the measures to be taken by participating employers, relevant employees and self-employed

persons in order to ensure that sections 7, 7A and 7C are complied with. (Added 4 of 1998 s. 2)
(2) Rules under this section may do all or any of the following-

(a) apply generally or be limited in their application by reference to specified exceptions or factors;
(b) apply differently according to different factors of a specified kind;
(c) authorize any matter or thing to be determined, applied or regulated by any specified person;
(d) prescribe fees for the purposes of those rules. (Replaced 4 of 1998 s. 2)

(3) Any rules made under this section may prescribe offences in respect of contraventions of the rules, and may
provide for the imposition of a fine not exceeding level 4 and of imprisonment for a period not exceeding 6
months.

(4) Rules made under this section shall be subject to the approval of the Legislative Council.
(Enacted 1995)


Section: 47A Authority may specify or approve forms E.R. 1 of 2013 25/04/2013


(1) The Authority may specify or approve the form and contents of documents required for the purposes of this
Ordinance.

(2) If the Authority has specified or approved a form for the purposes of this Ordinance, strict compliance with the
form is not necessary and substantial compliance is sufficient.

(3) If a form specified or approved by the Authority for the purposes of this Ordinance requires the form to be
completed in a specified way, or requires specified information to be included in or be attached to, or to
accompany, the form, the form is not properly completed unless it is completed in that way, or includes or has
attached to it, or is accompanied by, that information.

(Added 4 of 1998 s. 2)

Section: 47B Rules against perpetuities not to apply to registered

schemes
E.R. 1 of 2013 25/04/2013



The rules of law relating to perpetuities do not apply to the trusts relating to registered schemes or to the approved
trustees of those schemes.

(Added 4 of 1998 s. 2)

Section: 47C Service of summons L.N. 163 of 2013 03/03/2014


Notwithstanding section 8 of the Magistrates Ordinance (Cap 227) and without limiting the generality of section 803
or 827 of the Companies Ordinance (Cap 622), a summons relating to an offence against this Ordinance that is alleged
to have been committed by any employer may be served on the employer by leaving it at, or sending it by post to, any
place at which the employer carries on business.



Cap 485 - Mandatory Provident Fund Schemes Ordinance 102

(Added 1 of 2008 s. 47. Amended 28 of 2012 ss. 912 & 920)

Section: 47D Time limit for prosecution 1 of 2015 30/01/2015


(1) Despite section 26 of the Magistrates Ordinance (Cap 227), proceedings in respect of an offence (other than an
indictable offence) under this Ordinance or any subsidiary legislation under this Ordinance may be brought
within 3 years after the commission of the offence unless otherwise specified.

(2) Subsection (1) does not apply in relation to proceedings in respect of an offence that was committed before the
commencement date* of section 17 of the Mandatory Provident Fund Schemes (Amendment) Ordinance 2015 (1
of 2015).

(Added 1 of 2015 s. 17)
___________________________________________________________________________
Note:
* Commencement date: 30 January 2015.

Section: 48 Amendment of Schedules E.R. 1 of 2013 25/04/2013


(1) The Chief Executive in Council may, by notice published in the Gazette, amend the Schedules. (Amended 4 of
1998 s. 2)

(2) Amendments made under this section to Schedules 1 to 8 shall be subject to the approval of the Legislative
Council.

(Enacted 1995)

Section: 49 (Omitted as spent—E.R. 1 of 2013) E.R. 1 of 2013 25/04/2013




Schedule: 1 Exempt Persons E.R. 1 of 2013 25/04/2013


[sections 4 & 48]


Part 1

Item Description

1. Any person who is an officer to which the Pensions Ordinance (Cap 89) applies.
2. Any person who is an officer to which the Pension Benefits Ordinance (Cap 99) applies.
3. Any person who is an officer to which the Pension Benefits (Judicial Officers) Ordinance (Cap 401) applies.
4. Any person who is a teacher to which the Grant Schools Provident Fund Rules (Cap 279 sub. leg. C) apply.
5. Any person who is a teacher to which the Subsidized Schools Provident Fund Rules (Cap 279 sub. leg. D)

apply.
6. Any relevant employee or self-employed person who, at the date of the coming into operation of this Schedule,

has attained 64 years of age.
7. (1) Any relevant employee (other than a casual employee) whose employment ceases before the 60th day after

the relevant time except a relevant employee who has been employed- (Amended L.N. 224 of 2000)
(a) for not less than 60 days after the relevant time; and
(b) under a continuous contract.

(2) In this item-
continuous contract (連續性合約) has the same meaning as in section 3(1) of the Employment Ordinance

(Cap 57);
relevant time (有關時間), in relation to a relevant employee, means-

(a) if the employee is being employed on the commencement of section 7 of this Ordinance, the time of
that commencement;

(b) if the employee is employed after that commencement, the beginning of the date on which the
employment begins. (Amended 2 of 2002 s. 19)



Cap 485 - Mandatory Provident Fund Schemes Ordinance 103

(Replaced L.N. 225 of 2000)
8. Any employer of a person specified in items 1 to 7 and 9. (Replaced 4 of 1998 s. 2)
9. Any person employed in the European Union Office of the European Commission in Hong Kong.


(1) In respect of items 1 to 5 and 9, the person described in those items is an exempt person only to the extent that

the relevant statutory provisions apply to his relevant income derived from employment the subject of those
provisions, and not to other income (if any) derived from other sources which may be otherwise subject to the
provisions of this Ordinance or to any obligation under this Ordinance in his capacity as an employer, if
applicable.

(2) In respect of item 7, the relevant employee first-mentioned in that item is an exempt person only to the extent
that he is under the employment first-mentioned in that item. (Replaced L.N. 225 of 2000)

(3) In respect of item 8, the employer described in that item is an exempt person only to the extent of the relevant
income of persons or relevant employees described in items 1 to 7 and 9 and not to other income (if any)
derived from other sources which may be otherwise subject to the provisions of this Ordinance. (Amended 4 of
1998 s. 2)




Part 2


Item Description

1. Any person who is a domestic employee in respect of a contract of employment as such.
2. Any self-employed person who is a hawker.
3. Any employer of a person specified in item 1.
4. The employer of an employee who is, because of the operation of section 4(3) of this Ordinance, exempt from

the operation of this Ordinance. (Added 4 of 1998 s. 2)

(1) In this Part- (Amended 4 of 1998 s. 2)

domestic employee (家務僱員) means an employee whose contract of employment is wholly or substantially
for the provision of domestic services in the residential premises of the employer;

hawker (小販) has the same meaning as in the Public Health and Municipal Services Ordinance (Cap 132).
(2) The persons referred to in items 1 and 2 are exempt from the operation of this Ordinance only in so far as their

relevant income is derived from employment of the kind referred to in those items. (Added 4 of 1998 s. 2)
(3) An employer referred to in item 3 is exempt from the operation of this Ordinance only in respect of the relevant

income of a domestic employee employed by the employer. (Added 4 of 1998 s. 2)
(4) An employer referred to in item 4 is exempt from the operation of this Ordinance only in respect of the relevant

income of the exempted employee of the employer. (Added 4 of 1998 s. 2)
(Amended E.R. 1 of 2013)

(Format changes—E.R. 1 of 2012)
(Enacted 1995)


Schedule: 1A Provisions Relating to Authority E.R. 1 of 2012 09/02/2012


[section 6A]
Part 1


Definitions


1. Definitions


In this Schedule-
chairperson (主席) means the chairperson of the Authority;
deputy chairperson (副主席) means the deputy chairperson of the Authority;



Cap 485 - Mandatory Provident Fund Schemes Ordinance 104

director (董事) means a director of the Authority.



Part 2


Directors of Authority


2. Periods for which directors may be appointed

Subject to this Schedule, a director holds office for such period (not exceeding 4 years) as is specified in the

director's document of appointment, but is eligible (if otherwise qualified) for re-appointment.


3. Terms and conditions of office of directors

A director is entitled to such terms and conditions of office (including remuneration and travelling and

subsistence allowances) as the Chief Executive may, from time to time, determine in respect of the director.


4. Vacancy in office of director


(1) The office of a director becomes vacant if the director-
(a) dies; or
(b) completes a term of office and is not re-appointed; or
(c) becomes bankrupt, applies to take the benefit of any law for the relief of bankrupt or insolvent debtors,

compounds with his or her creditors or makes an assignment of his or her remuneration for their
benefit; or

(d) is, under 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

(e) is convicted in Hong Kong of an offence which is punishable by imprisonment for 12 months or more
or is convicted elsewhere than in Hong Kong of an offence which, if committed in Hong Kong, would
be an offence so punishable; or

(f) resigns the office by written notice given to the Chief Executive; or
(g) is removed from office by the Chief Executive under this section.

(2) The Chief Executive may remove a director from office at any time.


5. Filling of vacancy in office of director

If the office of a director becomes vacant, the Chief Executive must arrange for a suitable person to be appointed

to fill the vacancy in accordance with this Ordinance as soon as practicable after the date on which the vacancy
occurred.


6. Acting executive directors etc.


(1) The Chief Executive may, from time to time, appoint a person to act in the office of the Managing Director-
(a) during the illness or absence of the Managing Director; or
(b) during a vacancy in the office of Managing Director,

and the person, while so acting, has all the functions of, and is taken to be, the Managing Director.
(2) The Chief Executive may, at any time, remove from office a person appointed under subsection (1).
(3) The Financial Secretary may, from time to time, appoint a person to act in the office of an executive

director (other than the Managing Director)-
(a) during the illness or absence of the director; or
(b) during a vacancy in the office of such a director,

and the person, while so acting, has all the functions of, and is taken to be, an executive director.
(4) The Financial Secretary may, at any time, remove from office a person appointed under subsection (3).
(5) The deputy chairperson has the functions of the chairperson under sections 8 and 12 of this Schedule, and is

taken to be the chairperson for the purposes of those section-



Cap 485 - Mandatory Provident Fund Schemes Ordinance 105

(a) during the illness or absence of the chairperson; or
(b) during a vacancy in the office of chairperson.


7. Disclosure of pecuniary interests


(1) If-
(a) a director has a pecuniary interest in a matter that is considered or is to be considered at a meeting of

the Authority; and
(b) the interest appears to raise a conflict with the proper performance of the director's duties in relation to

the consideration of the matter,
the director must, as soon as practicable after becoming aware of the relevant facts, disclose the nature of
the interest at a meeting of the Authority.

(2) A disclosure by a director at a meeting of the Authority that the director-
(a) is an officer or member, or is in the employment, of a specified company or other body; or
(b) is a partner, or is in the employment, of a specified person; or
(c) has some other specified interest relating to a specified company or other body or to a specified person,
is a sufficient disclosure of the nature of the interest in any matter relating to that company or other body or
to that person which may arise after the date of the disclosure and which is required to be disclosed under
subsection (1).

(3) Particulars of any disclosure made under this section must be recorded by the Authority in a book kept for
the purpose and that book must be open at all reasonable hours to inspection by any person.

(4) After a director has disclosed the nature of any interest in any matter, the director must not, unless the
Authority otherwise determines-
(a) be present during any deliberation of the Authority with respect to the matter; or
(b) take part in any decision of the Authority with respect to the matter.

(5) For the purposes of the making of a determination by the Authority under subsection (4), a director who has
a pecuniary interest in a matter to which the disclosure relates must not-
(a) be present during any deliberation of the Authority for the purpose of making the determination; or
(b) take part in the making by the Authority of the determination.

(6) A contravention of this section does not invalidate a decision of the Authority.
(7) This section does not apply to or in respect of an interest of a director in a matter or thing which arises

merely because the director is a member of a registered scheme.



Part 3


Procedure at Meetings of Authority


8. General procedure for meetings of Authority


(1) Meetings are to be held as often as necessary to enable the Authority to exercise and perform its functions.
(2) A meeting of the Authority may be convened by the chairperson.
(3) The chairperson must convene a meeting of the Authority on being given a notice for that purpose by 2 or

more other directors.
(4) The procedure for the convening meetings of the Authority and for the conduct of business at those

meetings is, subject to this Schedule, to be as determined by the Authority.


9. Quorum for meetings of Authority


The quorum for a meeting of the Authority is a majority of its directors, but at least 3 of the directors present
must be non-executive directors.


10. Presiding director at meetings of Authority


(1) A meeting of the Authority is to be presided over by-



Cap 485 - Mandatory Provident Fund Schemes Ordinance 106

(a) the chairperson; or
(b) in the absence of the chairperson, the deputy chairperson; or
(c) in the absence of the chairperson and deputy chairperson, a director elected by the directors present at

the meeting.
(2) The director presiding at a meeting of the Authority has a deliberative vote and also has a casting vote if the

numbers of votes for and against a motion are equal. However, that director must consult with the Financial
Secretary before exercising a casting vote.


11. Voting at meetings of Authority


A decision supported by a majority of the votes cast at a meeting of the Authority at which a quorum is present
is the decision of the Authority.


12. Transaction of business otherwise than at ordinary meetings


(1) The business of the Authority may be transacted by the circulation of papers among all of the then existing
directors.

(2) Any of the directors may initiate a motion concerning Authority business by circulating a paper.
(3) A motion under this section is to be approved by a simple majority of the directors unless within 3 working

days of the date of the paper the chairperson orders, or any 2 other directors require under section 8(3) of
this Schedule, that a meeting of the Authority to be convened to consider the motion.

(4) Papers may be circulated among directors for the purposes of this section by facsimile message or other
means of transmitting the information in the papers concerned.

(Schedule 1A added 4 of 1998 s. 2)
(Format changes—E.R. 1 of 2012)


Schedule: 1B Delegation of Functions of Authority E.R. 1 of 2012 09/02/2012


[sections 6F & 48]


1. A delegation under section 6F-
(a) may be general or limited; and
(b) must be in, or be evidenced by, writing signed by the Managing Director or by a person authorized by

the Managing Director for that purpose; and
(c) may be revoked, wholly or partly, by the delegator.

2. A delegated function may be exercised only in accordance with any conditions to which the delegation is
subject.

3. A delegate may, in the exercise of a function delegated under this section, exercise any other function that is
incidental to the delegated function.

4. A delegated function that purports to have been exercised by a delegate is, until the contrary is proved, taken to
have been duly exercised by the delegate.

5. A delegated function that is duly exercised by a delegate is taken to have been exercised by the delegator.
6. If-

(a) the exercise of a function by a person or body is, by virtue of a document (including an Ordinance),
dependent on the opinion, belief or state of mind of the person or body in relation to any matter; and

(b) the person or body has delegated the function to some other person or body,
the function may be exercised by the delegate on the opinion, belief or state of mind of the delegate in relation
to any such matter.

7. If a function is delegated to a particular officer or the holder of a particular office-
(a) the delegation does not cease to have effect merely because the person who was the particular officer

or the holder of the particular office when the function was delegated ceases to be that officer or the
holder of that office; and

(b) the function may be exercised (or, in the case of a duty, must be performed) by the person for the time
being occupying or acting in the office concerned.

8. A function that has been delegated may, despite the delegation, be exercised by the delegator.



Cap 485 - Mandatory Provident Fund Schemes Ordinance 107

9. Section 6F and this Schedule applies to a sub-delegation of a function in the same way as it applies to a
delegation of a function, but only in so far as this Ordinance or the document that authorizes the delegation of
the function also authorizes the sub-delegation of the function.

(Schedule 1B added 4 of 1998 s. 2)
(Format changes—E.R. 1 of 2012)


Schedule: 2 Minimum Level of Relevant Income Per Contribution

Period
L.N. 133 of 2013 01/11/2013



[sections 2, 10A & 48]
(Amended 18 of 2008 s. 13)


Minimum Level of Relevant Income Per Contribution Period


1. The minimum level of relevant income, in the case of a relevant employee (not being a casual employee who is

a member of an industry scheme), is- (Amended 18 of 2008 s. 13)
(a) if the employee is remunerated on a monthly basis, $7100 per month;
(b) if the employee is remunerated more frequently than on a monthly basis, $280 per day;
(c) if the employee is remunerated less frequently than on a monthly basis, $7100 per month, that amount

as prorated.
2. The minimum level of relevant income is, in the case of a casual employee who is a member of an industry

scheme, $280 per day.
3. The minimum level of relevant income is, in the case of a self-employed person, $7100 per month or $85200

per year.
(Schedule 2 replaced 29 of 2002 s. 12. Amended 18 of 2008 s. 13; L.N. 120 of 2011; L.N. 133 of 2013)

(Format changes—E.R. 1 of 2012)
___________________________________________________________________
Notes:
* 1. Schedule 2 was amended by the Mandatory Provident Fund Schemes Ordinance (Amendment of

Schedule 2) Notice 2011 (L.N. 120 of 2011). The application provision contained in section 4 of that
Amendment Notice reads as follows -


"4. Application of Schedule 2 as amended


Schedule 2 to the Mandatory Provident Fund Schemes Ordinance (Cap 485) as amended by
section 3 applies in relation to a contribution period that begins on or after the commencement
date# of that section.".


# Commencement date: 1 November 2011.


2. Schedule 2 was amended by the Mandatory Provident Fund Schemes Ordinance (Amendment of
Schedule 2) Notice 2013 (L.N. 133 of 2013). The application provision contained in section 4 of that
Amendment Notice reads as follows -


"4. Application of Schedule 2 as amended


Schedule 2 to the Mandatory Provident Fund Schemes Ordinance (Cap 485) as amended by
section 3 applies in relation to a contribution period that begins on or after the commencement
date+ of that section.".


+ Commencement date: 1 November 2013.


Schedule: 3 *Maximum Level of Relevant Income Per Contribution

Period
L.N. 135 of 2013 01/06/2014



[sections 2, 10A & 48]
(Amended 18 of 2008 s. 14)



Cap 485 - Mandatory Provident Fund Schemes Ordinance 108


1. The maximum level of relevant income, in the case of a relevant employee (not being a casual employee who is

a member of an industry scheme), is- (Amended 18 of 2008 s. 14)
(a) if the employee is remunerated on a monthly basis, $30000 per month;
(b) if the employee is remunerated more frequently than on a monthly basis, $1000 per day;
(c) if the employee is remunerated less frequently than on a monthly basis, $30000 per month, that amount

as prorated.
2. The maximum level of relevant income is, in the case of a casual employee who is a member of an industry

scheme, $1000 per day.
3. The maximum level of relevant income is, in the case of a self-employed person, $30000 per month or $360000

per year.
(Schedule 3 replaced 29 of 2002 s. 12. Amended 18 of 2008 s. 14; L.N. 168 of 2011; L.N. 135 of 2013)

(Format changes—E.R. 1 of 2012)
___________________________________________________________________
Notes:
* 1. Schedule 3 was amended by the Mandatory Provident Fund Schemes Ordinance (Amendment of

Schedule 3) Notice 2011 (L.N. 168 of 2011). The application provision contained in section 4 of that
Amendment Notice reads as follows -


"4. Application of Schedule 3 as amended


Schedule 3 to the Mandatory Provident Fund Schemes Ordinance (Cap 485) as amended by
section 3 applies in relation to a contribution period that begins on or after the commencement
date# of that section.".


# Commencement date: 1 June 2012.


2. Schedule 3 was amended by the Mandatory Provident Fund Schemes Ordinance (Amendment of
Schedule 3) Notice 2013 (L.N. 135 of 2013). The application provision contained in section 4 of that
Amendment Notice reads as follows -


"4. Application of Schedule 3 as amended


Schedule 3 to the Mandatory Provident Fund Schemes Ordinance (Cap 485) as amended by
section 3 applies in relation to a contribution period that begins on or after the commencement
date+ of that section.".


+ Commencement date: 1 June 2014.


Schedule: 4 (Repealed 4 of 1998 s. 2) L.N. 119 of 2000;

L.N. 120 of 2000
01/12/2000





Schedule: 5 Covenants to be Implied in Governing Rules E.R. 1 of 2012 09/02/2012


[sections 24 & 48]

For the purposes of section 24 of the Ordinance, the following covenants are implied in the governing rules of a
registered scheme-

(a) that the approved trustee will comply with those governing rules;
(b) that, in administering the scheme, the approved trustee will exercise the care, skill, diligence and prudence to

be reasonably expected of a person who is administering a provident fund scheme and is familiar with the
operation of provident fund schemes;

(c) that the approved trustee will use in the administration of the scheme all knowledge and skill that the trustee
has, or ought reasonably to be expected to have, because of the trustee's profession or business, in so far as
that knowledge and skill is relevant to the operation of the scheme;

(d) that the approved trustee will act in the interests of scheme members and not in the trustee's own interests;



Cap 485 - Mandatory Provident Fund Schemes Ordinance 109

(e) that the approved trustee will 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.
(Added 4 of 1998 s. 2)

(Format changes—E.R. 1 of 2012)

Schedule: 5A Procedure at Inquiries E.R. 1 of 2012 09/02/2012


[sections 33 & 48]

1. Approved trustee to be given notice of inquiry

Not later than 7 days before holding an inquiry under section 33, the Authority must give the approved trustee

concerned 7 days' notice of the date on which, and the time and place at which, the inquiry is to begin.

2. Authority not bound by rules of evidence


At the inquiry, the Authority must comply with the rules of natural justice, but is not bound by the rules of, or
the practice relating to, evidence and may inform itself on any matter as it thinks appropriate.

3. Representation at inquiry


(1) At the inquiry, the approved trustee concerned is entitled-
(a) to be represented by a person of the trustee's choice; and
(b) to adduce to the Authority evidence (either orally or in writing), and to address the Authority on

matters, relevant to the determination of the inquiry.
(2) The approved trustee's representative is entitled-

(a) to be present, and to advise that trustee, throughout the inquiry; and
(b) to address the Authority on that trustee's behalf.


4. Authority to give decision in writing
At the conclusion of the inquiry, the Authority must give its decision in writing and must specify in the decision

the grounds on which it is based. The Authority must ensure that a copy of the decision is given to the approved
trustee concerned.

(Schedule 5A added 4 of 1998 s. 2)
(Format changes—E.R. 1 of 2012)


Schedule: 5B Transitional and Saving Provisions for Part 4A* E.R. 1 of 2013 25/04/2013


[section 34ZZK]


1. Interpretation


(1) In this Schedule—
List of Registered MPF Intermediaries (註冊強積金中介人名單) means the List of Registered MPF

Intermediaries that, immediately before 1 November 2012, was kept by the Authority at its head office in
Hong Kong;

List of Responsible Officers (負責人員名單) means the List of Responsible Officers that, immediately before
1 November 2012, was kept by the Authority at its head office in Hong Kong;

transitional period (過渡期) means the period of 2 years beginning on 1 November 2012.
(2) An expression used in this Schedule, and defined or otherwise explained in Part 4A, has the same meaning

as in that Part.
(Amended E.R. 1 of 2013)


2. Type A qualifying capacity



Cap 485 - Mandatory Provident Fund Schemes Ordinance 110


(1) For the purposes of this Schedule, a person holds a Type A qualifying capacity if the person—

(a) is authorized under section 8 of the Insurance Companies Ordinance (Cap 41) to carry on long term
business within the meaning of that Ordinance;

(b) is an authorized long term insurance broker;
(c) is an authorized financial institution; or
(d) is licensed under section 116 of the Securities and Futures Ordinance (Cap 571) to carry on Type 1 or

Type 4 regulated activity, or both, within the meaning of that Ordinance.
(2) For the purposes of this Schedule, a person ceases to hold the Type A qualifying capacity mentioned in

subsection (1)(c) if—
(a) for any authorized financial institution, the authorization is revoked under section 22 of the Banking

Ordinance (Cap 155);
(b) for an authorized financial institution that is registered under section 119 of the Securities and Futures

Ordinance (Cap 571) for Type 1 or Type 4 regulated activity within the meaning of that Ordinance, the
registration is revoked under section 196(1)(i)(A) of that Ordinance in relation to that regulated
activity; or

(c) for an authorized financial institution that is so registered for such Type 1 and Type 4 regulated
activities, the registration is revoked under that section 196(1)(i)(A) in relation to those regulated
activities.

(3) Subsection (2) does not limit the way in which a person ceases to hold any Type A qualifying capacity.
(4) For the purposes of this Schedule, a person has a Type A qualifying capacity suspended if—

(a) in the case of the capacity mentioned in subsection (1)(b) as an authorized long term insurance broker
that is a member of a body of insurance brokers approved by the Insurance Authority under section 70
of the Insurance Companies Ordinance (Cap 41), the membership is suspended;

(b) in the case of the capacity mentioned in subsection (1)(c)—
(i) for any authorized financial institution, the authorization is suspended under section 24(1) or

25(1) of the Banking Ordinance (Cap 155); or
(ii) for an authorized financial institution—

(A) that is registered under section 119 of the Securities and Futures Ordinance (Cap 571) for
Type 1 or Type 4 regulated activity within the meaning of that Ordinance, the registration
is suspended under section 196(1)(i)(B) or 197(1) of that Ordinance, or is deemed to be
suspended under section 197(4) of that Ordinance, in relation to that regulated activity; or

(B) that is so registered for such Type 1 and Type 4 regulated activities, the registration is
suspended under that section 196(1)(i)(B) or 197(1), or is deemed to be suspended under
that section 197(4), in relation to those regulated activities; or

(c) in the case of the qualification mentioned in subsection (1)(d)—
(i) as a person licensed to carry on Type 1 or Type 4 regulated activity, the licence is suspended

under section 194(1)(i)(B) or 195(1) of the Securities and Futures Ordinance (Cap 571), or is
deemed to be suspended under section 195(4) of that Ordinance, in relation to that regulated
activity; or

(ii) as a person licensed to carry on Type 1 and Type 4 regulated activities, the licence is suspended
under that section 194(1)(i)(B) or 195(1), or is deemed to be suspended under that section
195(4), in relation to those regulated activities.


3. Type B qualifying capacity


(1) For the purposes of this Schedule, a person holds a Type B qualifying capacity if the person—

(a) is an appointed long term insurance agent;
(b) is registered with the Insurance Agents Registration Board as a responsible officer of an appointed

long term insurance agent;
(c) is registered with the Insurance Authority, the Insurance Agents Registration Board, or a relevant

insurance broker body—
(i) as a technical representative of an appointed long term insurance agent; or
(ii) as a technical representative of an authorized long term insurance broker;



Cap 485 - Mandatory Provident Fund Schemes Ordinance 111

(d) is registered with the Insurance Authority, or a relevant insurance broker body, as a chief executive of
an authorized long term insurance broker;

(e) is licensed under section 120 of the Securities and Futures Ordinance (Cap 571) to carry on Type 1 or
Type 4 regulated activity, or both, within the meaning of that Ordinance;

(f) is an officer or employee of a company authorized under section 8 of the Insurance Companies
Ordinance (Cap 41) to carry on long term business within the meaning of that Ordinance; or

(g) is an officer or employee of an authorized financial institution.
(2) For the purposes of this Schedule—

(a) a person ceases to hold the Type B qualifying capacity mentioned in subsection (1)(f) if—
(i) for an officer or employee who is an appointed long term insurance agent, the appointment as an

agent is terminated under a code of practice approved by the Insurance Authority under section
67 of the Insurance Companies Ordinance (Cap 41); or

(ii) for an officer or employee who is registered with the Insurance Agents Registration Board as a
responsible officer or technical representative of an appointed long term insurance agent, the
registration is terminated under such a code of practice; and

(b) a person ceases to hold the Type B qualifying capacity mentioned in subsection (1)(g) if—
(i) for an officer or employee—

(A) who is a relevant individual registered under section 20 of the Banking Ordinance (Cap
155) as engaged in respect of Type 1 or Type 4 regulated activity within the meaning of the
Securities and Futures Ordinance (Cap 571), all or any of the officer’s or employee’s
relevant particulars are removed from the register under section 58A(1)(c) of the Banking
Ordinance (Cap 155) in relation to that regulated activity; or

(B) who is a relevant individual so registered as engaged in respect of such Type 1 and Type 4
regulated activities, all or any of the officer’s or employee’s relevant particulars are
removed from the register under that section 58A(1)(c) in relation to those regulated
activities; or

(ii) for an officer or employee who, with the consent of the Monetary Authority under section 71C of
the Banking Ordinance (Cap 155), is—
(A) an executive officer of a registered institution appointed under section 71D of that Ordinance

to be responsible for directly supervising the conduct of each business conducted by the
registered institution that constitutes Type 1 or Type 4 regulated activity within the
meaning of the Securities and Futures Ordinance (Cap 571), the consent is withdrawn
under section 71C(4)(c) of the Banking Ordinance (Cap 155) in relation to that regulated
activity; or

(B) such an executive officer so appointed to be responsible for directly supervising the
conduct of each business that constitutes such Type 1 and Type 4 regulated activities, the
consent is withdrawn under that section 71C(4)(c) in relation to those regulated activities.

(3) Subsection (2) does not limit the way in which a person ceases to hold any Type B qualifying capacity.
(4) For the purposes of this Schedule, a person has a Type B qualifying capacity suspended if—

(a) in the case of the capacity mentioned in subsection (1)(a), the appointment as an agent is suspended
under a code of practice approved by the Insurance Authority under section 67 of the Insurance
Companies Ordinance (Cap 41);

(b) in the case of the capacity mentioned in subsection (1)(b) or (c)(i), the registration is suspended under
such a code of practice;

(c) in the case of the capacity mentioned in subsection (1)(c)(ii) or (d) as a technical representative or
chief executive of an authorized long term insurance broker that is a member of a body of insurance
brokers approved by the Insurance Authority under section 70 of the Insurance Companies Ordinance
(Cap 41)—
(i) the person is suspended from acting as such technical representative or chief executive; and
(ii) the suspension is shown in a register of technical representatives or a register of chief executives

(as the case may be) kept by the body of insurance brokers;
(d) in the case of the capacity mentioned in subsection (1)(e)—

(i) as a person licensed to carry on Type 1 or Type 4 regulated activity, the licence is suspended
under section 194(1)(i)(B) or 195(1) of the Securities and Futures Ordinance (Cap 571), or is



Cap 485 - Mandatory Provident Fund Schemes Ordinance 112

deemed to be suspended under section 195(4) of that Ordinance, in relation to that regulated
activity; or

(ii) as a person licensed to carry on Type 1 and Type 4 regulated activities, the licence is suspended
under that section 194(1)(i)(B) or 195(1), or is deemed to be suspended under that section
195(4), in relation to those regulated activities;

(e) in the case of the capacity mentioned in subsection (1)(f)—
(i) for an officer or employee who is an appointed long term insurance agent, the appointment as an

agent is suspended under a code of practice approved by the Insurance Authority under section
67 of the Insurance Companies Ordinance (Cap 41); or

(ii) for an officer or employee who is registered with the Insurance Agents Registration Board as a
responsible officer or technical representative of an appointed long term insurance agent, the
registration is suspended under such a code of practice; or

(f) in the case of the capacity mentioned in subsection (1)(g)—
(i) for an officer or employee—

(A) who is a relevant individual registered under section 20 of the Banking Ordinance (Cap
155) as engaged in respect of Type 1 or Type 4 regulated activity within the meaning of the
Securities and Futures Ordinance (Cap 571), all or any of the officer’s or employee’s
relevant particulars are suspended from the register under section 58A(1)(d) of the Banking
Ordinance (Cap 155) in relation to that regulated activity; or

(B) who is a relevant individual so registered as engaged in respect of such Type 1 and Type 4
regulated activities, all or any of the officer’s or employee’s relevant particulars are
suspended from the register under that section 58A(1)(d) in relation to those regulated
activities; or

(ii) for an officer or employee who, with the consent of the Monetary Authority under section 71C of
the Banking Ordinance (Cap 155), is—
(A) an executive officer of a registered institution appointed under section 71D of that Ordinance

to be responsible for directly supervising the conduct of each business conducted by the
registered institution that constitutes Type 1 or Type 4 regulated activity within the
meaning of the Securities and Futures Ordinance (Cap 571), the consent is suspended under
section 71C(4)(d) of the Banking Ordinance (Cap 155) in relation to that regulated activity;
or

(B) such an executive officer so appointed to be responsible for directly supervising the
conduct of each business that constitutes such Type 1 and Type 4 regulated activities, the
consent is suspended under that section 71C(4)(d) in relation to those regulated activities.


4. Transitional arrangements for corporate intermediaries with Type A qualifying capacity


(1) This section applies to a person who, immediately before 1 November 2012—

(a) was shown in the List of Registered MPF Intermediaries as a corporate intermediary; and
(b) was not an appointed long term insurance agent, or was both an appointed long term insurance agent

and a holder of a Type A qualifying capacity.
(2) The person is to be regarded as being registered on 1 November 2012 under section 34T(4) as a principal

intermediary.
(3) The registration as a principal intermediary by virtue of subsection (2) that subsists immediately before the

occurrence of an event specified in subsection (4) ceases to subsist on that occurrence.
(4) The event is—

(a) if the person makes an application under section 34T(1) during the transitional period, the application
being granted or rejected; or

(b) in any other case, the expiry of the transitional period.


5. Transitional arrangements for corporate intermediaries without Type A qualifying capacity

(1) This section applies to a person who, immediately before 1 November 2012—

(a) was shown in the List of Registered MPF Intermediaries as a corporate intermediary; and



Cap 485 - Mandatory Provident Fund Schemes Ordinance 113

(b) was an appointed long term insurance agent, but was not a holder of a Type A qualifying capacity.
(2) Subject to subsection (5), the person is to be regarded as being—

(a) registered on 1 November 2012 under section 34U(4) as a subsidiary intermediary; and
(b) approved on 1 November 2012 under section 34V(4) as being attached to another person specified in

the notice mentioned in subsection (5).
(3) The registration as a subsidiary intermediary, or the approval of the attachment to that other person, by

virtue of subsection (2) that subsists immediately before the occurrence of an event specified in subsection
(4) ceases to subsist on that occurrence.

(4) The event is—
(a) if the person makes an application under section 34T(1) during the transitional period, the application

being granted or rejected; or
(b) in any other case, the expiry of the transitional period.

(5) Subsection (2) does not apply unless, before 1 November 2012, the Authority was given a notice in writing
that—
(a) a person mentioned in section 4(1) of this Schedule consented to the person to which this section

applies being an intermediary for carrying on regulated activities for the person so mentioned; and
(b) the person so mentioned is specified in the notice.


6. Transitional arrangements for individual intermediaries

(1) This section applies to a person who, immediately before 1 November 2012, was registered in the List of

Registered MPF Intermediaries as an individual intermediary sponsored by another person.
(2) The person is to be regarded as being—

(a) registered on 1 November 2012 under section 34U(4) as a subsidiary intermediary; and
(b) approved on 1 November 2012 under section 34V(4) as being attached to that other person.

(3) The registration as a subsidiary intermediary, or the approval of the attachment to that other person, by
virtue of subsection (2) that subsists immediately before the occurrence of an event specified in subsection
(4) ceases to subsist on that occurrence.

(4) The event is—
(a) if the person makes an application under section 34U(1) during the transitional period, the application

being granted or rejected; or
(b) in any other case, the expiry of the transitional period.


7. Transitional arrangements for responsible officers


(1) This section applies to an individual who, immediately before 1 November 2012, was shown in the List of

Responsible Officers as being designated by a person specified in subsection (2) as a responsible officer of
the person.

(2) That person is one who, immediately before 1 November 2012—
(a) was shown in the List of Registered MPF Intermediaries as a corporate intermediary; and
(b) was not an appointed long term insurance agent, or was both an appointed long term insurance agent

and a holder of a Type A qualifying capacity.
(3) The individual is to be regarded as being approved on 1 November 2012 under section 34W(4) as being a

responsible officer of the person.
(4) The approval of the individual as a responsible officer of the person by virtue of subsection (3) that subsists

immediately before the occurrence of an event specified in subsection (5) ceases to subsist on that
occurrence.

(5) The event is—
(a) if, during the transitional period, the person applies under section 34W(1) for approval of the

individual as an officer with specified responsibilities in relation to the person, the application being
granted or rejected; or

(b) in any other case, the expiry of the transitional period.


8. Application to persons regarded as principal intermediary



Cap 485 - Mandatory Provident Fund Schemes Ordinance 114


(1) This section applies to a person who, by virtue of section 4(2) of this Schedule, is regarded as being

registered as a principal intermediary.
(2) In its application to the person, Part 4A has effect subject to subsections (3), (4) and (5).
(3) Section 34Z(4), (5) and (6) is to be replaced by the following—

“(4) The following industry regulator is to be assigned as the regulator of the person for the purposes of this
Part—
(a) if the person holds the Type A qualifying capacity mentioned in section 2(1)(a) or (b) of

Schedule 5B, the Insurance Authority;
(b) if the person holds the Type A qualifying capacity mentioned in section 2(1)(c) of Schedule 5B,

the Monetary Authority; or
(c) if the person holds the Type A qualifying capacity mentioned in section 2(1)(d) of Schedule 5B,

the Securities and Futures Commission.
(5) If the person holds the Type A qualifying capacity mentioned in section 2(1)(c) of Schedule 5B, and

the Type A qualifying capacity mentioned in section 2(1)(a) or (b) of Schedule 5B—
(a) subject to paragraph (b), the Monetary Authority is to be assigned as the regulator of the person

for the purposes of this Part; or
(b) where the Authority is satisfied that the person carries on the majority of its business activities as

the holder of the Type A qualifying capacity mentioned in section 2(1)(a) or (b) of Schedule 5B,
the Insurance Authority is to be assigned as the regulator of the person for the purposes of this
Part.

(6) If the person holds the Type A qualifying capacity mentioned in section 2(1)(a) or (b) of Schedule 5B,
and the Type A qualifying capacity mentioned in section 2(1)(d) of Schedule 5B—
(a) subject to paragraph (b), the Insurance Authority is to be assigned as the regulator of the person

for the purposes of this Part; or
(b) where the Authority is satisfied that the person carries on the majority of its business activities as

the holder of the Type A qualifying capacity mentioned in section 2(1)(d) of Schedule 5B, the
Securities and Futures Commission is to be assigned as the regulator of the person for the
purposes of this Part.”.

(4) Section 34ZC is to be replaced by the following—
“34ZC. Principal intermediary ceasing to hold Type A qualifying capacity etc.

(1) This section applies if—
(a) a person is a principal intermediary; and
(b) the person—

(i) ceases to hold the relevant Type A qualifying capacity; or
(ii) has the relevant Type A qualifying capacity suspended.

(2) The registration of the person as a principal intermediary—
(a) in the case of subsection (1)(b)(i), is revoked at the time the person ceases to hold the

Type A qualifying capacity; or
(b) in the case of subsection (1)(b)(ii), is suspended for the period during which that

suspension is in force.
(3) In this section—
relevant Type A qualifying capacity (有關甲類合資格身分)—

(a) in relation to a person whose frontline regulator is the Insurance Authority, means the
Type A qualifying capacity mentioned in section 2(1)(a) or (b) of Schedule 5B;

(b) in relation to a person whose frontline regulator is the Monetary Authority, means the
Type A qualifying capacity mentioned in section 2(1)(c) of Schedule 5B; or

(c) in relation to a person whose frontline regulator is the Securities and Futures
Commission, means the Type A qualifying capacity mentioned in section 2(1)(d) of
Schedule 5B.”.

(5) Section 34ZE(1)(c) is to be replaced by the following—
“(c) a principal intermediary—

(i) acquires any qualification as a Type A regulatee;



Cap 485 - Mandatory Provident Fund Schemes Ordinance 115

(ii) ceases to hold any Type A qualifying capacity; or
(iii) has any Type A qualifying capacity suspended.”.

(Amended E.R. 1 of 2013)

9. Application to persons regarded as subsidiary intermediary


(1) This section applies to a person who, by virtue of section 5(2) or 6(2) of this Schedule, is regarded as being


(a) registered as a subsidiary intermediary; and
(b) approved as being attached to another person who is regarded as being registered as a principal

intermediary.
(2) In its application to the person, Part 4A has effect subject to subsections (3) and (4).
(3) Section 34ZF is to be replaced by the following—

“34ZF. Subsidiary intermediary ceasing to hold Type B qualifying capacity etc.
(1) This section applies—

(a) if a person is a subsidiary intermediary attached to a principal intermediary; and
(b) if—

(i) the person—
(A) ceases to hold the relevant Type B qualifying capacity; or
(B) ceases to hold a Type B qualifying capacity (other than the relevant Type B

qualifying capacity), and on the cessation no longer holds any Type B
qualifying capacity; or

(ii) the person—
(A) has the relevant Type B qualifying capacity suspended; or
(B) has a Type B qualifying capacity (other than the relevant Type B qualifying

capacity) suspended, and on the suspension no longer holds any Type B
qualifying capacity that is not under suspension.

(2) The approval of the attachment of the person to the principal intermediary—
(a) in the case of subsection (1)(b)(i), is revoked at the time the person ceases to hold the

relevant Type B qualifying capacity or the Type B qualifying capacity; or
(b) in the case of subsection (1)(b)(ii), is suspended for the period during which that

suspension is in force.
(3) Where the person is not approved as being attached to any principal intermediary after a

revocation under subsection (2)(a), the registration of the person as a subsidiary
intermediary is revoked if—
(a) no application has been made under section 34V(1) for approval of attachment of the

person to a principal intermediary within 90 days after the date on which the
revocation under subsection (2)(a) takes effect; or

(b) such an application has been made within 90 days after the date on which the
revocation under subsection (2)(a) takes effect, and the Authority has rejected the
application.

(4) In this section—
relevant Type B qualifying capacity (有關乙類合資格身分)—

(a) in relation to a person whose frontline regulator is the Insurance Authority, means the
Type B qualifying capacity mentioned in section 3(1)(a), (b), (c), (d) or (f) of
Schedule 5B;

(b) in relation to a person whose frontline regulator is the Monetary Authority, means the
Type B qualifying capacity mentioned in section 3(1)(g) of Schedule 5B; or

(c) in relation to a person whose frontline regulator is the Securities and Futures
Commission, means the Type B qualifying capacity mentioned in section 3(1)(e) of
Schedule 5B.”.

(4) Section 34ZI(1)(c) is to be replaced by the following—
“(c) a subsidiary intermediary—



Cap 485 - Mandatory Provident Fund Schemes Ordinance 116

(i) acquires any qualification as a Type B regulatee;
(ii) ceases to hold any Type B qualifying capacity; or
(iii) has any Type B qualifying capacity suspended; or”.

(Amended E.R. 1 of 2013)
(Schedule 5B added 16 of 2012 s. 21)

_____________________________________________________________________________
Note:
* (Amended E.R. 1 of 2013)

Schedule: 6 Decisions which may be the Subject of an Appeal 1 of 2015 30/01/2015


[sections 35, 36 & 48]


1. A decision of the Authority to reject an application for approval as an approved trustee. (Added 4 of 1998 s. 2)
2. A decision of the Authority imposing conditions on an applicant for approval as an approved trustee. (Added 4

of 1998 s. 2)
2A. A decision of the Authority amending conditions imposed on an approved trustee. (Added 2 of 2002 s. 20)
2B. A decision of the Authority imposing conditions on an approved trustee subsequent to the trustee's approval.

(Added 2 of 2002 s. 20)
3. A decision of the Authority to suspend the approval of an approved trustee. (Added 4 of 1998 s. 2)
4. A decision of the Authority to revoke the approval of an approved trustee. (Added 4 of 1998 s. 2)
5. A decision of the Authority to refuse to register a provident fund scheme as an employer sponsored scheme or a

master trust scheme. (Added 4 of 1998 s. 2)
6. A decision of the Authority imposing conditions on an applicant for the registration of a provident fund scheme.

(Added 4 of 1998 s. 2)
6AA. A decision of the Authority to reject an application for—

(a) the approval of a constituent fund of a registered scheme; or
(b) the cancellation of approval granted in respect of a constituent fund of a registered scheme. (Added 1 of

2015 s. 19)
6A. A decision of the Authority amending conditions imposed on the administration or marketing of a registered

scheme. (Added 2 of 2002 s. 20)
6B. A decision of the Authority imposing conditions on the administration or marketing of a registered scheme

subsequent to the scheme's registration. (Added 2 of 2002 s. 20)
7. A decision of the Authority to suspend an approved trustee's administration of a registered scheme. (Added 4 of

1998 s. 2)
8. A decision of the Authority to terminate an approved trustee's administration of a registered scheme. (Added 4

of 1998 s. 2)
9. A decision of the Authority to refuse to consent to the voluntary winding up of an employer sponsored scheme.

(Added 4 of 1998 s. 2)
10. A decision of the Authority to reject an application for its consent to the restructuring of one or more registered

schemes. (Replaced 29 of 2002 s. 13)
11. (Repealed 29 of 2002 s. 13)
12. A decision of the Authority to reject an application for the granting of an exemption under section 5 of the

Ordinance. (Added 4 of 1998 s. 2)
13. A decision of the Authority to revoke an exemption granted under section 5 of the Ordinance. (Added 4 of 1998

s. 2)
14. A decision of the Authority-

(a) under section 5 of the Mandatory Provident Fund Schemes (Exemption) Regulation (Cap 485 sub. leg. B)
to refuse an application for an exemption certificate;

(b) under section 8 of that Regulation to refuse an application to withdraw an exemption certificate;
(c) under section 12 of that Regulation to withdraw an exemption certificate;
(d) under section 16 of that Regulation to refuse an application for an exemption certificate;
(e) under section 19 of that Regulation to refuse an application to withdraw an exemption certificate;
(f) under section 23 of that Regulation to withdraw an exemption certificate. (Added L.N. 205 of 1998)

15. A decision of the Authority—



Cap 485 - Mandatory Provident Fund Schemes Ordinance 117

(a) under section 34T(4) not to register a person as an intermediary for carrying on regulated activities;
(b) under section 34U(4) not to register a person as an intermediary for carrying on regulated activities for a

principal intermediary to which the person is to be attached;
(c) under section 34V(4) not to approve a person as being attached to a principal intermediary for the purpose

of carrying on regulated activities;
(d) under section 34W(4) not to approve an individual as an officer with specified responsibilities in relation to

a principal intermediary;
(e) under section 34X(2) or (3) to impose a condition on a registration or approval;
(f) under section 34X(5) to amend such a condition; or
(g) under section 34ZK(2) to revoke the approval of an individual as a responsible officer of a principal

intermediary. (Added 16 of 2012 s. 22)
16. A decision of the Authority under section 34ZW to make a disciplinary order. (Added 16 of 2012 s. 22)

(Format changes—E.R. 1 of 2012)

Schedule: 7 Age Specified for the Purposes of section 15(2) 1 of 2015 30/01/2015


[sections 15 & 48]
(Amended 1 of 2015 s. 20)


60 years of age

(Format changes—E.R. 1 of 2012)
(Enacted 1995)


Schedule: 8 Associates and Associated Companies* E.R. 1 of 2012 09/02/2012


[sections 2 & 48]


Part 1


Associates


1. Effect of this Schedule


(1) This Schedule has effect for the purpose of determining whether a person is the associate of another for the
purposes of this Ordinance.

(2) A person is an associate of another person for the purposes of this Ordinance only as provided by this
Schedule.


2. Associates of companies


For the purposes of this Ordinance, an associate of a company includes each of the following-
(a) an officer of the company;
(b) a close relative, partner or employee of an officer of the company;
(c) an associated company;
(d) an officer of an associated company;
(e) a close relative, partner or employee of an officer of an associated company.


3. Matters relating to voting shares


(1) If a reference in a provision of this Ordinance to an associate of another person relates to the extent of a
power to exercise, or to control the exercise of, the voting power attached to voting shares of a company,
the reference includes a person with whom the other person has, or proposes to enter into-
(a) an agreement as a result of which one of those persons has or will have power (even if it is in any way

qualified)-



Cap 485 - Mandatory Provident Fund Schemes Ordinance 118

(i) to exercise voting power attached to shares in the company; or
(ii) to control, directly or indirectly, the exercise of that voting power; or
(iii) to influence substantially the exercise of that voting power; or

(b) an agreement for the purpose of controlling or influencing-
(i) the composition of the company's board; or
(ii) the conduct of affairs of the company; or

(c) an agreement under which one of those persons-
(i) will or may acquire; or
(ii) may be required by the other of those persons to acquire,
shares in the company in which the other has a relevant interest; or

(d) an agreement under which one of those persons may be required to dispose of shares in the company in
accordance with the other's directions,

whatever other effect the agreement may have.
(2) In relation to a matter concerning shares of a company, a person may be an associate of the company and

the company may be an associate of a person.

4. References to associates


(1) A reference in this Ordinance to an associate of another person includes a reference to-
(a) a person in partnership with whom the other person carries on a business; and
(b) subject to section 5(2) of this Schedule, a person who is a partner of the other person otherwise than by

virtue of carrying on a business in partnership with the other person; and
(c) a trustee of a trust in relation to which the other person benefits, or is capable of benefiting, otherwise

than as a result of transactions entered into in the ordinary course of business in connection with the
lending of money; and

(d) an officer of a company that carries on a business and of which the other person is also an officer; and
(e) subject to section 5(2) of this Schedule, an officer of a company that does not carry on a business and

of which the other person is also an officer.
(2) A reference in this Ordinance to an associate of another person also includes a reference to-

(a) a person in concert with whom the other person is acting, or proposes to act; and
(b) a person with whom the other person is, or proposes to become, an associate, whether formally or

informally, in any other way,
in respect of the matter to which the reference relates.

(3) If a person-
(a) has entered, or proposes to enter, into a transaction; or
(b) has done, or proposes to do, any act,

in order to become associated with another person as mentioned in an applicable provision of this Schedule, the
persons are taken to be associates of each other for the purposes of that provision.


5. Exclusions


(1) A person is not an associate of another person by virtue of section 3(1) or 4(2) or (3) of this Schedule only
because of any of the following-
(a) one of the persons gives advice to the other, or acts on the other's behalf, in the proper performance of

the functions attaching to a professional capacity or a business relationship;
(b) one of the persons (a client) gives specific instructions to the other, whose ordinary business includes

dealing in securities, to acquire shares on the client's behalf in the ordinary course of that business;
(c) one of the persons has appointed the other (otherwise than for valuable consideration given by the

other or by an associate of the other) to vote as a proxy or representative at a meeting of members, or
of a class of members, of a company.

(2) For the purposes of proceedings under this Ordinance in which it is alleged that a person was an associate of
another because of paragraph (b) or (e) of section 4(1) of this Schedule, the person is taken to have been an
associate of the other in relation to a matter by virtue of that paragraph only if it is proved that the person
knew, or ought to have known, at that time the material particulars of that matter.





Cap 485 - Mandatory Provident Fund Schemes Ordinance 119

6. Associates of composite persons


For the purposes of this Ordinance, a reference to an associate includes, in a case where 2 or more persons
constitute the approved trustee of a registered scheme, a reference to an associate of any of those persons.


Part 2


Relevant Interests in Shares


7. Terminology used in this Part


(1) For the purposes of this Schedule, a reference to a power to vote in respect of a share is a reference to a
power to exercise, or to control the exercise of, the right to vote attached to the share.

(2) A reference in this Schedule to power to dispose of a share includes a reference to power to exercise control
over the disposal of the share.

(3) A reference in this Schedule to power or control includes a reference to power or control that-
(a) is direct or indirect; or
(b) is, or can be, exercised as a result of, by means of, in breach of, or by revocation of, a trust, agreement

or practice, whether the trust, agreement or practice is enforceable or not.
(4) For the purposes of this Schedule-

(a) a power to vote in respect of a share; or
(b) a power to dispose of a share,
that is exercisable by 2 or more persons jointly is taken to be exercisable by any of those persons.

(5) A reference in this Schedule to a controlling interest includes a reference to an interest that gives control.

8. When person has relevant interest in a share


A person has a relevant interest in a share for the purposes of this Schedule if the person has-
(a) power to vote in respect of a voting share in a company; or
(b) power to dispose of the share.


9. Control of company having power in relation to a share


If a company has, or is by this Part taken to have, power to vote in respect of a share or power to dispose of a
share, a person is to be regarded, for the purposes of this Schedule, as having in relation to the share the same
power as the company has, or is taken to have-

(a) if the company is, or its directors are, accustomed or under an obligation, whether formal or informal,
to act in accordance with the directions, instructions or wishes of the person in relation to the exercise
of the power to vote in respect of the share; or

(b) if the person has a controlling interest in the company.

10. Control of relevant percentage of voting power in company having power in relation to a share


If a company or an associate of a company has, or is by this Part (other than this section) taken to have, power to
vote in respect of a share, or power to dispose of a share, a person is to be regarded, for the purposes of this
Schedule, as having in relation to the share the same power as the company or associate has, or is taken to have,
if-

(a) the person has; or
(b) an associate of the person has; or
(c) associates of the person together have; or
(d) the person and an associate or associates of the person together have,

power to vote in respect of no less than 20 per cent of the voting shares in the company.

11. When person is taken to have relevant interest in shares




Cap 485 - Mandatory Provident Fund Schemes Ordinance 120

If-
(a) a person-

(i) has entered into an agreement with another person with respect of an issued share in which the
other person has a relevant interest; or

(ii) has a right enforceable against another person in relation to an issued share in which the other
person has a relevant interest (whether the right is enforceable presently or in the future and
whether or not on the fulfilment of a condition); or

(iii) has an option granted by another person, or has granted to another person an option, with respect
to an issued share in which the other person has a relevant interest; and

(b) on performance of the relevant agreement, enforcement of the right, or exercise of the option, the first-
mentioned person would have a relevant interest in the share,

the first-mentioned person is to be regarded, for the purposes of this Part, as having that relevant interest in the
share.


12. Control of company having a relevant interest by virtue of section 11


If a company is, because of section 11 of this Schedule, to be regarded as having a relevant interest in a share in
another company, a person is taken, for the purposes of this Part, to have a relevant interest in the share if-

(a) the first-mentioned company is, or its directors are, accustomed or under an obligation, whether formal
or informal, to act in accordance with the directions, instructions or wishes of the person in relation to
the exercise of-
(i) a power to vote in respect of shares in the other company; or
(ii) a power to dispose of shares in the other company; or

(b) the person has a controlling interest in the first-mentioned company; or
(c) the person has power to vote in respect of no less than 20 per cent of the voting shares in the first-

mentioned company.

13. Matters not affecting application of this Part


(1) It is immaterial for the purposes of this Part whether or not power to vote in respect of a share, or power to
dispose of a share-
(a) is express or implied or formal or informal; or
(b) is exercisable by a person alone or jointly with any other person or persons; or
(c) cannot be related to a particular share; or
(d) is, or can be made, subject to restraint or restriction.

(2) A relevant interest in a share is not to be disregarded only because of its remoteness or how it arose.

14. Exclusions: money lenders


A relevant interest of a person in a share is to be disregarded for the purposes of this Schedule if-
(a) the person's ordinary business includes lending money; and
(b) the person has authority to exercise powers as the holder of the relevant interest only because of a

security given for the purposes of a transaction entered into in the ordinary course of business in
connection with lending money, other than a transaction entered into with an associate of the person.


15. Exclusions: certain trustees


A relevant interest of a person in a share is to be disregarded for the purposes of this Schedule if the share is
subject to a trust, the person has the relevant interest as a trustee of the trust and-

(a) a beneficiary under the trust is, by virtue of section 11 of this Schedule, regarded as having a relevant
interest in the share because the beneficiary has a presently enforceable and unconditional right
referred to in paragraph (b) of that section; or

(b) the person is a bare trustee.

16. Exclusions: instructions to securities dealer to dispose of share



Cap 485 - Mandatory Provident Fund Schemes Ordinance 121


A relevant interest of a person in a share is to be disregarded for the purposes of this Schedule if the person's
ordinary business includes dealing in securities and the person has authority to exercise powers as the holder of
the relevant interest only because of instructions given to the person, by or on behalf of another person, to
dispose of the share on the other person's behalf in the ordinary course of that business.


17. Exclusions: honorary proxies


A relevant interest of a person in a share is to be disregarded for the purposes of this Schedule if the person has it
only because of having been appointed, otherwise than for valuable consideration given by the person or an
associate of the person, to vote as a proxy or representative at a meeting of members, or of a class of members,
of a company.


18. Effect of this Part


A person has a relevant interest in a share for the purposes of this Schedule only as provided by this Part.


Part 3


ASSOCIATED COMPANIES
(Amended 1 of 2008 s. 52)


19. (Repealed 1 of 2008 s. 52)

20. Associated companies


Companies are related to each other (and thus associates of each other) for the purposes of this Ordinance if one
of the companies-

(a) has power to vote in respect of no less than 20 per cent of the voting shares of the other company; or
(b) holds no less than 20 per cent of the issued share capital of the other company; or
(c) is a subsidiary of the other company; or
(d) is a subsidiary of a company that is an associate of the other company.

(Schedule 8 replaced 4 of 1998 s. 2)
(Format changes—E.R. 1 of 2012)

________________________________________________________________________________________
Note:
* (Amended 1 of 2008 s. 52)

Schedule: 9 (Omitted as spent—E.R. 1 of 2012) E.R. 1 of 2012 09/02/2012

Related Laws