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Suppliment tal-Gazzetta tal-Gvern ta’ Malta Nru. 20,366, 13 ta’ Marzu, 2020
Taqsima  B
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L.N. 49 of 2020
RETIREMENT PENSIONS ACT
(CAP. 514)
Retirement Pensions (Exemption) (Amendment) Regulations, 2020
IN EXERCISE of the powers conferred by article 37(1)(f) 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 th e following regulations:-
Citation and 
commencement.
S.L. 514.02.1. (1) The title of these regulations is the Retirement
Pensions (Exemption)  (Amendment) Regulat ions, 2020 and these
regulations shall be read and construed as one with the Retirement
Pensions (Exemption) Regulations, hereinafter referred to as "t he
principal regulations".
(2) 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.
Amends 
regulation 3 of 
the principal 
regulations.2. Regulation 3 of the principal regulations shall be amended
as follows:
(a) paragraph (a) thereof shall be substituted by the
following:
"(a) established and duly authorised in a Member
State or EEA State to carry out portfolio investment
management in accordance with Directives 2009/65/EC,2014/65/EU, 2013/36/EU, 2009/138/EC or 2011/61/EU, as
amended from time to time, and carries on such services in
relation to a retirement scheme or retirement fund, pursuant
to the respective EU Directives, as applicable;"; and
(b) paragraph (b) thereof shall be substituted by the
following:
"(b) in the case of a person established in a non-
Member State or non-EEA State, which the competentauthority considers to be subject to an equivalent level ofregulatory supervision in the jurisdiction where its
operations take place, having the business organisation,
systems, experience and expertise deemed necessary by the
VERŻJONI ELETTRONIKA
B 538
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competent authority for it to undertake investment
management activities and wh ich satisfies any additional
criteria which may be set out in Pension Rules issued by the
competent authority from time to time,". 
Amends 
regulation 4 of 
the principal 
regulations.3. Regulation 4 of the principal regulations shall be amended
as follows:
(a) paragraph (a) thereof shall be substituted by the
following:
"(a) established and duly authorised in a Member
State or EEA State to carry out custodian services in
accordance with Directive 2013/36/EU or Directive 2014/65/EU, or accepted as depositary for the purposes of
Directive 2009/65/EC or Directive 2011/61/EU, as
amended from time to time, and carries on such services inrelation to a retirement scheme or retirement fund, pursuant
to the respective EU Directives, as applicable;"; and
(b) paragraph (b) thereof shall be substituted by the
following:
"(b) in the case of a person established in a non-
Member State or non-EEA State, which the competent
authority considers to be subj ect to an equivalent level of
regulatory supervision in the jurisdiction where itsoperations 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 berequired by the competent authority or which may be set
out in Pension Rules issued by the competent authority
from time to time,". 
Deletes 
regulation 5 of 
the principal regulations.4. Regulation 5 of the principal regulations shall be deleted.
Amends 
regulation 6 of 
the principal regulations.5. In regulation 6 of the principal regulations, the words, "laid
down in paragraph (b) of regulation 3, paragraph (b) of regulat ion 4
and regulation 5", shall be subs tituted by the words, "laid dow n in
paragraph (b) of regulation 3 and paragraph (b) of regulation 4 ".
VERŻJONI ELETTRONIKA