Cap. 514 чл. 9Power of competent authority to refuse or grant a licence.

(1) The competent authority may grant a licence applied for under this Act.

(2) The competent authority shall not grant a licence applied for under this Act, unless it is satisfied that -

(a) in the case of a retirement scheme:

(i) it is constituted and structured in line with any Pension Rules, as applicable;

(iA) the activities of the retirement scheme are limited to retirement benefit related operations and activities arising therefrom;

(iii) the retirement scheme and Retirement Scheme Administrator are fit and proper to carry out the functions required of them in connection with the retirement scheme;

(iv) there is a scheme document which contains terms and conditions in line with any Pension Rules;

(v) the name of the retirement scheme is one which, in the opinion of the Authority, is not misleading;

(vi) any aspect of, or related to, the application does not raise any regulatory concerns; and

(aA) in addition to the requirements in paragraph (a), in the case of an occupational retirement scheme:

(i) the Retirement Scheme Administrator shows evidence that it will be in a position to comply with the system of governance provided for in article 13A;

(ii) the Retirement Scheme Administrator shows evidence that, where the sponsoring undertaking guarantees the payment of the retirement benefits, the employer is committed to regular financing;

(b) in the case of a retirement fund:

(i) it is constituted and structured in line with any Pension Rules, as applicable;

(ii) the retirement fund and any person, by whatever name designated, responsible for the operation, administration, and management of the retirement fund, will comply with and observe the provisions of this Act and any regulations or Pension Rules made thereunder;

(iii) the retirement fund and any person responsible for the operation, administration and management of the retirement fund, is a fit and proper person to carry out the functions required of it in connection with the retirement fund;

(iv) it has a constitutional document which contains terms and conditions in line with any Pension Rules;

(v) the name of the retirement fund is one which, in the opinion of the competent authority, is not misleading;

(vi) any aspect of, or related to, the application does not raise any regulatory concerns;

(c) in the case of a service provider: Pension Rules made thereunder;

(iii) any aspect of, or related to, the application does not raise any regulatory concerns.

(3) Without prejudice to article 38, a licence granted by the competent authority shall be subject to the applicable Pension Rules and to such conditions as the competent authority may from time to time deem appropriate.

(4) When carrying out its functions under the Act, the competent authority shall, in particular, have regard to:

(a) the protection of beneficiaries, members, and investors;

(b) the promotion of competition and choice; and

(c) the reputation and suitability of the applicant and in the case of the retirement scheme and, or retirement fund, the Retirement Scheme Administrator and, or the persons responsible thereof, and all other parties connected with the retirement scheme and, or the retirement fund as the case may be.

(5) Every licence shall specify, as the case may be:

(a) the nature of the retirement scheme to which the licence relates;

(b) any service a person has been licensed to provide.

(6) Repealed by Act V.2020.67.

(7) Without prejudice to the generality of sub-article (3), the Pension Rules to which the competent authority shall subject a licence, may be made applicable to -

(a) all licences granted;

(b) certain categories of licences;

(c) all licences granted to certain categories of holders;

(d) all licences in relation to particular services or retirement schemes or retirement funds, as the case may be.

(8) Within six months from the date of the submission of a properly completed application form together with the requisite documentation, the competent authority shall inform an applicant in writing of its decision whether or not to grant a licence; and in the case of a refusal it shall inform the applicant in writing of the reasons for the refusal.

(9) Any requirement in this Act that a person be a fit and proper person to carry out certain activities or functions shall be interpreted as a requirement not only that such person be a fit and proper person to carry out such activities or functions, but also that any qualifying shareholder or director or officer of such person, or

(i) only grant a licence if it considers that such close links do not prevent it from exercising effectively its supervisory functions; and

(ii) refuse to grant a licence if it considers that the laws, regulations or administrative provisions of any country outside Malta governing one or more persons with whom the applicant has close links, or their enforcement, prevent the effective exercise of its supervisory functions.

(b) The competent authority may from time to time, by means of Pension Rules issued under this Act, define the circumstances in which "close links" are to beregarded as existing between any two or more persons.

(11) The competent authority shall establish a register of all holders of a licence. The register, which shall be publicly available, shall also indicate the services and, or activities in relation to which each licence was issued. The register shall be updated on a regular basis. In the case of cross-border activities carried out in terms of the Occupational Pensions Directive, the register shall also indicate the Member States or the EEA States in which the relevant licence holder is operating, and that information shall be communicated to EIOPA.