Cap. 514 чл. 34Advertisements.

No person, other than licence holders, may issue or causeto be issued an advertisement in connection with a retirementscheme or retirement fund in or from within Malta. The competent authority may, by Pension Rules made for the purposes of this article, determine the form and content of such advertisements andthe manner in which any promotional activity in connection with aretirement scheme or retirement fund shall be carried out or causedto be carried out. its capacity as auditor or as actuary of such licence holder which relates to any matter which may be prescribed or is likely to bring or has brought about the following:

(a) a serious qualification, or refusal of the auditor’s or actuary’s report on the accounts of such licence holder;

(b) a material breach of the provisions of this Act and regulations or any Pension Rules which lay down the legal or regulatory requirements applicable to a license holder in or under this Act; or

(c) a grave impairment of the licence holder’s ability to meet the current or future liabilities attributable to it; or

(d) negatively and materially affects the interests of members and beneficiaries; or

(e) relates to any other matter which may be prescribed.

(2) An auditor or an actuary of a licence holder shall report to the competent authority any facts or decisions of which he becomes aware of in the course of carrying out his duties, which relate to or have a serious adverse effect, upon the members or beneficiaries, as specified in sub-article (1), of any person having close links with such licence holder within the meaning of article 9, of which he becomes aware in his capacity as auditor or actuary of the licence holder or of the person having such close links.

(3) The matters which may be prescribed for the purpose of sub-article (1)(e) may include matters related to persons or entities other than a retirement scheme or retirement fund, including but not limited to any person providing any one or more of the services listed in the Schedule.

(3A) Without prejudice to any provision contained in this Act, the competent authority may request the auditor or the actuary, as the case may be, to provide it with such information and documentation relating to any fact or decision as specified in sub-articles (1) or (2) concerning the licence holder.

(4) The competent authority may require a licence holder to change its appointed auditor or actuary where, in the competent authority’s opinion, such auditor or actuary is considered unfit for this appointment, at any time during his term of office.