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Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,366, 13 ta’ Marzu, 2020
Taqsima  B
____________________________________________________________________B 517
L.N. 48 of 2020
RETIREMENT PENSIONS ACT
(CAP. 514)
Retirement Pensions (Cro ss-Border Activities and 
Cross-Border Transfers) Regulations, 2020
IN EXERCISE of the powers conferred by article 37 of the
Retirement Pensions Act, the Minister responsible for the regul ation of
financial services, acting on the advice of the Malta Financial Services
Authority, has made the following regulations:-
Citation, scope 
and 
commencement.1. (1) The title of these regulations is the Retirement
Pensions (Cross-Border Activitie s and Cross-Border Transfers)
Regulations, 2020.
(2) The objective of these regulations is to implement Article 6
(in part) and Articles 11, 12, 14(3), 19(8), 33(1), 48(5), 48(6 ), 48(8)(d)
and 59 of the Occupational Pensions Directive, and they shall b e
interpreted and applied accordingly.
(3) These regulations shall come into force on such date as the
Minister responsible for the regulation of financial services m ay by
notice in the Gazette establish, and different dates may be so
established for different provisions of these regulations..
Interpretation. 2. (1) In these regulations, unless the context otherwise
requires:
Cap. 514. "the Act" means the Retirement Pensions Act;
Cap. 330."competent authority" means the Malta Financial Services
Authority established by the Malta Financial Services AuthorityAct;
"cross-border activity" means operating an occupational
retirement plan where the relationship between the sponsoringundertaking and the members a nd beneficiaries concerned, is
governed by the social and labour law relevant to the field of
occupational pension schemes of a Member State, other than the
home Member State;  
"EEA State" means a State wh ich is a contracting party to
the agreement on the European Economic Area signed at Oportoon the 2nd May, 1992 as amended by the Protocol signed atBrussels on the 17th March, 1993 and as amended from time to
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time;
" E u r o p e a n  I O R P "  m e a n s  a n  I O R P  i n  t e r m s  o f  t h e
Occupational Pensions Directive authorised by a European
regulatory authority;
"European regulatory authorit y" means the body or bodies
designated by a Member State or an EEA State, other than Malta,to carry out the duties provide d for in the Occupational Pensions
Directive;
"home Member State" means: 
( a ) M a l t a  w h e r e  t h e  M a l t e s e  I O R P  i s  l i c e n s e d
under the Act; or
(b) any Member State or EEA State, other than
Malta, in which the European  IORP has been registered or
authorised, 
and in which its main administration is located in
accordance with Article 9 of the Occupational Pensions
Directive;  
"host Member State" means the Member State or EEA
State, including Malta, whose social and labour law relevant tothe field of occupational pensi on schemes is applicable to the
relationship between the sponsoring undertaking and members or
beneficiaries entitled to retirement benefits;  
"institution for occupationa l retirement provision" or
"IORP" means an institution, irrespective of its legal form,operating on a funded basis, established separately from any
sponsoring undertaking or trade for the purpose of providingretirement benefits in the context of an occupational activity on
the basis of an agreement or a contract agreed:  
(a) individually or collectively between the
employer or employers and the employee or employees or
their respective representatives; or
(b) with self-employed persons, individually or
collectively, in compliance with the legislation of the homeMember States and host Member States,
and which carries out activities directly arising therefrom; 
"majority" means the Maltese IORP has obtained the
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approval of an aggregate of not less than two-thirds of the
members of the Maltese IORP and an aggregate of not less than
two-thirds of the beneficiaries o f  t h e  M a l t e s e  I O R P ,  o r  w h e r e
applicable their r epresentatives;
"Maltese IORP" means an occupational retirement scheme
as defined in article 2 of the Act, licensed by the competentauthority in terms of the Act, and which qualifies as an IORP f or
the purposes of the Occupati onal Pensions Directive;
"member" means a person, other than a beneficiary or a
prospective member, whose pa st or current occupational
activities entitle or will entitle  him or her to retirement ben efits
in accordance with the provisi ons of an occupational retirement
plan;
"Member State" means a Member State of the European
Union;
"Occupational Pensions Direc tive" means Directive (EU)
2016/2341/EC of the European Par liament and of the Council of
14 December 2016 on the activities and supervision of
institutions for occupational re tirement provision (IORPs)
(recast), as may be amended from time to time, and includes any
implementing measures, impl ementing technical standards,
regulatory technical standards and any similar measures thathave been or may be issued thereunder;
"occupational retirement plan" means the contract,
agreement, a trust deed or rules stipulating the retirementbenefits and the conditions under which these are granted, andfor the purpose of these regulations, shall be the "scheme
do cume nt" in te rms  of  t he A ct  i n so fa r a s M alt ese  IO R P s a re
concerned;  
"sponsoring undertaking" means any undertaking or other
body, regardless of whether it includes or consists of one or m ore
legal or natural persons, and which may be located in anyMember State or EEA State including Malta, which acts as an
employer or in a self-employed capacity or any combination
thereof, and which offers an occupational retirement plan or payscontributions to an IORP. 
(2) Words and expressions which are also used in the Act shall
in these regulations have the same meaning as in the Act.
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PART I
MALTESE IORPS CARRYING OUT CROSS-BORDER 
ACTIVITY IN OTHER  MEMBER STATES OR EEA STATES
Cross-border 
activity and 
acceptance of sponsorship by 
a Maltese IORP.3. A Maltese IORP may carry out cross-border activity and
accept sponsorship in terms of the Occupational Pensions Direct ive
from sponsoring undertakings located within territories of Memb er
States or EEA States other tha n Malta, subject to regulations 4  and 5. 
Notification to 
the competent 
authority. 4.  A Maltese IORP proposing to carry out cross-border
activity and to accept sponsorship  in terms of the Occupational
Pensions Directive from a sponsoring undertaking located within  the
territory of a Member State or an EEA State other than Malta, s hall
notify its intention to the compe tent authority. The Maltese IO RP, shall
notify the competent authority of: 
(a) the name of the host Member State or the host
Member States, which shall, wher e applicable, be identified by
the sponsoring undertaking;
(b) the name and the location of the main administration
of the sponsoring undertaking;
(c) the main characteristics of the occupational
retirement plan to be operated for the sponsoring undertaking;
and
(d)  such other information as may be specified in the
Pension Rules issued under the Act.  
Application to 
the competent 
authority. 5. (1) Where the competent authority receives a  notification
by a Maltese IORP proposing to c arry out cross-border activity and to
accept sponsorship as referred to in regulation 4, it shall, be fore
granting its approval, be satisfie d that the Maltese IORP meets  t h e
conditions described in sub-regulation (2) of this regulation. 
(2) The conditions to be met under sub-regulation (1) are:
(a) that the Maltese IORP is registered in the register
referred to in article 9 (11) of the Act; and
(b) the matters set out in Articles 10(1)(a) and (b), 13(4),
22(1) and 37(1) of the Occupatio nal Pensions Directive are
satisfied.  
(3) When giving such authorisat ion, the competent authority
shall immediately inform EIOPA. 
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Communication 
to European 
regulatory authority of host 
Member State. 6. (1) Where the competent authority has been notified in
accordance with regulation 4, the competent authority shall, un less it
has issued a reasoned decision that the administrative structur e or the
financial situation of the Maltese IORP or the good repute or
professional qualifications or experience of the persons runnin g the
Maltese IORP are not compatible with the proposed cross-border
activity, within three months of receiving all the information referredto in regulation 4, communicate that information to the Europea n
regulatory authority of the host Member State and inform the Ma ltese
IORP accordingly.  
(2) Where the competent authority issues any reasoned
decision as referred to in sub-regulation (1), such decision is  to be
issued within three months of receiving all the information ref erred to
in regulation 4. 
(3) Where the competent author ity does not communicate the
information referred to in regulation 4 to the European regulat ory
authority, it shall give the reasons for this to the Maltese IO RP
concerned within three months of receiving all that information . Such
refusal in terms of sub-regula tion (2) or failure to communicat e such
information within the three month period shall be subject to a right ofappeal to the Financial Services Tribunal and the provisions of  article
44 of the Act shall apply mutatis mutandis . 
Notification of 
requirements of social and 
labour law and 
information requirements. 7. (1) Before the Maltese IORP starts to carry out cross-
border activity, the European re gulatory authority shall, withi n six (6)
weeks of receiving the information referred to in regulation 4,  inform
the competent authority of:
(a) the requirements of social and labour law relevant to
the field of occupational pension schemes under which the
occupational retirement pla n sponsored by a sponsoring
undertaking in the host Member State must be operated; and
(b) the information requirements of the host Member
State referred to in Title I V of the Occupational Pensions
Directive which shall apply to the cross-border activity. 
(2) The competent authority shall communicate the
information received in terms of sub-regulation (1) to the Malt ese
IORP. 
Commencement 
of cross-border 
activity by a 
Maltese IORP.8. On receiving the communication from the competent
authority as referred to in regul ation 7(2), or if no such comm unication
is received from the competent authority, on the expiry of the period of
six (6) weeks provided for in regulation 7(1), the Maltese IORP  may
start to carry out cross-border activity in accordance with the  h o s t
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Member State’s requirements of social and labour law relevant t o the
field of occupational pension sc hemes and with the host Member
State’s information requirements, referred to in regulation 7. 
Information 
requirements 
imposed by the European 
regulatory 
authority of the host Member 
State.9. A Maltese IORP carrying out c ross-border activity shall be
subject to the information requirements referred to in Title IV  of the
Occupational Pensions Directive imposed by the host Member Stat e in
respect of the prospective members, members and beneficiaries w hich
that cross-border activity concerns.  
Notification of 
significant changes in 
requirements of 
social and labour law and 
information 
requirements. 10. (1) The European regulatory authority of the host
Member State shall, in accorda n c e  w i t h  A r t i c l e  1 1 ( 9 )  o f  t h e
Occupational Pensions Directive, inform the competent authority  o f
any significant change in the host Member State’s requirements of
social and labour law relevant to  the field of occupational pen sion
schemes which may affect the characteristics of the occupationa l
retirement plan insofar as it concerns the cross-border activity, and ofany significant change in the hos t Member State’s information
requirements as referred to in regulation 7.
(2) The competent authority  shall communicate the
information referred to in sub-re gulation (1) to the Maltese IO RP. 
On-going 
supervision. 11. The Maltese IORP carrying out  cross-border activity, shall
be subject to on-going supervision by the European regulatory
authority of the host Member Sta te as to the compliance of its
activities with the host Member State’s requirements of social and
labour law relevant to the field  of occupational pension scheme s and
with the host Member State’s inf ormation requirements, referred  to in
regulation 7. Where such European  regulatory authority identifi es
irregularities and immediately in forms the competent authority of such
irregularities, the competent a uthority shall, in coordination with such
European regulatory authority, take the necessary measures to e nsure
that the Maltese IORP puts a stop to the detected breach. 
Breach of 
applicable 
provisions of 
host Member State’s 
requirements of 
social and labour law and 
information 
requirements. 12. If, despite the measures taken by the competent authority
pursuant to regulation 11, or because appropriate measures are lacking,
the Maltese IORP persists in breaching the applicable provision s of the
host Member State’s requirement s of social and labour law relev ant to
the field of occupational pension schemes or the host Member St ate’s
information requirements, referred to in regulation 7, the Euro pean
regulatory authority of the host Member State may, after inform ing the
competent authority, take appropriate measures to prevent or penalise
further irregularities, including, where appropriate, in so far  as strictly
necessary, preventing the Maltese  IORP from operating in the ho st
Member State for the sponsoring undertaking located in the host
Member State. 
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Prohibition or 
restriction of the 
activities of a Maltese IORP.13. (1) The competent authority may prohibit or restrict the
activities of a Maltese IORP, i f the Maltese IORP does not comp ly
with the requirements of social and labour law of the host Memb er
State relevant to the fiel d of occupational pensions. 
(2) The competent authority may also restrict or prohibit the
free disposal of the assets of the Maltese IORP when, in partic ular:
(a) the Maltese IORP has failed to establish sufficient
technical provisions, as applicab le, in respect of the entire
business or has insufficient a ssets to cover the technical
provisions; or
(b) the Maltese IORP has fail ed to hold the regulatory
own funds, as applicable. 
(3) Any decision by the compete nt authority in terms of this
regulation shall be supported by detailed reasons and notified to the
Maltese IORP in question. Such decision shall also be notified to
EIOPA.  
Technical provisions. 14. (1) In the event of cross-borde r activity as referred to in
regulation 3, the Maltese IORP i s required to have its technica l
provisions at all times fully funded.
(2) If these conditions are not met, the competent authority
shall promptly intervene and requi re the Maltese IORP to immediately
draw up appropriate measures and implement them, without delay,  in a
manner that members and beneficiar ies are adequately protected.  
Exchange of 
information 
with EIOPA.15. The competent authority shall report to EIOPA, any
provisions of Maltese law of a pr udential nature relevant to th e field of
occupational pension schemes, which are not covered by Maltese
social and labour law on the organisation of pension systems. S uch
information shall be updated on a regular basis and not less th an once
every two (2) years.  
PART II
EUROPEAN IORPS CARRYI NG OUT CROSS-BORDER 
ACTIVITY IN MALTA
Cross-border 
activity in Malta 
by a European 
IORP.16. Without prejudice to Malta’s r equirements of social and
labour law, a sponsoring undertaking located in Malta may spons or a
European IORP which proposes to carry out cross-border activity .
Such European IORP shall be exempt from the provisions of artic le 4
of the Act.  
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Notification by 
European 
regulatory authority to 
competent 
authority.17. Where a European IORP intends to carry out cross-border
activity in Malta the following conditions shall be satisfied: 
(a)  the European IORP has given to its European
regulatory authority a notice c ontaining the information requir ed
in terms of Article 11(3) of the Occupational Pensions Directiv e;
and
 (b) the competent authority has received the information
referred to in paragraph (a), from the European regulatory
authority of the European IORP,  within the three month period
specified in terms of Article 11( 4) of the Occupational Pension s
Directive.  
Notification of 
requirements of social and 
labour law and 
information requirements. 18. Before the European IORP starts to carry out a cross-border
activity into Malta, the competent authority shall, within six weeks of
receiving the information referred to in regulation 17 from the
European regulatory authority of  t h e  h o m e  M e m b e r  S t a t e  o f  t h e
European IORP, inform the sai d European regulatory authority of : 
(a) the requirements of social and labour law relevant to
the field of occupational pens ion schemes under which the
occupational retirement plan sponsored by a sponsoringundertaking located in Malta must be operated; and 
(b) the information requirements imposed by the
competent authority, established by Pension Rules forOccupational Retirement Schemes made under the Act which
shall apply to the cro ss-border activity.
Commencement 
of cross-border 
activity by a 
European IORP. 19. On receiving the communicatio n of information referred to
in regulation 18 from the European regulatory authority of its home
Member State, in terms of the Occupational Pensions Directive, or if
no such communication is received from such European regulatory
authority, on expiry of the period of six (6) weeks provided fo r in
regulation 18, the European IORP may start to carry out a cross-border
activity in Malta in accordance with Malta’s requirements of so cial and
labour law relevant to the field  of occupational pension scheme s and
with the information r equirements referr ed to in regulation 18.  
Information 
requirements imposed by the 
competent 
authority.20.  A European IORP carrying out cross-border activity shall
be subject to the information requirements imposed by the compe tent
authority, established by Pension Rules for Occupational Retire ment
Schemes made under the Act, in respect of the prospective membe rs,
members and beneficiaries which that cross-border activity concerns. 
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Notification of 
significant 
changes in requirements of 
social and 
labour law and information 
requirements. 21.  The competent authority shall inform the European
regulatory authority of the European IORP of any significant ch ange in
Malta’s requirements of social a nd labour law relevant to the f ield of
occupational pension schemes which may affect the characteristi cs of
the occupational retirement plan insofar as it concerns the cro ss-border
activity, and of any significant change in the information requ irements
referred to in regulation 18.  
On-going 
supervision.22.  The European IORP carrying out cross-border activity in
Malta shall be subject to on-goi ng supervision by the competent
authority as to the compliance of its activities with Malta’s
requirements of social and labou r law relevant to the field of
occupational pension schemes and with the information requireme nts
referred to in regulation 18. Where the competent authority identifies
irregularities by a European IOR P, the competent authority shal l
immediately inform the European r egulatory authority of the hom e
Member State of the European IORP of such irregularities. In te rms of
Article 11(10) of the Occupationa l Pensions Directive, the Euro pean
regulatory authority of the home Member State of the European I ORP
shall, in coordination with the competent authority, take the necessarymeasures to ensure that the European IORP puts a stop to the de tected
breach.  
Breach of 
applicable 
provisions of 
Malta’s requirements of 
social and 
labour law and information 
requirements.23. If, despite the measures taken by the European regulatory
authority of the home Member State of the European IORP or beca use
those measures prove to be inade quate or are insufficient, the
European IORP persists in breaching the applicable provisions o f
Malta’s requirements of social a nd labour law relevant to the f ield of
occupational pension schemes, or the information requirements
referred to in regulation 18, the competent authority may, afte r
informing the European regulatory authority of the home Member
State of the European IORP, take appropriate measures to preven t or
penalise further irregularities,  including, in so far as strictly necessary,
preventing the European IORP from operating in Malta for thesponsoring undertaking located in Malta.  
Investment 
rules.24.  In the case of a European IOR P carrying out cross-border
activity in Malta, the competent authority shall not lay down
investment rules in addition to those set out in Article 19(1) to (6) ofthe Occupational Pensions Directi ve, for the part of the assets  which
cover technical provisions f or cross-border activity.  
Appointment of 
depositary.25.  Pursuant to Article 33 of the Occupational Pensions
Directive, a European IORP carrying out cross-border activity i n
Malta, shall appoint one or more depositaries for the safe-keep ing of
assets and oversight duties in accordance with Articles 34 and 35 of
the Occupational Pensions Directive when carrying out cross-border
activity in Malta.  
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PART III
CROSS-BORDER TRANSFER BY A MALTESE IORP TO A 
EUROPEAN IORP
Cross-border 
transfer by a 
Maltese IORP.26.  Where a Maltese IORP proposes to transfer all or part of
its liabilities, technical provi sions and other obligations and  rights, as
well as corresponding assets or cash equivalent thereof, to a E uropean
IORP, the provisions of this Part shall apply in relation to the proposed
transfer. 
Interpretation. 27.  For the purposes of regulation 26 and regulations 28 to 34:
"European IORP" means an in stitution for occupational
retirement provision or IORP in terms of the Occupational
Pensions Directive authorised by a European regulatory
authority, receiving from a Maltese IORP, all or a part of the
Maltese IORP’s liabilities, t echnical provisions, and other
obligations and rights, as well as corresponding assets or cash
equivalent thereof; 
"Maltese IORP" means an occupational retirement scheme
as defined in article 2 of the Act, licensed by the competentauthority in terms of the Act, and which qualifies as an
institution for occupational reti rement provision or IORP for t he
purposes of the Occupational Pensions Directive, transferring a ll
or a part of its liabilities, technical provisi ons, and other
obligations and rights, as well as corresponding assets or cash
equivalent thereof, to a European IORP. 
Transfer 
requirements.28. (1) The proposed transfer of all or a part of a Maltese
IORP’s liabilities, technical provisions, and other obligations  a n d
rights, as well as corresponding a ssets or cash equivalent ther eof, to a
European IORP, shall be subject to: 
(a) the authorisation of the E uropean regulatory authority
of the European IORP;
(b) the prior consent of the competent authority; and
(c) prior approval by:
(i) a majority of members  and a majority of the
beneficiaries concerned or, where applicable, by a majority
of their representatives  of the Maltese IORPs, and
(ii) the sponsoring undertaking, where applicable: 
Provided that, for the purposes of obtaining the majority
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referred to in regulation 28(1) (a)(i), the Maltese IORP shall provide
information on the conditions of the transfer to the members an d
beneficiaries concerned and, wher e applicable, to their representatives,
in a timely manner before the application referred to in regula tion
29(1) is submitted. 
(2) In the case of a transfer, the Maltese IORP sh all ensure tha t
the costs of the transfer are not  incurred by the remaining mem bers and
beneficiaries of the Maltese IORP. 
Application for 
authorisation of transfer.29. (1) In the case of a proposed transfer by a Maltese IORP
in terms of regulation 28, the European IORP is to submit to it s
European regulatory authority an application for the authorisat ion of
the transfer.  
(2) The application for author isation referred to in sub-
regulation (1) is to contain the following information: 
(a) the written agreement between the Maltese IORP and
the European IORP setting out the conditions of the transfer;
(b) a description of the main characteristics of the
occupational retirement plan;
(c) a description of the liabi lities or technical provisions
to be transferred, and other obl igations and rights, as well as
corresponding assets or cas h equivalent thereof;
(d) the names and the locations of the main
administrations of the Maltese IORP and the European IORP and
the Member State in which the Maltese IORP and the European
IORP are registered or authorised;
(e) the location of the main administration of the
sponsoring undertaking and the name of the sponsoring
undertaking;
(f) evidence of the prior approval required in accordance
with paragraph (c) of regulation 28(1);
(g) where applicable, the na mes of the Member States
whose social and labour law relevant to the field of occupation al
pension schemes is applicable t o the occupational retirement
plan concerned. 
(3) Pursuant to Article 12(6) of the Occupational Pensions
Directive, the European regulatory authority of the European IO RP
shall forward the application re ferred to in sub-regulations (1 ) and (2)
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above, to the competent authority without delay, following its receipt.  
Assessment by 
the competent 
authority.30. (1) When the competent authority receives the
application of the proposed trans fer by the European regulatory
authority of the European IORP, pursuant to regulation 29(3), the
competent authority shall, in order to provide its consent to t he transfer
as referred to in paragraph (b) of regulation 28(1), assess whether:
(a) in the case of a partial transfer of the Maltese IORP’s
liabilities, technical provisions , and other obligations and rights,
as well as corresponding assets o r cash equivalent thereof, the
long term interests of the members and beneficiaries of theremaining part of the scheme are adequately protected;
(b) the individual entitlements of the members and
beneficiaries are at least th e same after the transfer;
(c) the assets corresponding to the occupational
retirement plan to be transferred  are sufficient and appropriat e to
cover the liabilities, technical  provisions and other obligations
and rights to be transferred, in accordance with the Act,regulations and Pension Rules issued thereunder. 
(2) The competent authority shall, in order to allow the
European regulatory authority of  the European IORP to take a de cision
to grant or refuse the authorisation of the transfer, communica te the
results of the assessment referre d to in sub-regulation (1) to the
European regulatory authority of  the European IORP, within eigh t (8)
weeks of receiving the application of the proposed transfer fro m the
said European regulatory authority. 
(3) The competent authority shal l be informed of the decision
by the European regulatory authority of the European IORP, to g rant or
refuse the authorisation of the transfer, within two weeks of t he said
decision. 
Notification of 
requirements of 
social and labour law and 
information 
requirements.31. (1) Where the transfer results in a cross-border activity,
the competent authority shall, w ithin four weeks of receiving the
decision referred to in regulat ion 30(3), inform the European
regulatory authority of the Europe an IORP of Malta’s requiremen ts of
social and labour law relevant to  the field of occupational pen sion
schemes under which the occupational retirement plan is to be
operated and of the information requirements imposed by the
competent authority, established by Pension Rules for Occupatio nal
Retirement Schemes, made under the Act, which shall apply to th e
cross-border activity. 
(2) In terms of Article 12(11 ) of the Occupational Pensions
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Directive, the European IORP is to be notified of the requireme nts
referred to in sub-regulation (1), within one (1) week of receiving the
said information by the competent authority. 
(3) The competent authority shall inform the European
regulatory authority of the European IORP of any significant ch ange in
the requirements of Malta’s socia l and labour law relevant to t he field
of occupational pension schemes referred to in sub-regulation (1)
which may affect the characteris tics of the occupational retirement
plan in so far as it concerns the cross-border activity, and of a n y
significant change in Malta’s in formation requirements referred to in
sub-regulation (1). 
European IORP 
commencing operations.32. Upon receipt of a decision granting authorisation by its
European regulatory authority au thorising the cross border tran sfer by
a Maltese IORP to a European IORP in ter ms of regulation 28, or  if no
information on the decision is received from the European regul atory
authority within the period re ferred to in regulation 31(1),  the
European IORP may commence to operate the occupational retireme nt
plan as provided in terms of Ar ticle 12(12) of the Occupational
Pensions Directive. 
Ongoing supervision. 33. Where the transfer results in a cross-border activity by the
European IORP into Malta, the European IORP shall be subject to on-
going supervision by the compete nt authority as to the compliance of
the activities of the occupational retirement plan with Malta’s
requirements of social and labou r law relevant to the field of
occupational pensions and inform ation requirements, referred to  i n
regulation 31(1). Where the competent authority identifiesirregularities by the European I ORP, the competent authority sh all
immediately inform the European regulatory authority of the Eur opean
IORP of such irregularities. In terms of the Occupational PensionsDirective, the European regulatory authority of the European IO RP
shall, in coordination with the competent authority, take the necessary
measures to ensure that the European IORP puts a stop to the de tected
breach. 
Breach of 
Malta’s 
requirements of 
social and labour law and 
information 
requirements.34. If, despite the measures taken by the European regulatory
authority of the European IORP or because those measures prove to be
inadequate or are insufficient, the European IORP persists in breaching
the applicable provisions of Malta’s requirements of social and  labour
law relevant to the field of occ upational pensions or the infor mation
requirements, referred to in regulation 31(1), the competent au thority
may, after informing the Europ ean regulatory authority of the
European IORP, take appropriate m easures to prevent or penalise
further irregularities, includi ng, in so far as strictly necess ary,
preventing the European IORP from operating the occupational
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retirement plan for the sponsoring undertaking. 
PART IV
CROSS-BORDER TRANSFER BY A EUROPEAN IORP TO A 
MALTESE IORP
Cross-border 
transfer to a 
Maltese IORP.35. Where a European IORP proposes to transfer all or part of
its liabilities, technical provi sions and other obligations and  rights, as
well as corresponding assets or cash equivalent thereof, to a M altese
IORP, the provisions of this Part shall apply in relation to the proposed
transfer. 
Interpretation. 36. For the purposes of regulat ion 35 and regulations 37 to 43:
"European IORP" means an institution for occupational
retirement provision or IORP in terms of the Occupational
Pensions Directive authorised by a European regulatory
authority, transferring all or p art of its liabilities, technic al
provisions, and other obligat ions and rights, as well as
corresponding assets or cash equ ivalent thereof, to a Maltese
IORP; 
"Maltese IORP" means an occupational retirement scheme
as defined in article 2 of the Act, licensed by the competentauthority in terms of the Act, and which qualifies as an
institution for occupational reti rement provision or IORP for t he
purposes of the Occupational Pens ions Directive, receiving from
a European IORP, all or part of the European IORP’s liabilities ,
technical provisions, and other obligations and rights, as well  as
corresponding assets or cash equivalent thereof.
Transfer 
requirements.37.  (1) The proposed transfer of  all or part of a European
IORP’s liabilities, technical provisions, and other obligations  a n d
rights, as well as corresponding a ssets or cash equivalent ther eof, to a
Maltese IORP, shall require, in the following order: 
(a) the authorisation of the c ompetent authority in terms
of regulation 38; 
(b) the prior consent of the European regulatory authority
of the home Member State of the European IORP; and
(c) prior approval by:
(i) a majority of members  and a majority of the
beneficiaries concerned or, where applicable, by a majority
of their representatives; and
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(ii) the sponsoring undertak ing, where applicable:
Provided that, for the purposes of obtaining the
majority referred to in sub-pa ragraph (i) of paragraph (c),
the European IORP shall make available information on the
conditions of the transfer to the members and beneficiaries
concerned and, where applicable , to their representatives,
in a timely manner before the  application referred to in
regulation 38 is submitted. 
(2) In the case of a transfer, the Maltese IORP sh all ensure tha t
the costs of the transfer are not incurred by the existing memb ers and
beneficiaries of the Maltese IORP.
(3) In terms of Article 12(2)  of the Occupational Pensions
Directive, the European IORP shall ensure that in the case of atransfer, the costs of the transfer are not incurred by the rem aining
members and beneficiaries of the European IORP. 
Application for 
authorisation of 
transfer to the competent 
authority.38. (1) In the case of a proposed transfer by a European
IORP in terms of regulation 37, the Maltese IORP shall submit t o the
competent authority an application for the authorisation of the
proposed transfer. 
 (2) The application for author isation referred to in sub-
regulation (1) shall contain the following information:
(a) the written agreement between the Maltese IORP and
the European IORP setting out the conditions of the transfer; 
(b) a description of the main characteristics of the
occupational retirement plan; 
(c) a description of the liabi lities or technical provisions
to be transferred, and other obl igations and rights, as well as
corresponding assets or cas h equivalent thereof;
(d) the names and the locations of the main
administrations of the Maltese IORP and the European IORP and
the Member State in which the Maltese IORP and the European
IORP are registered or authorised; 
(e) the location of the main administration of the
sponsoring undertaking and the name of the sponsoringundertaking; 
(f) evidence of the prior approval required in accordance
with regulation 36(1)(c);
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(g) where applicable, the names of the Member States
whose social and labour law relevant to the field of occupation al
pension schemes is applicable to the occupational retirement
plan concerned. 
(3) The competent authority shall forward the application
received pursuant to sub-regulation (1) to the European regulat ory
authority of the home Member State of the European IORP, withou t
delay, following its receipt. 
Assessment by 
the competent authority.39. (1) When the competent authority receives the
application of the cross-border transfer, in terms of regulatio n 38, the
competent authority shall assess whether: 
(a) all the information referr ed to in regulation 38(2) has
been provided by the Maltese IORP; 
(b) the administrative structur e, the financial situation of
the Maltese IORP and the good repute or professional
qualifications or experience of the persons running the Maltese
IORP are compatible with the proposed transfer; 
(c) the long term interests of the members and
beneficiaries of the Maltese IORP and the transferred part of theoccupational retirement plan are adequately protected during an d
after the transfer;
(d)  the technical provision s of the Maltese IORP are
fully funded at the date of the t ransfer, where the transfer re sults
in a cross-border activity; and
( e ) t h e  a s s e t s  t o  b e  t r a n s f e r r e d  a r e  s u f f i c i e n t  a n d
appropriate to cover the liabilities, technical provisions and other
obligations and rights to be tran sferred, in accordance with th e
Act and any regulations and Pen sion Rules issued thereunder. 
(2) Subject to the requiremen ts laid down in regulation
37(1)(b) and (c) and to the assessment carried out in terms of sub-regulation (1), the competent authority shall grant or refuse t he
authorisation of the proposed transfer and communicate its deci sion to
the Maltese IORP within three (3) months of receiving the appli cation
pursuant to regulation 38(1). 
(3) The competent authority shal l be informed by the European
regulatory authority of the Europe a n  I O R P ,  o f  t h e  r e s u l t s  o f  t h e
assessment of the proposed trans fer carried out by the European
regulatory authority in terms of Article 12(8) of the Occupatio nal
Pensions Directive within eight weeks of the receipt of the app lication
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referred to in regulation 38(3). 
(4) Prior to taking a decision to grant or refuse the
authorisation of the proposed transfer in accordance with this
regulation and regulation 38, the competent authority shall tak e into
account the results of the assess ment carried out by the Europe an
regulatory authority referred to in sub-regulation (3). 
(5) The competent authority shall inform the European
regulatory authority of the home Member State of the European I ORP
of its decision to grant or refuse the authorisation of the proposed
transfer referred to i n sub-regulation (2), within two (2) week s of
taking that decision. 
(6) Where the competent authority refuses to authorise the
proposed transfer, the competent authority shall provide the reasoning
for such refusal within the three (3) month period referred to in sub-
regulation (2). Such refusal or a  f a i l u r e  t o  a c t  w i t h i n  t h e  t h r ee (3)
month period shall be subject to a right of appeal to the Tribu nal and
the provisions of article  44 of the Act shall apply mutatis mutandis . 
Notification of 
the requirements of social and 
labour law and 
information requirements.40. (1) Where the transfer results in a cross-border activity,
the European regulatory authorit y of the European IORP is to inform
the competent authority, of the host Member State’s requirement s of
social and labour law relevant to the field of occupational pen sion
schemes under which the occupa tional retirement plan is to be
operated and of the information requirements referred to in Title IV of
the Occupational Pensions Directive which shall apply to the cr oss-
border activity, within four (4) weeks of receiving the decisio n as
referred to in regulation 39(5). 
(2) The competent authority shall communicate the
information received in terms of sub-regulation (1) to the Malt ese
IORP within one (1) week of receiving the said information. 
(3) The competent authority shall, upon receiving from the
European regulatory authority of the home Member State of the
European IORP, information on any significant change in the hos t
Member State's requirements of social and labour law relevant to thefield of occupational pension sc hemes referred to in sub-regula tion (1)
which may affect the characteris tics of the occupational retirement
plan insofar as it concerns the cross-border activity, and on anysignificant change in the host Member State's informationrequirements as referred to in sub-regulation (1), communicate the said
information to the Maltese IORP. 
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Commencement 
of operations of 
a Maltese IORP.41. Upon receipt of the decision taken by the competent
authority to grant an authorisa tion of the proposed transfer as  referred
to in regulation 40(2), or if no information on the decision is  received
from the competent authority on expiry of the period of seven (7)
weeks following the period referred to in regulation 40(2), the MalteseIORP may start to operate the oc cupational retirement plan. 
Ongoing 
supervision.42.Where the transfer results in a cross-border activity, the
Maltese IORP shall be subject to on-going supervision by the
European regulatory authority of the European IORP, as to the
compliance of its activities with the host Member State's requi rements
of social and labour law relevan t to the field of occupational pension
schemes and of the host Member State's information requirements  as
referred to in regulation 40(1). Where the European regulatory
authority of the European IORP id entifies irregularities and in forms
the competent authority of such irregularities, the competent a uthority
shall, in coordination with the European regulatory authority, take the
necessary measures to ensure th at the Maltese IORP puts a stop to the
detected breach. 
Breach of social 
and labour laws 
and information 
requirements.43. If, despite the measures taken by the competent authority,
the Maltese IORP persists in breaching the applicable provision s of the
host Member State’s requirement s of social and labour law relev ant to
the field of occupational pension schemes or the host Member St ate’s
information requirements as ref erred to in regulation 40(1), th e
European regulatory authority of t h e  h o m e  M e m b e r  S t a t e  o f  t h e
E u r o p e a n  I O R P  m a y ,  a f t e r  i n f o r m i n g the competent authority, tak e
appropriate measures to prevent or  penalise further irregularit ies,
including, insofar as is strictly  necessary, preventing the Maltese IORP
from operating in the host Me mber State for the sponsoring
undertaking. 
PART IV
MISCELLANEOUS
Mediation by 
EIOPA.44. In the case of disagreement about the procedure or content
of an action or inaction of the E uropean regulatory authority o f the
European IORP, including a decision to authorise or refuse a cr oss
border transfer, in terms of Article 12 of the Occupational Pen sions
Directive, the competent authority may, in the context of cross -border
transfers under Parts III and VI  of these Regulations, refer th e matter
to EIOPA and request it to carry out non-binding mediation in
accordance with Article 31 of Regulation (EU) No 1094/2010. 
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Revocation of  
Retirement 
Pensions (European 
Passport Rights 
for Institutions for 
Occupational 
Retirement Provision) 
Regulations.
S.L. 514.05.45. The Retirement Pensions (Eu ropean Passport Rights for
Institutions for Occupational Re tirement Provision) Regulations  a r e
hereby revoked. 
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