Regulations, 2020

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,366, 13 ta’ Marzu, 2020 B 515

L.N. 47 of 2020

RETIREMENT PENSIONS ACT

(CAP. 541)

Retirement Pensions (Control of Assets) (Amendment)

Regulations, 2020

IN EXERCISE of the powers conferred by article 37(1)(b) of the

Retirement Pensions Act, the Minister responsible for the regulation of

financial services, acting on the advice of the Malta Financial Services

Authority, has made the following regulations:-

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

Pensions (Control of Assets) (Amendment) Regulations, 2020 and commencement.

these regulations shall be read and construed as one with the

Retirement Pensions (Control of Assets) Regulations, hereinafter S.L. 514.03.

referred to as "the principal regulations".

(2) These regulations shall come into force on such date as the

Minister responsible for the regulation of financial services may by

notice in the Gazette establish, and different dates may be so

established for different provisions of these regulations.

Regulation 15 of the principal regulations shall be amended Amends

regulation 15 of

as follows

the principal

regulations.

(a) paragraph (b) thereof shall be substituted by the

following

"(b) an entity established in another Member State

or EEA State and operating from a Member State or EEA

State other than Malta, and duly authorised to carry out

custodian services in accordance with Directive 2013/36/

EU of the European Parliament and of the Council of 26

June 2013 on access to the activity of credit institutions and

the prudential supervision of credit institutions and

investment firms, or Directive 2014/65/EU of the European

Parliament and of the Council of 15 May 2014, on markets

in financial instruments, or accepted as a depositary for the

purposes of Directive 2009/65/EC of the European

Parliament and of the Council of 13 July 2009 on the

coordination of laws, regulations and administrative

provisions relating to undertakings for collective

investment in transferable securities (UCITS) or Directive

2011/61/EU of the European Parliament and of the Council

of 8 June 2011 on Alternative Investment Fund Managers,

as amended from time to time, and carries on such services

in relation to a retirement scheme or a retirement fund

pursuant to the respective EU Directives, as applicable; or";

and

(b) in paragraph (c) thereof, the words "an entity which is

subject to an equivalent level of regulatory supervision", shall be

substituted by the words "an entity established in a non-Member

State or non-EEA State, which the competent authority considers

to be subject to an equivalent level of regulatory supervision".

Sub-regulation (1) of regulation 17 of the principal

regulations, shall be substituted by the following

"(1) The custodian shall

(a) take custody of all the assets of any retirement

scheme or retirement fund and shall safeguard such assets

and the interests of the retirement scheme or retirement

fund and of the holders of units or numbers, beneficiaries

or investors in the retirement scheme or retirement fund,

and

(b) have oversight duties in relation to retirement

schemes which shall be carried out in accordance with the

Pension Rules.".

€0.09