S.L. 514.8 Art. 32European IORP commencing operations.

Upon receipt of a decision granting authorisation by its

European regulatory authority authorising the cross border transfer by a

Maltese IORP to a European IORP in terms of regulation 28, or if no information on the decision is received from the European regulatory authority within the period referred to in regulation 31(1), the European IORP may commence to operate the occupational retirement plan as provided in terms of Article 12(12) of the Occupational Pensions Directive.