Special Funds (Fees) Regulations, 2014

L.N. 64 of 2014

SPECIAL FUNDS (REGULATION) ACT

(CAP 450)

Special Funds (Fees) Regulations, 2014

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

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

Minister for Finance, 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

(Fees) Regulations, 2014.

(2) These regulations shall be deemed to have come into force

on the 1st January 2014, and shall apply to fees falling due on or after

the said date.

(3) Nothing in these regulations shall be deemed to affect the

liability in respect of any fees due under the Special Funds

2003. (Registration Fees) Regulations, 2003, prior to the coming into force

of these regulations.

Any reference in these regulations to "the Act" is a

reference to the Special Funds (Regulation) Act, and words and

expressions used in these regulations which are also used in the

Act but which are not defined herein shall have the same meaning

as in the Act.

There shall be paid to the Authority by any person or

body or scheme

(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;

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

annual supervisory 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), the same annual

supervisory fee established in the Third Column of the said

Schedule.

A person applying to the Authority for registration as Exemption from

a Retirement Scheme Administrator or a Retirement Fund the

fees.

Administrator 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.

None of the fees established as due in terms of these Non-refundable

fees.

regulations shall be refundable or prorated.

The Special Funds (Registration Fees) Regulations, 2003 Revokes the

are hereby revoked without prejudice to anything done or omitted to Special

(Registration

be done prior to the coming into force of these regulations.

Fees)

Regulations,

2003. L.N. 367 of

2003. SCHEDULE

(Regulation 3)

First Column

Second Column

Third Column

Application Fee

Annual Supervisory Fee

€

€

Retirement Schemes

1,500

2,500

Retirement Funds

• Fund - 1,600

• Fund - 2,000

• Sub funds (per sub • Sub funds (per sub

fund) - 450

fund) - 500

Retirement Scheme

1,000

1,397.62

Administrator

Retirement Fund

Administrator

-

not maintaining

1,000

3,000

custody of assets

-

maintaining custody

2,000

4,000

of assets

Asset Managers

-

Locally Based

Nil

Nil

- Overseas Based

Retirement Fund

2,000

4,000

Custodians

€0.27