On 1 April 2013, the Malta Financial Services Authority (MFSA) issued a consultation on Regulations and Pension Rules to be issued under the Retirement Pensions Act. The Retirement Pensions Act provides for the licensing and regulation of retirement schemes, retirement funds and related service providers. It repeals and replaces the Special Funds (Regulation) Act.
There are six proposed Regulations to be issued under the Retirement Pensions Act, which will repeal and replace all current Regulations apart from the Special Funds (Registration Fees) Regulations. Amongst others, the Regulations refer to the Registration of Retirement Fund Custodians, the Control of Assets, and to the European Passport Rights for Institutions for Occupational Retirement Provisions. Furthermore, the consultation makes reference to a restructuring of the Pensions Rules into four main documents setting rules applicable to the respective stakeholders, being Occupational Retirement Schemes, Personal Retirement Schemes, Retirement Funds and Service Providers.
Camilleri Preziosi is in the process of examining the consultation documents with a view to submitting its comments and proposals by the 13 May 2013 deadline.