Retirement Pensions (Exemption) (Amendment) Regulations, 2020

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,366, 13 ta’ Marzu, 2020 B 537

L.N. 49 of 2020

RETIREMENT PENSIONS ACT

(CAP. 514)

Retirement Pensions (Exemption) (Amendment) Regulations, 2020

IN EXERCISE of the powers conferred by article 37(1)(f) 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 (Exemption) (Amendment) Regulations, 2020 and these commencement.

regulations shall be read and construed as one with the Retirement S.L. 514.02.

Pensions (Exemption) Regulations, hereinafter 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 3 of the principal regulations shall be amended Amends

regulation 3 of

as follows

the principal

regulations.

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

following

"(a) established and duly authorised in a Member

State or EEA State to carry out portfolio investment

management in accordance with Directives 2009/65/EC,

2014/65/EU, 2013/36/EU, 2009/138/EC or 2011/61/EU, as

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

relation to a retirement scheme or retirement fund, pursuant

to the respective EU Directives, as applicable;"; and

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

following

"(b) in the case of a person 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 in the jurisdiction where its

operations take place, having the business organisation,

systems, experience and expertise deemed necessary by the

competent authority for it to undertake investment

management activities and which satisfies any additional

criteria which may be set out in Pension Rules issued by the

competent authority from time to time,".

Regulation 4 of the principal regulations shall be amended

as follows

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

following

"(a) established and duly authorised in a Member

State or EEA State to carry out custodian services in

accordance with Directive 2013/36/EU or Directive 2014/

65/EU, or accepted as depositary for the purposes of

Directive 2009/65/EC or Directive 2011/61/EU, as

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

relation to a retirement scheme or retirement fund, pursuant

to the respective EU Directives, as applicable;"; and

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

following

"(b) in the case of a person 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 in the jurisdiction where its

operations take place, having the business organisation,

systems, experience and expertise deemed necessary by the

competent authority for it to undertake custody services

and which satisfies any additional criteria which may be

required by the competent authority or which may be set

out in Pension Rules issued by the competent authority

from time to time,".

Regulation 5 of the principal regulations shall be deleted.

In regulation 6 of the principal regulations, the words, "laid

down in paragraph (b) of regulation 3, paragraph (b) of regulation 4

and regulation 5", shall be substituted by the words, "laid down in

paragraph (b) of regulation 3 and paragraph (b) of regulation 4".

€0.09