Transfers) (Amendment) Regulations, 2021

Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,647, 18 ta’ Ġunju, 2021 B 1953

L.N. 260 of 2021

RETIREMENT PENSIONS ACT

(CAP. 514)

Retirement Pensions (Cross-Border Activities and Cross-Border

Transfers) (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 (Cross-Border Activities and Cross-Border Transfers) scope.

(Amendment) Regulations, 2021 and these regulations shall be read

and construed as one with the Retirement Pensions (Cross-Border S.L. 514.08.

Activities and Cross-Border Transfers) 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 1 of the principal Amends

regulations, for the words "Articles 11, 12, 14(3), 19(8), 33(1), 48(5), regulation

the principal

48(6), 48(8)(d) and 59 of the Occupational Pensions Directive,", there regulations.

shall be substituted the words "Articles 11, 12, 14(3), 19(8), 33(1),

33(4), 48(5), 48(6), 48(8)(d) and 59 of the Occupational Pensions

Directive,".

Sub-regulation (1) of regulation 2 of the principal Amends

regulation 2 of

regulations shall be amended as follows

the principal

regulations.

(a) immediately after the definition "the Act", there shall

be added the following new definition

" "assets" means movable and immovable property of

any kind;"; and

(b) immediately after the definition "cross-border

activity", there shall be added the following new definition

" "custodian" means an entity maintaining custody of

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

Immediately after regulation 23 of the principal

regulations, there shall be added the following new regulation

At the request of a European regulatory

"Prohibition of

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.".

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