### Mandatory Provident Fund Schemes Ordinance 《強制性公積金計劃條例》

34ZV. Investigation powers exercisable in relation to former regulated persons
(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.

34ZW. Authority may make disciplinary order
(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.
(3A) Subsection (3B) applies if—
(a) a regulated person is a subsidiary intermediary attached to another person who is a principal intermediary; and
(b) the registration of the regulated person as such a subsidiary intermediary is revoked under subsection (3)(a)(i) (subsection (3) revocation

### Mandatory Provident Fund Schemes Ordinance 《強制性公積金計劃條例》

34ZX. When disciplinary order takes effect
(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—
(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.

### Mandatory Provident Fund Schemes Ordinance 《強制性公積金計劃條例》

34ZY. Further action by Authority
(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.

### Mandatory Provident Fund Schemes Ordinance 《強制性公積金計劃條例》

34ZZ. Procedural requirement for Authority before making disciplinary order or taking further action
(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
(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.

34ZZA. Application of disciplinary powers in relation to former regulated person
(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.