XN000022-1993-01-06 — Page 6

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WEDNESDAY, JANUARY 6, 1993

"TO

ENSURE THAT ALL MEMBERS OF A RETIREMENT SCHEME WHICH IS SUBJECT TO THE LOCAL REGULATORY AUTHORITY WILL BE GIVEN ADEQUATE PROTECTION, THE ORDINANCE NOW ALSO ALLOWS OVERSEAS MEMBERS THE RIGHT TO APPLY TO THE HONG KONG COURT FOR JUDGEMENT, " THE SPOKESMAN SAID.

HE ALSO POINTED OUT THAT, IN APPLYING FOR REGISTRATION, A SCHEME WILL NEED TO SUBMIT STATEMENTS BY A SOLICITOR AND AN ACCOUNTANT STATING, RESPECTIVELY, WHETHER THE SCHEME IS SET UP AS A TRUST OR AN INSURANCE ARRANGEMENT, WHETHER IT IS GOVERNED BY THE LAWS OF HONG KONG AND WHETHER PROPER ACCOUNTS AND RECORDS ARE BEING KEPT.

AN ACTUARIAL CERTIFICATE WILL BE REQUIRED IN THE CASE OF A DEFINED BENEFIT SCHEME.

་

'IN THE LIGHT OF THE SIGNIFICANT ROLE PLAYED BY THE PROFESSIONALS IN THE REGULATORY FRAMEWORK, THE ORDINANCE HAS ALSO INCORPORATED REVISIONS IN ORDER THAT THE QUALIFICATIONS INDEPENDENCE OF THE PROFESSIONALS CAN BE BETTER ASSURED, SPOKESMAN SAID.

AND

THE

"WE HAVE ALSO TAKEN THE OPPORTUNITY TO REVISE THE PROVISIONS ON APPEALS AGAINST DECISIONS MADE BY THE REGISTRAR, HE SAID.

CIVIL

It

"WE HAVE NOW PROVIDED FOR AN APPEAL PANEL, INDEPENDENT OF THE SERVICE HIERARCHY, WHICH WILL BE CHAIRED BY A QUALIFIED LEGAL

PROFESSIONAL."

THE PENALTY FOR THE OPERATION OF AN ILLEGAL SCHEME HAS ALSO RAISED FROM A FINE OF $100,000 TO A HYBRID OFFENCE COMPRISING

BERN EITHER:

A FINE OF $100,000 AND AN ADDITIONAL DAILY FINE OF $5,000 ON SUMMARY CONVICTION; OR

* A FINE OF $500,000; AN ADDITIONAL DAILY FINE OF $10,000 AND

TWO YEARS' IMPRISONMENT UPON CONVICTION ON INDICTMENT.

"IN VIEW OF THE RELIANCE OF THE REGISTRATION SYSTEM ON PROFESSIONAL CERTIFICATION, A DELIBERATELY FALSE STATEMENT OR CERTIFICATION WILL ALSO CONSTITUTE AN OFFENCE LIABLE TO THE SAME LEVEL OF PENALTY AS CITED ABOVE, THE SPOKESMAN SAID.

"EMPLOYERS ARE THEREFORE ADVISED TO BEGIN то FAMILIARISE THEMSELVES WITH THE REGULATORY REQUIREMENTS ARISING OUT OF THE ENACTMENT OF THE OCCUPATIONAL RETIREMENT SCHEMES LEGISLATION, " HE SAID.

TO FACILITATE COMPLIANCE BY EMPLOYERS, INFORMATION PAMPHLETS WILL BE AVAILABLE TO THE PUBLIC PRIOR TO THE COMMENCEMENT DATE.

THESE WILL CONTAIN ESSENTIAL INFORMATION REGARDING THE EMPLOYERS' OBLIGATIONS UNDER THE ORDINANCE, HOW THEY MAY APPLY FOR THE COMPANY'S RETIREMENT SCHEME TO BE REGISTERED, AS WELL AS THE CRITERIA FOR REGISTRATION OR EXEMPTION,

/"APPLICATIONS FOR