Retirement Funds Regulations, 2003

L.N. 441 of 2003

COMPANIES ACT

(CAP. 386)

Investment Companies with Variable Share Capital as

Retirement Funds Regulations, 2003

IN exercise of the powers conferred by article 84 of the Companies

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 Investment Companies Citation and

commencement.

with Variable Share Capital as Retirement Funds Regulations, 2003.

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

2004.

The provisions of the Companies Act (Investment Companies Applicability of L.N.

102 of 1996.

with Variable Share Capital) Regulations, 1996, hereinafter referred to

as “the principal regulations”, shall apply mutatis mutandis to investment

companies with variable share capital established for the purpose of

acting and operating as Retirement Funds within the meaning of articles

2 and 4 of the Special Funds (Regulation) Act, subject to the following Cap. 450.

exceptions and qualifications

(a) references to “Competent Authority” shall be deemed to

be references to the Authority under the Special Funds (Regulation)

Act;

(b) references to “SICAV” shall be deemed to be references

to an investment company with variable share capital duly

registered as a Retirement Fund in terms of sub-article (3) of article

3 of the Special Funds (Regulation) Act;

(c) with reference to sub-regulation (1) of regulation 7 and

notwithstanding the provisions thereof, the Authority shall require

an investment company with variable share capital duly registered

as a Retirement Fund in terms of sub-article (3) of article 3 of the

Special Funds (Regulation) Act, to keep the assets and liabilities

of each sub-fund comprised in that company as a patrimony

separate from the assets and liabilities of each other sub-fund of

such company, and the provisions of the said regulation shall be

construed and applied accordingly, and references in sub-regulation

(1) to the terms “may”, “elect” and “election” shall for these

purposes be construed as referring to a mandatory requirement;

and

(d) regulation 8 of the principal regulations and the

definition of “licensed manager” in regulation 2 thereof, shall not

apply.

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