Cap. 450 Art. 49Assignment or attachment of retirement fund assets. Cap. 16.

(1) The creditors of a contributor may not enforce their rights over the contributor's interest in the scheme; nor may such creditors attach or subject such interest to any precautionary or executive warrant: Provided that nothing in this subarticle shall be deemed to deprive any creditor of such contributor of any rights granted to a creditor under article 1144 of the Civil Code.

(2) Except as may be prescribed under this Act, every agreement that is made by a contributor to transfer, dispose of or charge his interest in the scheme shall be void.

may make regulations to give effect to the provisions of this Act, and without prejudice to the generality of the foregoing may, by such regulations, in particular, do any of the following;

(a) extend or restrict the definition of ''contributor'', ''beneficiary'', ''defined benefit retirement scheme'', ''defined contribution retirement scheme'', ''instrument'', ''investment service'', ''occupational scheme'', ''overseas retirement plan'', ''retirement benefit'', ''retirement fund'' or ''scheme'', contained in article 2 to such class of persons, schemes, instruments, services, plans or benefits as the Minister deems fit; and amend the Schedules to this Act;

(b) regulate retirement funds and retirement schemes, as well as the services provided and activities carried on in conjunction therewith or in relation thereto; establish the qualifications and other eligibility criteria necessary to act as Retirement Fund or Scheme Custodian, provide for the payment of such fees and other charges as may be prescribed, provide for the powers of the Authority in their regard including the imposition of administrative penalties and other measures as well as appeals therefrom to the Financial Services Tribunal, and provide for the issue of Directives establishing other requirements regarding their conduct and activities; and provide for any matter he may deem expedient and may in particular grant rights to the public in respect of such funds and schemes and regulate the exercise thereof;

(c) establish or make arrangements for the compensation of beneficiaries in cases where a retirement fund or retirement scheme is unable to satisfy claims in respect of any liability incurred by it in connection with a retirement scheme;

(d) regulate the format, content or amendment of a scheme document;

(e) prescribe the circumstances in which auditors or actuaries shall be obliged to communicate information to the Authority in accordance with article 29 and may in particular increase the circumstances wherein auditors or actuaries shall be obliged to report to the Authority and prescribe the circumstances or classes thereof wherein they shall be exempted from the provisions of the said article 29; and prescribe rules governing the disclosure by auditors or actuaries of information, and establish supervisory and disciplinary procedures for auditors or actuaries in respect of their duties;

(g) regulate the provision by any one retirement fund of separate investment portfolios, regulate the investment in any one retirement fund of separate schemes, providing for any matter he may deem expedient, including the regulation of the contents of the memorandum and articles of association of such retirement funds, and for the segregation of the assets of any one scheme from that of another, the regulation of the manner and the form whereby such retirement fund may create and issue shares, and the provision of any matter consequential, incidental to or connected therewith;

(h) require the keeping and maintenance of records with respect to the transactions and financial position of an overseas retirement plan, a scheme or a retirement fund, and for the keeping of records in Malta and for the inspection of such records;

(i) require the preparation and presentation of periodical or other reports by an overseas retirement plan, a scheme or a retirement fund, to the Authority and to any other person as the said Minister may prescribe;

(j) require an overseas retirement plan, a scheme or a retirement fund -

(i) to obtain at prescribed times or on the happening of prescribed events such information and documents as may be prescribed;

(ii) to furnish that information and copies of those documents to the Authority and, or, such persons as may be prescribed in the form, manner and at the time prescribed;

(k) restrict or otherwise regulate the manner in which a defined benefit retirement scheme deals with surplus funds;

(l) provide for the content, format and audit of the annual accounts of an overseas retirement plan, a scheme or a retirement fund;

(m) regulate the payment (including the time thereof), nature and amount of benefits which may or may not be paid to beneficiaries;

(n) regulate the manner by which the amount or value of the assets or liabilities of a scheme shall be determined, calculated and, or, verified, and determine the assets and liabilities that are to be taken into account for such purpose;

(o) prescribe anything that is to be or which may be prescribed; and person who has entered, or offered to enter, into a scheme, to rescind the agreement or withdraw the offer within such period and in such manner as may be prescribed, and in particular, but without prejudice to the generality of the foregoing, may make provision -

(a) requiring the service of notice with respect to the rights exercisable under such regulations;

(b) for the restitution of property and the making or recovery of payments where those rights are exercised; or

(c) for such other matters as are incidental to or connected with any of the above.

(3) Any regulations made under this article, may be made subject to such exemptions or conditions as may be specified therein, may make different provision for different cases, circumstances or purposes and may give to the Authority such powers of adaptation of the regulations as may be therein specified.

(4) Regulations made under this article may provide that any contravention or failure of compliance therewith shall constitute an offence and that any person guilty of such an offence shall be liable on conviction to such penalty as may be prescribed being a penalty not exceeding a fine (multa) of ninety-three thousand and one hundred and seventy-four euro and ninety-four cents (93,174.94) or imprisonment for a term not exceeding one year, or both such fine and imprisonment.