Retirement Schemes or Retirement Funds Regulations, 2015

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 19,364, 6 ta’ Jannar, 2015

L.N. 12 of 2015

COMPANIES ACT

(CAP. 386)

Investment Companies with Variable Share Capital as

Retirement Schemes or Retirement Funds Regulations, 2015

IN exercise of the powers conferred by article 84 of the

Companies 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 Companies Act Citation and

(Investment Companies with Variable Share Capital as Retirement commencement.

Schemes or Retirement Funds) Regulations, 2015.

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

2015.

The provisions of the Companies Act (Investment Applicability of

Companies with Variable Share Capital) Regulations, hereinafter the

Act (Investment

referred to as ''the principal regulations'', shall apply mutatis mutandis Companies

Variable Share

to investment companies with variable share capital established for Capital)

the purpose of acting and operating as retirement schemes or Regulations.

retirement funds within the meaning of article 2 of the Retirement Cap. 514.

Pensions Act, subject to the following exceptions and qualifications

(a)

references to ''the competent authority'' shall be

deemed to be references to the competent authority under the

Retirement Pensions Act;

(b) references to ''SICAV'' shall be deemed to be

references to an investment company with variable share capital

duly licensed as a retirement scheme or retirement fund in terms

of the Retirement Pensions Act;

(c)

with reference to subregulation (1) of regulation 9 of

the principal regulations, and notwithstanding the provisions

thereof, a multi fund company duly licensed as a retirement

scheme or retirement fund in terms of the Retirement Pensions Cap. 514.

Act, shall 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) of

regulation 9 of the principal regulations, to the terms ''may'',

''elect'' and ''election'' shall for these purposes be construed as

referring to a mandatory requirement;

(d) with reference to sub-regulation (3) of regulation 9

of the principal regulations, and notwithstanding the provisions

thereof, a multi fund company duly licensed as a retirement

scheme or retirement fund in terms of the Retirement Pensions

Act, shall provide in its memorandum that the actual value of

the paid up share capital of any sub-fund shall be at all times

equal to the value of the assets of any kind of the particular sub-

fund after the deduction of such sub-fund’s liabilities, and the

provisions of the said regulation shall be construed and applied

accordingly, and references in sub-regulation (3) of regulation 9

of the principal regulations to the term ''elects'' shall for these

purposes be construed as referring to a mandatory requirement;

(e)

sub-regulation (1) of regulation 10 of the principal

regulations shall be read as if for the words therein ''other than

SICAVs licensed by the competent authority either as

Professional Investor Funds or as UCITS within the meaning of

the UCITS Directive'' have been deleted;

(f)

sub-regulation (2) of regulation 10 of the principal

regulations shall not apply; and

(g) regulation 12 of the principal regulations shall be

construed to read ''For the better carrying out of the provisions

of these regulations, the competent authority may issue Pension

Rules in terms of sub-article (4) of article 37 of the Retirement

Pensions Act.''.

Shares in an investment company with variable share

capital duly licensed as a retirement scheme or a retirement fund in

terms of the Retirement Pensions Act shall not give right to a

distribution, other than in accordance with regulations and Pensions

Rules, relating to the distribution of assets by retirement schemes or

retirement funds, issued in terms of the Retirement Pensions Act.

The Investment Companies with Variable Share Capital as

Retirement Funds Regulations, 2003 are hereby revoked.

2003.

2003. €0.09