Cap. 514 чл. 5Requirement of licence for retirement funds.

(1) Subject to the provisions of sub-article (5), no retirement fund shall carry on any activity in or from within Malta in relation to a retirement scheme or an overseas retirement scheme unless the main administration of such retirement fund is located in Malta and is duly licensed under this Act.

(2) Subject to the provisions of sub-article (5), no retirement fund formed in accordance with or existing under the laws of Malta shall carry on any activity in relation to a retirement scheme and, or overseas retirement scheme, in or from within a country, territory or other place outside Malta, unless duly licensed under this Act.

(3) The competent authority may by notice in writing to any person determine that, for the purposes of this Act, a fund is a retirement fund:

(a) located in Malta; or

(b) carrying on any activity in or from within Malta, and subject to any appeal under article 44 with respect to such person, the determination by the competent authority shall be conclusive for all purposes of this Act.

(4) For the purposes of sub-article (3), "carrying on any activity in or from within Malta" includes but shall not be limited to, marketing, advertising or otherwise promoting, as may be further stipulated in Pension Rules.

(5) No retirement fund shall be precluded by the provisions of sub-articles (1) and (2) from taking such steps as may be necessary for the incorporation or, as the case may be, the establishment of the retirement fund or from taking such steps as may be necessary for securing the licensing of the retirement fund by the competent authority.

(6) A retirement fund licensed under this Act shall not be