Regulations, 2021

Suppliment tal-Gazzetta tal-Gvern ta’ Malta, Nru. 20,627, 18 ta’ Mejju, 2021

L.N. 214 of 2021

RETIREMENT PENSIONS ACT

(CAP. 514)

Retirement Pensions (Control of Assets) (Amendment)

Regulations, 2021

IN EXERCISE of the powers conferred by article 37 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, 2021 and scope.

these regulations shall be read and construed as one with the S.L. 514.03.

Retirement Pensions (Control of Assets) Regulations, hereinafter

referred to as "the principal regulations".

(2) The objective of these regulations is to implement Article

33(4) of the Occupational Pensions Directive.

In sub-regulation (2) of regulation 2 of the principal Amends

regulations, immediately after the definition "customer", there shall be regulation

the principal

added the following new definitions

regulations.

" "European IORP" means an IORP as defined in Article

6(1) of the Occupational Pensions Directive which has been

registered or authorised by a European regulatory authority;

"European regulatory authority" means the body or bodies

designated by a Member State or an EEA State, other than Malta,

to carry out the duties provided for in the Occupational Pensions

Directive;

"Occupational Pensions Directive" means Directive (EU)

2016/2341 of the European Parliament and of the Council of 14

December 2016 on the activities and supervision of institutions

for occupational retirement provision (IORPs) (recast), as may

be amended from time to time, and includes any implementing

measures, implementing technical standards, regulatory

technical standards and any similar measures that have been or

may be issued thereunder;".

Immediately

after

regulation

of

the

principal Adds regulation

20A to the

principal

regulations.

regulations, there shall be added the following new regulation

(1) At the request of a European

"Prohibition of the

regulatory authority of a European IORP, the

competent authority shall prohibit the free disposal of

assets held by a custodian located in Malta in

accordance with Article 48 of the Occupational

Pensions Directive.

(2) For the purposes of this regulation,

"custodian" means an entity maintaining custody of the

assets of a European IORP and, or a Maltese IORP.".

€0.09