S.L. 514.3 Art. 15Persons acting as custodians.

Where a custodian is appointed, the custodian shall be:

(a) an entity providing the services of a custodian to a retirement scheme or a retirement fund in terms of a licence issued under the Act; or

(b) an entity established in another Member State or EEA State and operating from a Member State or EEA State other than Malta, and duly authorised to carry out custodian services in accordance with Directive 2013/36/ EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, or Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014, on markets in financial instruments, or accepted as a depositary for the purposes of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) or Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers, as amended from time to time, and carries on such services in relation to a retirement scheme or a retirement fund pursuant to the respective EU Directives, as applicable; or

(c) an entity established in a non-Member State or non-EEA State, which the competent authority considers to be subject to an equivalent level of regulatory supervision in the jurisdiction where its operations take place, having the business organisation, systems, experience and expertise deemed necessary by the competent authority for it to undertake custody services and which satisfies any additional criteria which may be set out in Pension Rules issued by the competent authority from time to time.