XN000022-1995-07-05 — Page 40

20

If a relevant employer in a scheme that covers two or more employers ceases to comply with the specified relationship requirement, the relevant employer shall notify the representative employer and the Registrar and then withdraw from the scheme either by transferring the rights of the members employed by the withdrawing relevant employer and corresponding assets of the scheme to another registered scheme or by winding up that part of the scheme which relates to the withdrawing relevant employer. If a relevant employer fails to notify the representative employer or the Registrar, or fails to withdraw from the scheme, he commits an offence and is liable to a fine of $10,000 for each offence. The purpose of these provisions is to safeguard the interests of scheme members.

Clause 16(2) amends section 67(2) to provide that the representative employer of an exempted scheme must provide annually to the Registrar documentary evidence of the scheme's eligibility for exemption so as to satisfy the reporting requirements for an exempted scheme under section 10 of the Ordinance.

Mr President, I beg to move.

End/Wednesday, July 5, 1995

Occupation Retirement Schemes (Amendment) Bill: new clauses

Following is the speech by the Secretary for Financial Services, Mr Michael Cartland, in moving the second reading of the Occupation Retirement Scheme (Amendment) Bill 1995 in the Legislative Council today (Wednesday):

Mr Chairman,

I move that new clauses 4A, 9A, 12A, 13A and 15A as set out in the paper circulated to members be read a second time. I briefly highlight two of these.

+

Clause 12A amends section 22(2) to require that the designated person of a registered scheme shall notify the Registrar of any change of his name or address or the name or address of the administrator of the scheme which was previously supplied to the Registrar within one month of the change. The time period allowed for notification of the change is consistent with that allowed for notification of other changes.

Page 40Page 41