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The Board and the HKMA are empowered by the DPS Ordinance to make rules governing the operation of the DPS. These rules are issued in the form of subsidiary legislation.
Rules made by the Board
Deposit Protection Scheme (Representation on Scheme Membership and Protection of Financial Products under Scheme) Rules (the "Representation Rules")
The Representation Rules govern the representations that should be made by Scheme members regarding their membership and the protection status of their financial products. They are made under section 51(1)(d) and (2) of the DPS Ordinance. The objective of the Representation Rules is to assist members of the public to distinguish between DPS protected and non-DPS protected financial products, so that they can make an informed decision in selecting financial products suitable for them.
Deposit Protection Scheme (Payment of Contributions, Late Payment Fees and Rebates) Rules (the "Contribution Rules")
The Contribution Rules prescribe the manner in which Scheme members should pay contributions or late payment fees to the Board, as well as the manner in which the Board should pay rebates of contribution to Scheme members. They are made under section 51(c) of the DPS Ordinance.
Rules made by the HKMA
Deposit Protection Scheme (Asset Maintenance) Rules (the "Asset Maintenance Rules")
The Asset Maintenance Rules empower the HKMA to require a Scheme member to maintain assets in Hong Kong. The objectives of the Asset Maintenance Rules are to ensure that, in the event of the failure of a Scheme member, there will be sufficient assets in Hong Kong to cover the priority claims of depositors, thereby reducing the shortfall loss of the Board. They are made under section 53 of the DPS Ordinance of the board. |
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