Special Funds (Registration Fees) Regulations, 2003 (registrationfees)

L.N. 367 of 2003

SPECIAL FUNDS (REGULATION) ACT

(CAP. 450)

Special Funds (Registration Fees) Regulations, 2003

IN exercise of the powers conferred by paragraph (b) of sub-article

1 of article 50 of the Special Funds (Regulation) Act, the Minister of

Finance and Economic Affairs, acting on the advice of the Malta

Financial Services Authority, has made the following regulations

(1) The title of these regulations is the Special Funds Citation and

commencement.

(Registration Fees) Regulations, 2003.

(2) These regulations shall come into force on the 1 st January,

2004.

(Regulation 3)

Table 1

Application Fees

Annual Fees

Retirement Schemes

Lm 500

Refer to Table 2

Retirement Funds

• Fund - Lm 650

• Fund - Lm 700

• Up to 15 sub-

• Up to 15 sub-funds –

funds – Lm 125

Lm 125 (per sub-

(per sub-fund)

fund)

• 16 sub-funds and

• 16 sub-funds and over -

over – Lm 75

Lm 75 (per sub-fund)

(per sub-fund)

Retirement Scheme

Administrator

Lm 200

Lm 600

Retirement

Fund Administrator

- not maintaining

custody of assets

Lm 400

Lm 1,200

- maintaining custody of

assets

Lm 750

Lm 1,500

Asset Managers

- Locally Based

Nil

Nil

- Overseas Based

Lm 100

Lm 300

Retirement Fund Custodians

Lm 750

Lm 1,500

Table 2

Occupational Retirement Schemes – Annual Fees

Number of members

Minimum payment

per scheme

2 to 11

Lm 50 per scheme

Not applicable

12 to 50

Lm 3.50 per member

Lm 50

51 to 100

Lm 3.00 per member

Lm 175

101 to 300

Lm 2.50 per member

Lm 300

301 to 500

Lm 2.00 per member

Lm 750

501 or more

Lm 1.00 per member

Lm 1000

Mitbug[ fl-Istamperija tal-Gvern — Printed at the Government Printing Press

Any reference in these regulations to “the Act” is a reference Interpretation.

to the Special Funds (Regulation) Act, 2002 and the provisions of article

2 of the Act shall also apply to these regulations.

There shall be paid to the Authority by any person or body or Payment of

application and

scheme

registration fees.

(a) upon submission of an application for the granting of a

registration, irrespective of whether the application is eventually

accepted or not, the application fee established in the second column

of the Schedule to these regulations;

(b) on the date of the granting of a registration, the annual

fee established in the third column of the said Schedule;

(c) thereafter annually, upon the anniversary of such date

as is mentioned in paragraph (b) hereof, the same annual fee

established in the third column of the said Schedule.

A person applying to the Authority for registration as a Exemption from the

Retirement Scheme Administrator or a Retirement Fund Administrator payment of fees.

or as a Retirement Fund Custodian and who qualifies for the abridged

application process in terms of directives issued by the Authority under

the Act, shall not be liable to payment of fees under these regulations.