RETIREMENT PENSIONS (EXEMPTION) REGULATIONS

RETIREMENT PENSIONS (EXEMPTION)

SUBSIDIARY LEGISLATION 514.02

RETIREMENT PENSIONS (EXEMPTION)

REGULATIONS

1st January, 2015 *

LEGAL NOTICE 6 of 2015, as amended by Legal Notice 49 of 2020.

The title of these regulations is the Retirement Pensions

Act (Exemption) Regulations.

(1) In these regulations, unless the context otherwise

requires -

"the Act" means the Retirement Pensions Act;

"competent authority" refers to the Malta Financial Services

Authority established under the Malta Financial Services Authority

Act;

"Maltese IORP" means an occupational retirement scheme as

defined in article 2 of the Act, licensed by the competent authority

in terms of the Act, and which qualifies as an IORP for the

purposes of the Occupational Pensions Directive.

(2) Words and expressions which are also used in the Act shall,

in these regulations, have the same meaning as in the Act.

Any person who is appointed by a Maltese IORP, a

personal retirement scheme or a retirement fund as an investment

manager in terms of the Act, and is

(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;

(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,

shall be exempt from the provisions of article 6 of the Act.

*see regulation 1(2) of these Regulations, as originally promulgated.

RETIREMENT PENSIONS (EXEMPTION)

Any person who is appointed by a Maltese IORP, a

personal retirement scheme or a retirement fund as a custodian in

terms of the Act, and is

(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;

(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,

shall be exempt from the provisions of article 6 of the Act.

Any person established outside Malta who is appointed by

a Maltese IORP, a personal retirement scheme or a retirement fund

l i c e ns e d un d e r t he Ac t t o pr o v i de o n e o r m or e ba c k off i c e

administrative services as established by Pensions Rules, shall be

exempt from the requirement of recognition in terms of article 7 of

the Act provided that the competent authority is satisfied that

(a) such person is of sufficient standing and repute; and

(b) has the business organisation, systems, experience and

expertise deemed necessary by the competent

authority for it to undertake back office administrative

services and which satisfies any additional criteria

which may be set out in Pension Rules issued by the

competent authority from time to time.

The exemptions laid down in paragraph (b) of regulation 3

and paragraph (b) of regulation 4 shall not be automatically

operative but its applicability shall be subject to a determination in

writing by the competent authority that the requested exemption

applies.

(1) The following retirement schemes are not considered

as schemes for the purposes of the Act and accordingly none of the

provisions of the Act shall apply thereto

(a) retirement schemes established or regulated under the

following legislation

(i) the Pensions Ordinance;

(ii) the Police Act;

(iii) the Port Workers Ordinance;

(iv) the Malta Armed Forces Act;

(v) the Prisons Act; and

RETIREMENT PENSIONS (EXEMPTION)

(vi)

the Members of Parliament Pensions Act.

(b) pension and pension related arrangements resulting

from agreements that have been entered into between

the employer and employees or representatives of

employees prior to the appointed date;

(c) retirement schemes which had been in operation prior

to the appointed date and which are closed to new

members;

(d) social security schemes, pensions and pension related

arrangements in terms of the Social Security Act.

(2) For the purpose of this regulation, the "appointed date"

means the 1st October 2002.