WEDNESDAY, MAY 1, 1991
SECONDLY, WHILE CASTING A WIDE NET, THE GOVERNMENT WAS MINDFUL NOT TO IMPOSE UNNECESSARY RESTRICTIONS UPON GLOBAL RETIREMENT SCHEMES OPERATED BY MULTINATIONAL CORPORATIONS.
THE REGISTRAR OF OCCUPATIONAL RETIREMENT SCHEMES WAS, THEREFORE, GIVEN A LIMITED POWER TO EXEMPT CERTAIN SCHEMES FROM REGISTRATION.
"A SCHEME WHICH HAS BEEN APPROVED OR REGISTERED BY AN OVERSEAS REGULATORY BODY PERFORMING A SIMILAR FUNCTION TO THE REGISTRAR MAY ALSO APPLY FOR EXEMPTION.
"WE BELIEVE THAT THE EXEMPTION QUALIFICATIONS ARE ABOUT RIGHT.
"WE WILL, NEVERTHELESS, REVIEW THESE CRITERIA IN THE LIGHT OF OPERATIONAL EXPERIENCE," HE NOTED.
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THIRDLY THE BILL WAS DESIGNED TO ENSURE THAT IN COMPLIANCE WITH THE RELEVANT CRITERIA WOULD ENABLE REGISTRATION TO BE AUTOMATIC.
"IN OTHER WORDS, THE REGISTRAR SHALL NORMALLY REGISTER ALL SCHEMES WHICH COMPLY.
"ALL SCHEMES WHICH ARE DOMICILED IN HONG KONG WILL NORMALLY BE REGISTERED IF THEY ARE SET UP AS TRUSTS OR SUBJECT TO AN INSURANCE ARRANGEMENT.
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"SCHEMES DOMICILED OVERSEAS WILL NORMALLY BE REGISTERED IF THEY SET UP AS TRUSTS, AND IF THE TRUSTEES MAKE A SUBMISSION ΤΟ THE JURISDICTION OF THE HONG KONG COURTS IN RELATION TO THE ENTITLEMENT AND QUANTUM OF BENEFITS OF THE SCHEME MEMBERS," HE SAID.
MR MACLEOD NOTED THAT WHERE A SCHEME DID NOT MEET THE RELEVANT CRITERIA FOR REGISTRATION, THE REGISTRAR WAS GIVEN A VERY LIMITED DISCRETION TO APPROVE REGISTRATION.
HE SAID THE REGISTRAR MIGHT REGISTER THE SCHEME ONLY IF HE SATISFIED THAT IT WOULD BE UNREASONABLE TO REQUIRE FULL COMPLIANCE.
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FOURTHLY, MR MACLEOD SAID THE REGISTRAR WOULD NOT ACTIVELY INTERVENE IN THE AFFAIRS OF A REGISTERED RETIREMENT SCHEME.
BUT HE WAS EMPOWERED TO INTERVENE WHEN CONCERN WAS EXPRESSED ABOUT A SCHEME, FOR EXAMPLE, THROUGH THE ANNUAL RETURNS OF THE SCHEME, HE SAID.
HE MIGHT REQUIRE THE SUBMISSION OF SPECIAL REPORTS AND CERTIFICATES, AND APPOINT A PERSON TO INQUIRE INTO THE OPERATION OF THE SCHEME, HE SAID.
THE ACTING FINANCIAL SECRETARY SAID THE REGULATORY THE BILL. EMBODIED FOUR GUIDING PRINCIPLES.
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