Cap. 450 Art. 7PowerofAuthority to refuse registration of a scheme.

(1) The Authority may register or refuse to register a scheme for which an application is made under this Act.

(2) The Authority shall not register a scheme unless it is satisfied that -

(a) the retirement scheme administrator is fit and proper to provide the scheme concerned;

(b) the retirement scheme administrator will comply with and observe the provisions of this Act and any regulations or directives prescribed thereunder; and

(c) the proposed Scheme will comply with the provisions of this Act and any regulations or directives prescribed thereunder.

(3) In registering a scheme, the Authority may subject it to such conditions as it may deem appropriate, and having registered it, the Authority may, from time to time, vary or revoke any condition so imposed or impose new conditions.

(4) When considering whether to register any scheme under this Act, the Authority shall in particular have regard for -

(a) the protection of investors and the general public;

(b) the protection of the reputation of Malta taking into administrator and any other parties connected with the scheme.

(5) (a) Where close links exists between an applicant and any other person the Authority shall:

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

(ii) refuse to register a scheme 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 Authority may from time to time, by means of directives under this Act define the circumstances in which ''close links'' are to be regarded as existing between any two or more persons.

(6) Where a scheme or the retirement scheme administrator, asset manager or other person responsible for the scheme contravenes or falls to comply with any of the conditions imposed on the scheme under this article, the Authority may by notice in writing and, without recourse to a court hearing impose on the scheme, retirement scheme administrator, asset manager to other person, as the case may be, an administrative penalty which may not exceed ninety-three thousand and one hundred and seventy-four euro and ninety-four cents (93,174.94).