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Financial Services Supervision Law (Provident Funds), 5765-2005

חוק הפיקוח על שירותים פיננסיים (קופות גמל), תשס"ה-2005

Published: 2005-08-10Consolidated Hebrew text as of 2026-07-27 · Last amended 2026-07-22✓ Amendment status checked against the Knesset legislation record on 2026-09-29
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Unofficial English translation — for reference only. It may contain errors or omissions and cannot be relied on as a legal text. Only the Hebrew text published in Reshumot is legally binding.More

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Despite these checks, it may contain errors, omissions, or imprecise renderings of legal terminology and cross-references, and it may not yet reflect the latest amendments. It cannot be relied upon as a legal text.

The Hebrew text as published in Reshumot (ספר החוקים) and on the Knesset website is the sole authoritative and legally binding version. In any discrepancy, the Hebrew text prevails.

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Chapter VII: Miscellaneous

53.§

(Repealed — תשס״ו־2)

Action on Behalf of a Provident Fund§

54.

The Attorney General may, at the request of the Commissioner, bring an action on behalf of a managing company, in respect of a provident fund under its management, against an office holder in the managing company, in respect of harm caused to the provident fund or to the members of the fund, by an act or omission contrary to his duties towards it or towards the members under the provisions of this Law, the provisions of the articles or the provisions of any other law.

Investment Tracks§

55.

The Minister, with the approval of the Finance Committee, may prescribe that some of the provisions under this Law shall also apply to an investment track in a multi-track provident fund as if it were a provident fund.

Insurance Funds§

56.
(a)The provisions under this Law shall not apply to an insurance fund, except for an insurance fund that is an individually managed provident fund, or to an insurer managing such a fund, except for the provisions under sections 2(b), 3(b) to (e), 13 to 15, 19 to 25, 30 to 35, 36(a) and 58, as well as Chapters V and VI in respect of the infringement of those provisions, and except for the provisions under section 86(b) and (i) to (m), all with the necessary modifications, and the insurer shall be regarded, in respect of those sections and in respect of any other law applicable to a managing company in relation to the provident funds under its management, as a managing company; the Minister, with the approval of the Finance Committee, may prescribe additional provisions from the provisions under this Law that shall apply to an insurance fund and to an insurer as aforesaid.
(b)The provisions of an insurance plan that has been approved as an insurance fund pursuant to section 13(b) and the provisions of the insurance policies issued thereunder shall be subject to the provisions under this Law applicable in respect of an insurance fund pursuant to subsection (a).

Individually Managed Provident Funds§

57.
(a)
(1)The provisions under this Law shall not apply to an individually managed provident fund approved pursuant to the provisions of section 13(a) or to a managing company of such a fund, except for the provisions under sections 2 to 6, 8 to 10, 13 to 15, 19 to 25, 27 to 30, 32 to 36, 39 to 42 and 58, as well as Chapters V and VI in respect of the infringement of those provisions, all with the necessary modifications; the Minister, with the approval of the Finance Committee, may prescribe additional provisions from the provisions under this Law that shall apply to an individually managed provident fund and to a managing company of such a fund;
(2)the provisions under this Law shall not apply to an individually managed provident fund that is an insurance fund approved pursuant to the provisions of section 13(b) or to an insurer managing such a fund, except for the provisions under sections 2(b), 3(b) to (e), 13 to 15, 19 to 25, 29, 30, 32 to 35, 36(a) and 58, as well as Chapters V and VI in respect of the infringement of those provisions, all with the necessary modifications, and the insurer shall be regarded, in respect of those sections and in respect of any other law applicable to a managing company in relation to the provident funds under its management, as a managing company; the Minister, with the approval of the Finance Committee, may prescribe additional provisions from the provisions under this Law that shall apply to an individually managed provident fund that is an insurance fund and to an insurer as aforesaid.
(b)The Minister, with the approval of the Finance Committee, may prescribe provisions concerning the following matters:
(1)the terms of engagement between a member of an individually managed provident fund and the managing company of the provident fund or the insurer managing the fund, as the case may be, and the manner of engagement with them;
(2)the giving of member instructions in respect of the management and investment of monies in an individually managed provident fund and the execution of such instructions;
(3)restrictions on the investment of monies in an individually managed provident fund, including maximum rates for investment in a particular asset or in types of assets to be prescribed, as well as conditions and restrictions on such investment and conditions for its execution; for this purpose, "investment" means purchase, sale, holding, the granting of a loan and any other transaction.
(c)The provisions of an agreement between a member and a managing company of an individually managed provident fund or an insurer managing such a fund, including an insurance policy, shall be subject to the provisions under this Law applicable in respect of an individually managed provident fund pursuant to subsection (a)(1) or (2), as the case may be, and to the regulations under subsection (b).

Deferral of the Monthly Repayment Date of a Housing Loan in Special Circumstances§

57a.
(a)A provident fund or managing company that grants a customer a housing loan (in this section – the lender) shall notify the customer, prior to the conclusion of the loan agreement, that it is possible for the customer to include in the loan agreement provisions under which the customer may defer the monthly repayment dates of the loan, if the customer so requests, on conditions to be determined by the lender and subject to the following provisions:
(1)After the conclusion of the loan agreement, one of the following occurred and a document attesting thereto was presented to the lender:
(a)the customer ceased employment in the year preceding the customer's request to defer the monthly repayment dates of the loan, and has not been working since;
(b)the customer fell ill or was injured and as a result is unfit to work for a consecutive period exceeding three months;
(c)the customer gave birth, six months have not yet elapsed since the date of birth, and the customer is not working;
(2)A customer is entitled to defer repayment dates pursuant to this section for a period as requested, not exceeding three months, no more than once in 12 consecutive months and no more than three times during the term of the housing loan.
(b)Without derogating from the provisions of any law, prior to the conclusion of the housing loan agreement, the lender shall provide the customer with a written explanation of the conditions for deferral of the monthly repayment date of the loan pursuant to this section; such explanation shall set out, inter alia, the costs involved in the customer's choice to include in the agreement provisions concerning the possibility of deferring the monthly repayment date of the loan as referred to in subsection (a), as well as the costs involved in exercising that possibility.
(c)The deferral of the monthly repayment date of a housing loan pursuant to this section shall not prejudice the rights available to the customer under the loan agreement or under any law, including the customer's rights to alternative housing or the customer's right to apply to the special committee pursuant to the provisions of section 5a of the Housing Loans Law, 5752-1992.
(d)The provisions of this section may not be varied except in favour of the customer.
(e)In this section, "housing loan" means a loan for the purpose of purchasing a single apartment as defined in section 9a1(d) of the Banking (Customer Service) Law, 5741-1981.

Restriction of a Fee for Processing a Housing Loan Application§

57b.
(a)For processing a housing loan application the lender may collect a fee not exceeding NIS 360; in this section, "the lender" and "housing loan" – as defined in section 57a.
(b)The amount referred to in subsection (a) shall be updated on 1 January of each year (in this subsection – the update date), in accordance with the rate of change of the index known on the update date compared with the index known on 1 January of the preceding year; the said amount shall be rounded to the nearest amount that is a multiple of NIS 10; for this purpose, "index" means the consumer price index published by the Central Bureau of Statistics.

Fees§

58.
(a)The Minister, with the approval of the Finance Committee, may prescribe fees as set out below, as well as provisions in respect of such fees, including the dates for their payment:
(1)a fee for submitting an application for a managing company licence;
(2)a fee for submitting an application for a provident fund approval and for its renewal;
(3)an annual fee payable by a managing company in respect of each provident fund under its management.
(b)In Regulations made pursuant to subsection (a), the Minister of Finance may prescribe provisions concerning linkage differentials and interest and an increased fee to be paid in respect of late payment of a fee pursuant to those Regulations (in this section – fee supplement).
(c)The Tax (Collection) Ordinance shall apply to the collection of a fee and a fee supplement pursuant to this section.
(d)If a managing company has not paid a fee that it was required to pay pursuant to the provisions of subsection (a) within one year of the date prescribed for its payment pursuant to the provisions of that subsection, its licence shall be suspended from the date prescribed for that purpose in a warning delivered to it by the Commissioner, until payment of the fee and the fee supplement; during the period of suspension, the Commissioner may act in accordance with the Commissioner's powers as referred to in section 68 of the Financial Services Supervision Law (Insurance), as applied by section 39(c); a managing company whose licence has been suspended shall immediately notify the members of the provident funds under its management of that fact.
(e)The renewal of a managing company licence or a provident fund approval that has expired, been revoked or been suspended, pursuant to the provisions of this Law, shall be conditional upon payment of the managing company's debts in respect of fees and fee supplements that have not been paid by it.

Publication of the Commissioner's Directives§

59.
(a)Directives of the Commissioner issued by virtue of this Law need not be published in Reshumot (Official Gazette); however, the Commissioner shall publish in Reshumot (Official Gazette) a notice of the issuance of directives as aforesaid that have legislative effect and of the date of their commencement.
(b)Directives of the Commissioner issued by virtue of this Law that have legislative effect, and any amendment thereto, shall be made available for public inspection at the offices of the Commissioner and shall be published on the website of the Ministry of Finance, and the Minister may prescribe additional means of their publication.

Implementation and Regulations§

60.
(a)The Minister is responsible for the implementation of this Law and may make Regulations on any matter relating to its implementation.
(b)Regulations made pursuant to this Law may apply to all provident funds and the managing companies that manage them, or to categories of provident funds or provident funds for specific purposes, and the managing companies that manage them.

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Chapter VIII: Indirect Amendments, Commencement and Transitional Provisions

Amendment of the Income Tax Ordinance – No. 148§

61.

(Amendments were made to the Income Tax Ordinance [New Version])

Amendment of the Municipal Corporations Ordinance – No. 105§

62.

In the Municipal Corporations Ordinance, in section 145(d), the words "as defined in section 47 of the Income Tax Ordinance [New Version]" shall be replaced by "as defined in the Financial Services Supervision Law (Provident Funds), 5765-2005".

Amendment of the Women's Equal Rights Law – No. 5§

63.

In the Women's Equal Rights Law, 5711-1951, in section 7a(a)(2), the words "as defined in section 47 of the Income Tax Ordinance [New Version]" shall be replaced by "as defined in the Financial Services Supervision Law (Provident Funds), 5765-2005".

64.§

In the Women's Employment Law, 5714-1954, in section 7a(a), in the definition "provident fund", the words "as defined in section 47 of the Income Tax Ordinance [New Version]" shall be replaced by the words "as defined in the Financial Services Supervision Law (Provident Funds), 5765-2005".

Amendment of the Wage Protection Law – No. 23§

65.

In the Wage Protection Law, 5718-1958, in section 26 –

(1)the existing text shall become subsection "(a)", and therein, the words "a fine of one thousand pounds" shall be replaced by the words "imprisonment for two years or a fine at six times the rate of the fine prescribed in section 61(a)(4) of the Penal Law, 5737-1977";
(2)after subsection (a) the following shall be inserted:

"(b) An office holder in a corporation is obliged to supervise and do everything possible to prevent the commission of an offence under subsection (a) by the corporation or by any of its employees; one who contravenes this provision is liable to the fine prescribed in section 61(a)(4) of the Penal Law, 5737-1977.

(c)If an offence under subsection (a) is committed by a corporation or by any of its employees, it shall be presumed that an office holder in the corporation has breached the duty referred to in subsection (b), unless the office holder proves that everything possible was done to prevent the offence.
(d)In this section, 'office holder' means an active director in a corporation, a partner, excluding a limited partner, or any other person holding a position who is responsible on behalf of the corporation for the area in which the offence was committed.".

Amendment of the Stamp Duty on Documents Law – No. 5§

66.

In the Stamp Duty on Documents Law, 5721-1961, in Schedule B, in section 5(i), in the definition "authorised body", in paragraph (2), sub-paragraph (a) shall be replaced by the following:

"(a) a managing company as defined in the Financial Services Supervision Law (Provident Funds), 5765-2005".

Amendment of the Severance Pay Law – No. 21§

67.

In the Severance Pay Law, 5723-1963, in section 21, the words "as defined in section 47 of the Income Tax Ordinance [New Version]" shall be replaced by "as defined in the Financial Services Supervision Law (Provident Funds), 5765-2005".

Amendment of the Execution Law – No. 26§

68.

In the Execution Law, 5727-1967, in section 45b(a), the words "as defined in section 47 of the Income Tax Ordinance [New Version]" shall be replaced by "as defined in the Financial Services Supervision Law (Provident Funds), 5765-2005".

Amendment of the Securities Law – No. 30§

69.

In the Securities Law, 5728-1968, in the First Schedule, item (2) shall be replaced by the following:

"(2) a provident fund or managing company as defined in the Financial Services Supervision Law (Provident Funds), 5765-2005".

Amendment of the Allowances for State Authority Office Holders Law – No. 5§

70.

In the Allowances for State Authority Office Holders Law, 5729-1969, in section 1a(a), the words "as defined in section 47 of the Income Tax Ordinance [New Version]" shall be replaced by "as defined in the Financial Services Supervision Law (Provident Funds), 5765-2005".

Amendment of the State Service (Pensions) Law – No. 46§

71.

In the State Service (Pensions) Law [Consolidated Version], 5730-1970 –

(1)in section 107a(d), the words "as defined in the Income Tax Regulations (Rules for the Approval and Management of Provident Funds), 5724-1964" shall be replaced by "as defined in the Financial Services Supervision Law (Provident Funds), 5765-2005";
(2)in section 108a(a), the words "as defined in section 47 of the Income Tax Ordinance [New Version]" shall be replaced by "as defined in the Financial Services Supervision Law (Provident Funds), 5765-2005".

Amendment of the Sick Pay Law – No. 2§

72.

In the Sick Pay Law, 5736-1976, in section 1, in the definition "provident fund", the words "as defined in section 47 of the Income Tax Ordinance [New Version]" shall be replaced by "as defined in the Financial Services Supervision Law (Provident Funds), 5765-2005".

Amendment of the Local Authorities (Pensions for Head of Authority and Deputies) Law – No. 4§

73.

In the Local Authorities (Pensions for Head of Authority and Deputies) Law, 5737-1977, in section 2a, the words "as defined in section 47 of the Income Tax Ordinance [New Version]" shall be replaced by "as defined in the Financial Services Supervision Law (Provident Funds), 5765-2005".

Amendment of the Airports Authority Law – No. 7§

74.

In the Airports Authority Law, 5737-1977, in section 58a(d), the words "as defined in the Income Tax Regulations (Rules for the Approval and Management of Provident Funds), 5724-1964" shall be replaced by the words "as defined in the Financial Services Supervision Law (Provident Funds), 5765-2005".

Amendment of the Bankruptcy Ordinance – No. 5§

75.

In the Bankruptcy Ordinance [New Version], 5740-1980, in section 85(1a), the words "as defined in section 47 of the Income Tax Ordinance [New Version]" shall be replaced by "as defined in the Financial Services Supervision Law (Provident Funds), 5765-2005".

Amendment of the Law for the Protection of the Public's Investments in Israel in Financial Assets§

76.

In the Law for the Protection of the Public's Investments in Israel in Financial Assets, 5744-1984, in the Schedule, in item 6, instead of "as defined in section 47 of the Income Tax Ordinance [New Version]" there shall come "as defined in the Financial Services Supervision Law (Provident Funds), 5765-2005".

Amendment of the Budget Foundations Law – No. 34§

77.

In the Budget Foundations Law, 5745-1985, in section 48a(3)(b), the words "as defined in section 47 of the Income Tax Ordinance [New Version]" shall be deleted, and at the end thereof there shall come "In this sub-paragraph, provident fund – as defined in the Financial Services Supervision Law (Provident Funds), 5765-2005".

Amendment of the Regular Service in the Israel Defence Forces (Pensions) Law – No. 21§

78.

In the Regular Service in the Israel Defence Forces (Pensions) Law [Consolidated Version], 5745-1985, in section 67(a) –

(1)after the definition "the determining date" there shall come:

""provident funds supervision law" means the Financial Services Supervision Law (Provident Funds), 5765-2005;";

(2)in the definition "insurance fund", instead of the proviso beginning with the words "as defined in the Regulations" there shall come "as defined in the provident funds supervision law";
(3)instead of the definitions "pension provident fund", "veteran fund", "new comprehensive fund" and "new general fund" there shall come:

""pension provident fund" and "veteran fund" – as defined in the provident funds supervision law;

"new comprehensive fund" and "new general fund" – as defined in the Regulations pursuant to section 22 of the provident funds supervision law;";

(4)the definition "provident fund regulations" shall be deleted.

Amendment of the Income Tax Law (Inflationary Adjustments) – No. 19§

79.

In the Income Tax Law (Inflationary Adjustments), 5745-1985, in Schedule A, in item 3(3), instead of "as defined in section 47 of the Ordinance" there shall come "as defined in the Financial Services Supervision Law (Provident Funds), 5765-2005".

Amendment of the Antiquities Authority Law – No. 4§

80.

In the Antiquities Authority Law, 5749-1989, in section 21(c), instead of "as defined in section 47 of the Income Tax Ordinance [New Version]" there shall come "as defined in the Financial Services Supervision Law (Provident Funds), 5765-2005".

Amendment of the Family Agricultural Sector Arrangements Law – No. 11§

81.

In the Family Agricultural Sector Arrangements Law, 5752-1992, in section 20(b)(2), instead of "as defined in section 47 of the Income Tax Ordinance [New Version]" there shall come "as defined in the Financial Services Supervision Law (Provident Funds), 5765-2005".

Amendment of the Prohibition of Money Laundering Law – No. 5§

82.

In the Prohibition of Money Laundering Law, 5760-2000, in the Third Schedule, in item 4, instead of "a provident fund as defined pursuant to section 47(a)(2) of the Income Tax Ordinance [New Version] and a company managing provident funds" there shall come "a managing company as defined in the Financial Services Supervision Law (Provident Funds), 5765-2005".

Amendment of the Reserve Soldiers' Allowances Payment Law§

83.

In the Reserve Soldiers' Allowances Payment Law, 5762-2002, in section 2 –

(1)after the definition "Disabled Veterans Law" there shall come:

""provident funds supervision law" means the Financial Services Supervision Law (Provident Funds), 5765-2005;";

(2)in the definition "insurance fund", instead of "as defined in the provident fund regulations" there shall come "as defined in the provident funds supervision law" and instead of "as defined in those Regulations" there shall come "as defined in that Law";
(3)in the definition "pension provident fund", instead of "as defined in the provident fund regulations" there shall come "as defined in the provident funds supervision law";
(4)in the definition "savings provident fund", instead of "as defined in the provident fund regulations" there shall come "as defined in the provident funds supervision law" and instead of "as defined in those Regulations" there shall come "as defined in that Law";
(5)the definition "provident fund regulations" shall be deleted.

Amendment of the Retirement Age Law – No. 2§

84.

In the Retirement Age Law, 5764-2004, in the definition "agreement", instead of "as defined in section 47 of the Income Tax Ordinance [New Version]" there shall come "as defined in the Financial Services Supervision Law (Provident Funds), 5765-2005".

Commencement§

85.
(a)This Law shall commence, except for the sections specified in subsections (b) to (d), 90 days from the date of its publication (in this section – the commencement date).
(b)Section 25(b) shall commence on the date of entry into force of the Regulations to be made thereunder.
(c)The following paragraphs of section 61 shall commence on the date specified alongside each:
(1)paragraphs (2)(b)(1) and (3), (3)(c), (5)(a), (7)(a) and (c)(1), and (11)(b)(3)(c) – on the date of entry into force of the Regulations pursuant to section 22;
(2)paragraph (2)(b)(2) – on the date of entry into force of the Regulations pursuant to section 21;
(3)paragraphs (2)(c), (11)(a)(2) and (b)(1) – on the date of entry into force of the Regulations pursuant to section 23;
(4)paragraph (3)(a)(2) – on the date of entry into force of the Regulations pursuant to section 26.
(d)
(1)The definitions "new comprehensive fund" and "new general fund" in section 67a of the Regular Service in the Israel Defence Forces (Pensions) Law [Consolidated Version], 5745-1985 (in this section – the Regular Service in the IDF Law), as worded in section 78 of this Law, shall enter into force on the date of entry into force of the Regulations pursuant to section 22, in respect of payments to a new comprehensive fund and a new general fund;
(2)until the entry into force of Regulations as referred to in paragraph (1), the definitions "pension provident fund", "veteran fund", "new comprehensive fund" and "new general fund" in section 67a of the Regular Service in the IDF Law as worded on the eve of the publication of this Law shall continue to apply to "new comprehensive fund" and "new general fund".

Transitional Provisions§

86.
(a)In this section –

"provident fund regulations" means the Income Tax Regulations (Rules for the Approval and Management of Provident Funds), 5724-1964.

(b)A provident fund approval granted pursuant to the provident fund regulations before the commencement date shall be deemed an approval granted pursuant to the provisions of section 13, and it shall remain in force until the end of its period of validity, unless cancelled earlier pursuant to the provisions of this Law.
(c)A company that, on the eve of the commencement date, held a managing company approval granted to it pursuant to the provident fund regulations, is entitled to a managing company licence.
(d)A person who held, on the eve of the commencement date, more than five per cent of a particular class of means of control in a company as referred to in subsection (c), or who controlled such a company, is entitled to a permit pursuant to the provisions of section 9 in respect of that holding or control.
(e)A company entitled to a licence pursuant to subsection (c), or a person entitled to a permit pursuant to subsection (d), who has not submitted to the Commissioner an application for a licence or permit, as the case may be, by the end of six months from the commencement date – shall be deemed to have waived their entitlement as aforesaid.
(f)
(1)A provident fund that, on the eve of the commencement date, lawfully operated as a corporation shall be managed in trust by a managing company, as provided in this Law, and shall no longer be a corporation, by the end of eighteen months from the commencement date;
(2)if a provident fund as referred to in paragraph (1) has not complied with the provisions of that paragraph by the end of the period prescribed therefor, the Commissioner shall exercise his power in relation thereto as referred to in section 68 of the Financial Services Supervision Law (Insurance), as applied in section 39(c);
(3)a provident fund as referred to in paragraph (1) shall be deemed, for the purposes of any law, a managing company for as long as it is a corporation.
(g)
(1)The provisions of subsection (f) shall not apply to a provident fund that, on the eve of the commencement date, lawfully operated as a cooperative society, and such a provident fund shall be deemed, for the purposes of any law, a managing company for as long as it is a cooperative society; however, if the Commissioner considers that a proposed amendment to the articles of a provident fund as aforesaid changes the definition of who is entitled to be a member of the fund, or that it is, in his opinion, capable of materially altering the character of the fund, or of materially affecting the manner of its management, he may make his approval of the amendment conditional upon the fund being managed in trust by a managing company, as provided in this Law, and upon the fund no longer being a cooperative society; for this purpose, the opening of a new investment track in such a fund shall not be regarded as an amendment capable of materially altering the character of the fund or of materially affecting the manner of its management;
(2)a provident fund as referred to in paragraph (1) that seeks to be managed in trust by a managing company and to cease to be a cooperative society shall have applied to it, in respect of the structural change, the provisions of section 345 or Chapter III of Part 9 of the Companies Law, 5759-1999, as if it were a company, at its election.
(h)The provisions of subsections (f) and (g) shall not apply to a pension provident fund that, on the eve of the commencement date, was an insurer for whom a special administrator had been appointed pursuant to section 78d of the Financial Services Supervision Law (Insurance); such fund shall not be managed by a managing company and shall be deemed, for the purposes of any law, a managing company.
(i)Notwithstanding the provisions of section 23, where, on the eve of the commencement date, the consent of an employer was required pursuant to the provisions of a provident fund's articles and in accordance with the provisions of the provident fund regulations for the withdrawal of monies deposited by the employer in the provident fund on behalf of an employee-member, or where the employer was entitled, pursuant to those provisions, to withdraw such monies from the provident fund, those provisions shall continue to apply to such monies deposited by the employer in the provident fund before the commencement date even if transferred to another provident fund.
(j)Circulars issued by the Commissioner before the commencement date shall be deemed directives given pursuant to section 39(b), and their commencement date, for the purposes of Chapters V and VI and section 59, shall be the commencement date or any later date specified therein.
(k)Where the Commissioner has reasonable grounds to believe that a managing company has breached a provision of the provident fund regulations, as set out below, he may impose on it a financial sanction in the amount that could have been imposed on it pursuant to the Second Schedule had it breached a provision listed in Part A of the First Schedule, and the provisions applicable to a financial sanction pursuant to Chapter V shall apply in this regard:
(1)it received payments to a provident fund under its management otherwise than in accordance with the provisions of regulations 19, 19a, 23a, 44(c) to (e) or 49h;
(2)it collected payments otherwise than in accordance with the provisions of regulations 20, 21, 23 or 44(c);
(3)it did not collect interest from an employer in respect of a late deposit in accordance with the provisions of regulations 22 or 44(c);
(4)it did not issue a certificate or confirmation to an employer or to a member in accordance with the provisions of regulation 24;
(5)it granted loans to a member otherwise than in accordance with the provisions of regulation 30;
(6)it invested provident fund monies under its management in the business of an employer or in the business of a member, contrary to the provisions of regulation 32;
(7)it received credit, charged an asset or guaranteed an obligation, contrary to the provisions of regulation 33;
(8)it transferred monies, refused to transfer monies or received monies, otherwise than in accordance with the provisions of regulations 33a, 34a, 34b, 35, 38b1, 38c, 40a or 41q;
(9)it did not transfer monies from one investment track to another in a multi-track provident fund under its management in accordance with the provisions of regulations 33b or 41q(c);
(10)it did not pay compensation, savings, a pension or other payments in accordance with the provisions of regulations 34, 38, 38a, 38c, 39a(a), 41k, 41k1, 41ac, 46 or 49i;
(11)it made payment to an employee-member conditional upon the employer's approval, contrary to the provisions of regulation 34(g)?(1);
(12)it consolidated or split a member's accounts, contrary to the provisions of regulation 36;
(13)it received monies from a member, contrary to the provisions of regulation 37;
(14)it did not transfer monies to an account that does not guarantee a return in accordance with the provisions of regulation 38b2;
(15)it did not act to locate accounts of members or to locate the beneficiaries of those accounts or did not notify a beneficiary of his entitlement, contrary to the provisions pursuant to regulation 38d;
(16)it received deposits from a member or did not return monies, contrary to the provisions of regulation 39a(c) to (g);
(17)it paid or returned monies to an employer, contrary to the provisions of regulations 40 or 41;
(18)it invested provident fund monies under its management otherwise than in accordance with the provisions pursuant to Section A in Part 2 of Chapter VI-1 or the provisions of regulation 49j(a);
(19)it exempted an office holder therein from liability, indemnified an office holder therein or entered into a contract of insurance for the liability of an office holder therein, contrary to the provisions of regulations 41e(b) to (d) or 41t(c);
(20)it did not participate or vote at a general meeting of a corporation in which it holds a voting right, or did not keep written records of the details of the meeting, contrary to the provisions of regulations 41e1 or 41t(c);
(21)it entered into a contract for the management of investments of a provident fund under its management or executed transactions in securities, contrary to the provisions of regulations 41e2 or 41t(c);
(22)it did not appoint an investment committee in accordance with the provisions of regulations 41e3, 41e5(b) or 41t(c);
(23)it employed an employee or engaged person or received advice from a person otherwise than in accordance with the provisions of regulations 41e7 or 41t(c);
(24)it appointed a director by virtue of means of control held by a provident fund under its management or remunerated a director so appointed, otherwise than in accordance with the provisions of regulations 41e8 or 41t(c);
(25)it did not calculate the assets of a provident fund under its management in accordance with the provisions pursuant to regulations 41f, 41s, 41v or 49k;
(26)it collected management fees or expenses otherwise than in accordance with the provisions of regulations 41h, 41ab or 49l;
(27)it did not credit to a member's account in a provident fund under its management the profits of the fund, contrary to the provisions of regulations 41j or 41p, or it credited to a member's account profits as aforesaid otherwise than in accordance with the provisions of those regulations;
(28)it did not pay default interest or did not credit a member's account, in respect of failure to make a payment or transfer of rights on time, or did not deduct the amount of the interest from the management fees, contrary to the provisions of regulation 41q1;
(29)it did not invest the monies of a pension provident fund under its management in accordance with the provisions of regulation 41t;
(30)it accepted or undertook to accept new members into a pension provident fund under its management, otherwise than in accordance with the provisions of regulation 41x;
(31)it received payments from a member in a pension provident fund under its management for the purpose of acquiring rights with retrospective effect, otherwise than in accordance with the provisions of regulation 41y;
(32)it did not provide an explanatory sheet, specification, information or notice in accordance with the provisions of regulation 41ae;
(33)it did not receive payments from an employee-member, contrary to the provisions of regulation 44(d);
(34)it did not transfer the annual records, in respect of a provident fund account under its management, at the time of the transfer of the member's rights from the provident fund to another provident fund in accordance with the provisions of regulation 49d1;
(35)it did not register the bank account of a central pension provident fund under its management in accordance with the provisions of regulation 49j(c);
(36)it did not send to a member in a provident fund under its management a report or notice in accordance with the provisions pursuant to regulations 49o(a), 53, 53a or 53b;
(37)it did not effect a separation of the accounts and assets of the provident funds under its management in accordance with the provisions of regulation 50a;
(38)it did not retain documents relating to a member in a provident fund under its management or to the manner of investment of the member's monies, contrary to the provisions of regulation 56a.
(l)Where the Commissioner has reasonable grounds to believe that a person has breached a provision of the provident fund regulations, as set out below, he may impose on that person a financial sanction as referred to in subsection (k):
(1)he served on an investment committee or acted in the framework of his role on an investment committee otherwise than in accordance with the provisions of regulations 41e3(f) to (h), 41e5(b), 41e6 or 41t(c);
(2)he was employed by a managing company, provided advice to it or acted in the framework of such employment or the provision of such advice otherwise than in accordance with the provisions of regulations 41e7 or 41t(c);
(3)he received a benefit in connection with the management of a provident fund, contrary to the provisions pursuant to regulation 41h(d).
(m)Where the Commissioner has reasonable grounds to believe that a managing company has not submitted a report in accordance with the provisions of regulations 48, 49n, 51, 51a, 51c or 52 of the provident fund regulations, or has not published a report in accordance with the provisions of regulation 51b of those Regulations, he may impose on it a financial sanction in the amount that could have been imposed on it pursuant to the Second Schedule had it breached a provision listed in Part A of the First Schedule, and the provisions applicable to a financial sanction pursuant to Chapter V shall apply in this regard.

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