Cap. 450 Art. 8PowerofAuthority to refuse registration of a retirement fund.

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

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

(a) the promoters, the directors and the retirement fund administrator are fit and proper persons to offer the retirement fund concerned;

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

(c) the proposed retirement fund will comply with the provisions of this Act and any regulations or directives made thereunder.

(3) In registering a retirement fund, 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 retirement fund account Malta’s international commitments;

(c) the promotion of competition and choice; and

(d) the reputation and suitability of any promoter, director, retirement fund administrator and any other party connected with the retirement fund.

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

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

(ii) refuse to register a retirement fund 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 retirement fund, or the retirement fund administrative, its manager, secretary, director or other person responsible for the retirement fund contravenes or fails to comply with any of the conditions imposed on the retirement fund under this article, the Authority may by notice in writing and without recourse to a court hearing impose on the retirement fund, its manager, secretary, director or 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).