Cap. 450 Art. 3against and funds. IX. 2003.120; XII. 2006.124. Cap. 386. Cap. 386. Cap. 370.

(1) No person shall provide or hold himself as providing a Prohibition unregistered scheme situated in Malta unless such scheme is a registered scheme schemes which complies with the requirements of articles 4(1) and 5. unregistered retirement

(2) No person shall accept money or other consideration from a contributor with respect to a scheme situated in Malta unless such scheme is a registered scheme which complies with the requirements of articles 4(1) and 5.

(3) No person shall maintain or hold himself out as maintaining a retirement fund situated in Malta unless such fund is a registered fund which complies with the requirements of articles 4(2) and 6.

(4) The Authority may by directives under this article declare such schemes or other arrangements as may be referred to in the directives not to be a scheme for the purposes of this Act, or declare that such funds as may be referred to in the directives not to be a retirement fund for the purposes of this Act.

(5) The Authority may by notice in writing to any person determine that:

(a) an activity falls within the meaning of articles 17, 18, 19 or 24 when provided in relation to a retirement fund or a scheme; or

(b) a service falls within the Second Schedule to this Act; or

(c) for the purposes of this Act, a scheme or other arrangement is a scheme situated in Malta, or a fund is a retirement fund situated in Malta, and subject to any appeal under article 54, with respect to such person, the determination by the Authority, unless otherwise overruled by the Tribunal referred to in that article shall be conclusive for all purposes of this Act.

retirement benefits;

(b) that all contributions to the scheme may be invested exclusively in one or more retirement funds, except for ancillary cash;

(c) that the scheme is designed and operated for the exclusive benefit of the beneficiaries specified in such scheme;

(d) the specific means to be used to identify all current, and future contributors of the scheme together with their respective obligations;

(e) the specific means to be used to identify all current and future beneficiaries of the scheme together with the specific means to be used to determine the amount of their respective retirement benefits, and the timing of payment of such retirement benefits;

(f) the name, address and the telephone number and e-mail address, if available, of the initial retirement scheme administrator appointed to carry out the administrative requirements of the scheme;

(g) the rules or other criteria governing the valuation of assets and liabilities attributable to the scheme and the timing of such valuations;

(h) the rules governing admissible costs and expenses payable out of the scheme;

(i) the method of appointment, removal, and replacement of the retirement scheme administrator and, where appropriate, the asset manager, auditor, actuary or any other party to the scheme;

(j) the rules governing the surrender, termination or, where appropriate, forfeiture of a retirement benefit;

(k) the applicable rules in the event of an inability or failure by a contributor to fulfil its obligations;

(l) the rules governing amendments to the scheme document;

(m) the circumstances leading to the winding up of the scheme, other than such circumstances established by law; and

(n) that, unless otherwise prescribed under this Act there exists no statutory provision for compensation in the case where a scheme or retirement fund is unable to satisfy the liabilities attributed to it, and the registration of the scheme or retirement fund is not an endorsement by the Authority of the scheme’s or the retirement fund’s financial performance. company with variable share capital under the Companies Act;

(b) the memorandum of association of the retirement fund states that its objectives are limited to -

(i) the receipt of contributions made by one or more schemes, and, or by one or more overseas retirement plans, and the investment of such contributions and all return on such contributions in instruments or immovable property with the aim of maximising return on such contributions;

(ii) the payment of retirement benefits to the beneficiaries of the schemes or the overseas retirement plans which have invested in such retirement fund; and

(iii) the carrying on of all matters or functions connected or ancillary to the objectives mentioned in subparagraphs (i) and (ii); and

(c) the name of the retirement fund is one which, in the opinion of the Authority, is not misleading; and

(d) the company’s head office is, and is operated, in Malta.

(3) The assets of the retirement fund shall not be for the benefit of any investor in the retirement fund, but shall be used for the exclusive purpose of providing retirement benefits to the beneficiaries of the schemes or the overseas retirement plans which have invested in such retirement fund, and of defraying the expenses as are allowable under this Act, of such scheme, or the bona fide expenses of the overseas retirement plan, as applicable.

(4) Unless otherwise provided in this Act, the provisions of the Companies Act shall apply to a Retirement Fund.

(5) A scheme or retirement fund registered under this Act shall not be subject to any licensing requirements under the Investment

Services Act.