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I assent.
(L.S.) DOLORES CRISTINA
Acting President
3rd March, 2020
ACT No. V of 2020
AN ACT to amend various financial services laws and to provide for
matters ancillary or incidental thereto.
BE IT ENACTED by the President, by and with the advice and
consent of the House of Represent atives, in this present Parlia ment
assembled, and by the authority of the same, as follows:-
Short title and 
commencement.1. (1) The short title of this Act is the Various Financial
Services Laws (Amendment) Act, 2020.
(2) The provisions of this Act shall come into force on such date
as the Minister responsible for the regulation of financial ser vices may
by notice in the Gazette establis h, and different dates may be so
established for differen t provisions of this Act.
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PART I
AMENDMENTS TO THE MALTA FINANCIAL SERVICES 
AUTHORITY ACT
Amendments to 
the Malta Financial 
Services 
Authority Act.Cap. 330.2. This Part amends the Malta Fin ancial Services Authority Act
and it shall be read and construe d as one with the Malta Financ ial
Services Authority Act, hereinaft er in this Part referred to as "the
principal Act".
Amendment of 
article 16 of the 
principal Act.3. Article 16 of the principal Act shall be amended as follows:
(a) sub-article (3) thereof shall be substituted by the
following:
"(3) Without prejudice to any other powers that may
be exercised by the Authority in terms of this Act or of any
other law, where any person co ntravenes or fails to comply
with any provision of this Act or any other Actadministered by the Authorit y, with any regulations or
Rules issued thereunder, w ith any of the conditions
imposed in a licence issued by the Authority or with anydirectives issued by the Authority, the Authority may by
notice in writing and without r ecourse to a court hearing
impose on any such person an  administrative penalty
which may not exceed one hundr ed and fifty thousand euro
(€150,000) for each infringement or failure to comply, as
the case may be."; and
(b) in sub-article (4) thereof:
(i) for the words "Where a notice as referred to in
sub-article (3) has not been appealed," there shall besubstituted the words "Where a notice as referred to in sub-
article (3) or as referred to i n any other Act administered
by the Authority or in any regulations or Rules issuedthereunder, has not been appealed,"; and
(ii) for the words "Upon the service of a copy of
the notice of the decision," the re shall be substituted the
words "Upon the service of a copy of the notice or the
decision,".
Amendment of 
article 17 of the 
principal Act.4. In sub-article (3) of article 17 of the principal Act, for the
words "confidential informatio n to the European Securities and
Markets Authority (ESMA)," ther e shall be substituted the words
"confidential information to the E uropean Central Bank (ECB), t he
European Securities and Markets Authority (ESMA),".
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Amendment of 
article 20A of 
the principal Act. 5. Article 20A of the principal Ac t shall be amended as follows:
(a) in sub-article (1) thereof, for the words "that have
been or may be issued thereunder"  there shall be substituted the
words "that have been or may b e issued thereunder and relating
to licence holders and others as may be specified therein;
regulations made under this parag raph, and strictly related to
transposition or implementation as aforesaid, may provide that
any provision of this Act or of any other law shall not apply t o
matters falling under the regulat ions, and that in so far as an y of
the provisions of the regulati ons are inconsistent with the
provisions of this Act or of any other law, said provisions in any
such regulations shall prevail";
(b) immediately after sub-article (2) thereof there shall
be added the following new sub-articles:
"(3) Where regulations have been made in terms of
this article, the Authority may issue Rules for the bettercarrying out of, and to better implement, the provisions of
the regulations.
(4) Regulations made under this article may
impose:
(a) administrative penalties which may not
exceed one hundred and fifty thousand euro(€150,000) for each infri ngement or failure to
comply, as the case may be;
(b) punishments or other penalties in respect
of any offence, not exceeding a fine ( multa ) of one
hundred and fifty thousand euro (€150,000) or
imprisonment for a term not exceeding one year, or
both such fine and imprisonment; and
(c) administrative penalties and fines higher
than one hundred and fifty thousand euro (€150,000),where deemed necessary or appropriate for any
contravention of or failure of compliance with any
EU Directive or EU Regulat ion or of any regulations
made under this article to transpose or to give effect
to any EU Directive  or EU Regulation.". 
Amendment of 
article 28 of the 
principal Act.6. In article 28 of the principal A ct, for the words "but not late r
than four months after the close  of each financial year," there  shall be
substituted the words "but not later than six months after the close of
each financial year,".
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Substitution of 
article 29 of the 
prinicpal Act.7. Article 29 of the principal Act shall be substituted by the
following: 
PART II
AMENDMENTS TO THE TRUSTS AND TRUSTEES ACT
Amendments to the Trusts and Trustees Act.
Cap. 331.8. This Part amends the Trusts and Trustees Act and it shall be
read and construed as one with the Trusts and Trustees Act, her einafter
in this Part referred to as "the principal Act".
Amendment of article 57 of the 
principal Act.9. Immediately after paragraph (s) of sub-arti cle (1) of article 5 7
of the principal Act there shall  be added the following new par agraphs:
"(sA) regulate the conduct, duties and other obligations of
administrators, trustees, dir ectors or simila r functionaries
exercising control over the assets of a private foundation, as
defined in article 43(12), including the returns, statements an d
other information they are to submit to the Authority, andestablish the maximum amount which, notwithstanding anyprovision of this Act, may be charged as fees by such
functionaries;
(sB) regulate the conduct, duties and other obligations of
persons acting as administrat ors of private foundations for
persons with disability;".
PART III
AMENDMENTS TO THE FINANCIAL MARKETS ACT"
Exemption 
from 
liability.29. (1) The Authority, including the members of the
Board of Governors when acting in any function assigned
to the Board under any provision of this Act, any body or
other organ, including any committee or sub-committee,established under this  Act, and any member  or officer of that
body or organ, and the officers and employees of theAuthority, shall not be liable in damages for anything doneor omitted to be done in t he discharge or purported
discharge of any such function or otherwise in the exercise
of their official duties, unle ss the act or omission is shown
to have been done or omitted to be done, as the case may
be, through wilful misconduct.
(2) For the purposes of this provision, the phrase "this
Act" shall include any other Act administered by the
Authority and any regulations or  Rules made thereunder.".
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Amendments to 
the Financial 
Markets Act.Cap. 345.10. This Part amends the Financial Markets Act and it shall be
read and construed as one with the Financial Markets Act, hereinafter
in this Part referred to as "the principal Act".
Amendment of 
article 2 of the 
principal Act.11. In paragraph (i) of the definition "company" of sub-article (1)
of article 2 of the principal Ac t, for the words "a public comp any
formed and registered" there shall be substituted the words "a
company formed and registered".
Deletion of 
article 52 of the principal Act.12. Article 52 of the principal Act shall be deleted.
PART IV
AMENDMENTS TO THE INVESTMENT SERVICES ACT
Amendments to the Investment 
Services Act.
Cap. 370.13. This Part amends the Investment  Services Act and it shall be
read and construed as one with the Investment Services Act,
hereinafter in this Part referred to as "the principal Act".
Amendment of article 16A of 
the principal 
Act.
Cap. 330. 14. In sub-article (1) of article 16A of the principal Act, for the
words "as the case may be." there shall be substituted the word s "as the
case may be. The provisions of article 16 (4) of the Malta Fina ncial
Services Authority Act shall apply mutatis mutandis. ". 
Amendment of 
article 17F of 
the principal Act.15. In sub-article (4) of article 17F of the principal Act, for the
words "article 17(11)" there shall be substituted the words "ar ticle
17(13)".
Amendment of 
article 26 of the 
principal Act.16. Paragraph (b) of sub-article (1) of article 26 of the principa l
Act shall be substituted by the following:
"(b) where the information is  disclosed by the competent
authority with a view to the institution of, or otherwise for the
purposes of any proceedings befo re any court or tribunal;".
Deletion of 
article 27 of the principal Act.17. Article 27 of the principal Act shall be deleted.
PART V
AMENDMENTS TO THE COMPANIES ACT
Amendments to the CompaniesAct.
Cap. 386.18. This Part amends the Companies Act and it shall be read and
construed as one with the Companies Act, hereinafter in this Pa rt
referred to as "the principal Act".
Amendment of 
article 2 of the principal Act.19. Article 2 of the principal Act shall be amended as follows:
(a) in sub-article (1) thereof:
(i) immediately before t he definition "annual
accounts" there shall be added the following new
VERŻJONI ELETTRONIKA
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definition:
(ii) the definition ''approv al'' shall be substituted by
the following:
'' "approval", in relati on to a prospectus, means
the positive act at the outcome of the scrutiny of the
completeness of the p rospectus by the Malta
Financial Services Autho rity or the regulatory
authority;'';
(iii) the definition ''court'' shall be subs tituted by the
following:
" "court" means the Civil Court (Commercial
Section);";
(iv) in the definition '' equity securities'' the
words '', and the term ‘no n-equity secur ities’ shall be
construed as referring to all securities that are not equity
securities'' shall be deleted;
(v) the definition ''home  Member State'' shall be
deleted; 
(vi) the definition ''host Member State'' shall be
deleted; 
(vii) the definition ''offer ing programme'' shall be
deleted;
(viii) the definition ''pers on making an offer'' shall be
deleted;
(ix) the definition ''the Pr ospectus Directive'' shall
be deleted; and
(x) the definition ''securi ties issued in a continuous
or repeated manner''  shall be deleted; 
(xi) immediately after t he definition "system of
interconnection of registers" there shall be added the
following new definition:S.L. 595.27." "Agency" means the agency
established by the Malta Business
Registry (Establishment as an Agency)
Order;";
VERŻJONI ELETTRONIKA
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" "third country" means a country that is not
a Member State or an EEA State;"; and
 (b) sub-article (3) thereof shall be amended as follows:
(i) paragraph (a) of sub-a rticle (3) of article 2 of
the principal Act shall be deleted;
 (ii) in paragraph (b) thereof, for the words "offers
made to the public:" there shall be substituted the words
"offers of securities made to the public:"; and 
(iii) paragraph (e) thereof, including sub-paragraphs
(i) to (iii) and the paragraph following sub-paragraph (iii),
shall be deleted.
Amendment of 
article 66A of the principal 
Act.20. Article 66A of the principal Act shall be amended as follows:
Cap. 13.(a) in sub-article (2) thereof, for the words "the
provisions of this Part of this Ac t, other than this article, s hall not
apply to any such partnership" there shall be substituted the
words "the provisions of this Part of this Act, other than this
article, and articles 13 to 18, article 21 and Part III of the
Commercial Code, shall not appl y to any such partnership"; and
(b) in paragraph (e) of sub-article (3) thereof, for the
words "or of this Act which may otherwise be applicable
thereto," there shall  be substituted the wor ds "or of this Act or of
any other law which may otherwise be applicable thereto,".
Amendment of 
article 84A of 
the principal 
Act.21. Article 84A of the principal Act shall be amended as follows:
(a) in paragraph (b) of sub-article (1) thereof, for the
words "as may be  specified;" there shall  be substituted the wor ds
"as may be specified; and that in so far as any of the provisio ns
of such regulations are inconsist ent with the provisions of thi s
Act or of any other law, such pr ovisions in any such regulation s
shall prevail;"; and
(b) immediately after paragraph (f) of sub-article (1)
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thereof there shall be added the following new sub-article:
Amendment of 
article 84C of 
the principal Act.22. Article 84C of the principal Ac t shall be amended as follows:
(a) in sub-article (2) th ereof, immediately after
paragraph (b) thereof there sh all be added the following new
paragraph:
"(bA) provide for the appli cability or inapplicability
of any provision of this Act or  of any other law to matters
falling under such regulations, subject to such
modifications, variations and conditions as may bespecified, and that in so far as any of the provisions of such
regulations are incons istent with the provisions of this Act
or of any other law, such provisions in any such regulations
shall prevail;"; and
(b) immediately after sub-article (2) thereof there shall
be added the following new sub-article:
Addition of 
article 84E to 
the principal Act.23. Immediately after article 84D  of the principal Act there
shall be added the following new article:Cap. 403. "(1A)Where any such regulations have been
issued, the competent authority as defined in the
Insurance Business Act may issue rules in terms of
article 4 of the Insurance Business Act as may be
required for the better carrying out and to betterimplement the provisions of any such regulations.".
Cap. 484."(2A)Where any such regulations have been
issued in terms of this article, the competentauthority as defined in the Securitisation Act mayissue rules in terms of article 20 of the
Securitisation Act as may b e required for the better
carrying out and to better implement the provisions
of any such regulations.".
''
Power to make 
regulations 
regarding cell companies carrying 
on or engaged in 
shipping or aviation business.84E. (1) (a) The Minister may make regulations
in order to:
(i) provide for the formation,
constitution, authorisation and regulation of
cell companies carrying on or engaged inshipping or aviation business;
(ii) make it possible for a company
carrying on or engaged in shipping or
aviation business to convert into a cell
company;
VERŻJONI ELETTRONIKA
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(iii) provide for all other matters that
may arise in connection therewith; and
(iv) provide for the better carrying
out of the provisions of this sub-article,
and, without prejudice to the generality of the
foregoing, may , by such regulations, in particularregulate the matters referred to in article 84A(1)(a)
to (f), which shall apply also to this article.
(b) For the purposes of this article, the
term "shipping or aviatio n business" shall mean
all or any of the  following:
(i) the ownership, operation (under
charter, lease or othe rwise), administration
and management (including personnel
engagement, employment or managementwhether on board or ot herwise) of any ship
or of any aircraft or aircraft engine and thecarrying on of all ancillary financial,security , commercial and other activities in
connection therewith; or
(ii) the holding of shares or other
equity interests in any undertaking, whether
Maltese or otherwise, established solely ormainly for the carrying on or carrying out of
any one or more of the activities referred to
in this definition and the carrying on of allancillary financial, se curity, commercial and
other activities in connection therewith; or
(iii) the activities of a parent
company which holds shares or other equityinterests in undertaki ngs, whether Maltese
or otherwise, where any one or some of
these undertakings is established solely or
mainly for the carrying on or carrying out ofany one or more of the activities referred to
in this definition and the carrying on of all
ancillary financial, security, commercial andother activities in con nection therewith; or
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Amendment of 
article 89 of the principal Act.24. In article 89 of the principal A ct, for the words "It shall not  be
lawful for a public company to issue any form of application fo r its(iv) the raising of capital through
loans, the issue of guarantees or the issue of
securities by an undertaking when the
purpose of such activity is to achieve the
objects or activities s tated in the preceding
sub-paragraphs for the undertaking itself or
for any other undertaking within the same
group; or
(v) the carrying on of such other
objects or activities within the maritime or
the aviation sector and related or connected
matters which the Minister may, on theadvice of the Authority, from time to time
prescribe by regulations.
For the purposes of this pa ragraph the terms "group",
"parent company" and "undertaking" shall have the
same meaning as is given to them in article 2.
(c) For the purposes of this article the
terms "cell", "cellular as sets" and "cell company"
shall have the same meaning, mutatis mutandis , as
is given to them in terms of article 84A(2):
Provided that for the purposes of this
article references to a "company" shall alsoinclude references to a partnership en commandite
or similar or equivalent bo dy corporate, the capital
of which is divided into shares.
( 2 )  T h e  M i n i s t e r  m a y  f u r t h e r m o r e  m a k e
regulations which provide for the formation,constitution, authorisat ion and regulation of
incorporated cell companies and incorporated cells as
limited liability  companies with separate legal
personality under this Act, and which make it possible
for such companies to carry on or be engaged in
shipping or aviation business, and for all other matters
related, connected or ancillary thereto or that may arisein connection therewith.
(3) Regulations made in terms of this article may
also provide for the applicability or inapplicability of, or
the total or partial exemption from, any of the
provisions of this Act or of any other law in force toincorporated cell companies and incorporated cells
subject to any modifications, variations or conditions as
may be specified.".
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shares or debentures unless the company is registered and the f orm is
issued with a prospectus which co mplies with the requirements o f
article 90:" there shall be substituted the words
Deletion of 
article 90 of the 
principal Act. 25. Article 90 of the princip al Act shall be deleted.
Amendment of 
article 91 of the principal Act.26. In article 91 of the principal Act, for the words "in
contravention of any of the provisions of article 89 or of arti cle 90(1)
shall be liable to a penalty:" there shall be substituted the w ords "in
contravention of article 89 sha ll be liable to a penalty:".
Deletion of 
article 92 of the 
principal Act.27. Article 92 of the princip al Act shall be deleted.
Substitution of article 93 of the principal Act. 28. Article 93 of the principal A ct shall be substituted by the
following:
Addition of article 96A to the principal 
Act.29. Immediately after article 96 of the principal Act there shall be
added the following new article:Cap. 345."It shall not be lawful for a company to make an
offer of securities to the public in a Member State or
EEA State unless the compa ny is a public company and
the offer is made in the form of a prospectus which
complies with the require ments of the Financial
Markets Act and any applicable regulations madethereunder, and the provisions of articles 91 to 96 shall
apply to such offers:".
Cap. 345."93. (1) A copy of the prospectus signed in
accordance with the provisions of the Financial
Markets Act shall be deliv ered to the Registrar for
registration within five days from the date of its
publication.
(2) If default is made in complying with the
provisions of this article, every officer of the company
who is in default shall be l iable to a penalty, and, for
every day during which the default continues, to afurther penalty .".
"Offer of 
securities to the public in third 
countries.96A.  (1) Where a public company makes an offer of
securities to the public in a third country, its directors shal l,
within one month of the registration of the issued securities
with the company, deliver to the Registrar for registration anotice specifying the following  information, together with
a copy of the offering document, if any:
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Deletion of 
article 99 of the 
principal Act.30. Article 99 of the principal Act shall be deleted.
Deletion of 
articles 100 to 102 of the 
principal Act.31. Articles 100 to 102, both inclusive, of the principal Act shall
be deleted.
Amendment of 
article 122 of the principal 
Act.32. Sub-article (12) of article 122 of the principal Act shall be
amended as follows:
 (a) in paragraph (a) thereof:(a) the country or countries where the offer is
made;
(b) the purpose of the offer;
(c) the amount of the offer;(d) the type of securities offered;(e) the name of the aut hority or other body in
the third country which was responsible for the
approval of the offering document, if any.
(2) In default of complying with the provisions of
sub-article (1), every officer of the company who is indefault shall be liable to a penalty, and for every day during
which the default continues, to a further penalty.
(3) It shall be the responsibility of the issuer and the
directors of the company to comply with the laws andregulations of the third countr y in which the securities are
offered to the public.
(4) For the purpose of this article:
(a) "an offer of securities to the public in a
third country" shall mean an offer of securities insuch third country:
(i) to more than one hundred and fifty
persons; or
(ii) where the total consideration of the
offer exceeds one hundred thousand euro(€100,000), calculated over a period of twelve
months;
(b) "offering document" includes a
prospectus or other invitation to acquire securities.".
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(i) for the words "in a public company which are
quoted on a Maltese regulated market" there shall be
substituted the words "in a company which are listed on aMaltese regulated market"; and
(ii) in sub-paragrap h (ii) thereof, for the words "the
company whose quoted sec urities" there shall be
substituted the words "t he company whose listed
securities"; and
(b) in paragraph (b) thereof, for the words "in a public
company which are quoted on a regulated market" there shall besubstituted the words "in a public company which are listed on a
regulated market".
Amendment of 
article 225 of 
the principal Act.33. In sub-article (1) of article 225 of the principal Act, for the
words "The Minister, acting on the advice of the Malta Financia l
Services Authority, shall appoint a senior official of the said
Authority" there shall be substituted the words "The Minister shall
appoint a senior official of the Agency".
Deletion of 
article 388 of the principal Act.34. Article 388 of the princip al Act shall be deleted.
Deletion of 
articles 390 to 
398 of the principal Act.35. Articles 390 to 398, both inclus ive, of the principal Act shal l
be deleted.
Amendment of 
article 400 of 
the principal Act.36. In sub-article (1) of article 400 of the principal Act, for the
words "The Minister, acting on the advice of the Malta Financia l
Services Authority, shall appoint a senior official of the said
Authority" there shall be substituted the words "The Minister shall
appoint a senior official of the Agency".
Amendment of 
article 425 of the principal 
Act.37. Paragraph (l) of sub-article (1) of article 425 of the principa l
Act shall be deleted.
Deletion of the 
Second Schedule to the 
principal Act.38. The Second Schedule to the principal Act shall be deleted.
Amendment of 
the Eleventh Schedule to the 
principal Act.39. The Eleventh Schedule to the principal Act shall be amended
as follows:
VERŻJONI ELETTRONIKA
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(a) the item:
shall be substituted by the following:(b) the item:
shall be deleted;
(c) immediately after the item:
there shall be added the following new item:
; and
(d) the item:"91 Contravention of articles 89 or
90(1) in respect of the obligation
to issue a prospectus €2,329.37 None"
"91 Contravention of article 89 in
respect of the obligation to issuea prospectus €2,329.37 None";
"92(2) Issue of prospectus in
€2,329.37 None" contravention of article 92(1)
"93(2) Issue of a prospectus before
registration thereof €2,329.37 €46.59"
" 9 6 A ( 2 ) Failure of officers to
provide Registrar with
notice that the companyissued an offer of securities
to the public in a third
country€500 €25"
"397(1) Person responsible
for issuing,
circulating ordistributing a
prospectus, etc.,
for an overseacompany in
contravention of
articles 391 to 396 €2,329.37 None"
VERŻJONI ELETTRONIKA
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shall be deleted.
PART VI
AMENDMENTS TO THE INSURANCE BUSINESS ACT 
Amendments to 
the Insurance 
Business Act. Cap. 403.40. This Part amends the Insurance Business Act and it shall be
read and construed as o ne with the Insuranc e Business Act, here inafter
in this Part referred to as "the principal Act". 
Amendment of 
article 2 of the 
principal Act.41. In sub-article (1) of article 2 of the principal Act, the
definition "reinsurance" shall be substituted by the following:  
" "reinsurance" means one of the following:
 (a) the activity consisting in accepting risks ceded
by an insurance undertaking or third-country insurance
undertaking, or by another reinsurance undertaking or
third-country reinsurance undertaking; or 
(b) the provision of cover by a reinsurance
undertaking to an institution that falls within the scope ofDirective (EU) 2016/2341 of the European Parliament and
of the Council;".
Amendment of 
article 27 of the 
principal Act.42. In sub-article (6) of article 27 of the principal Act, for the
words "shall notify EIOPA of any revocation of authorisation in  terms
of articles 25 and 26." there shall be substituted the words "s hall notify
EIOPA of any revocation of autho risation in terms of the Act.".
Amendment of article 28 of the 
principal Act.43. Article 28 of the principal Act shall be amended as follows:
(a) in paragraph (e) of sub-article (1) thereof, for the
words "or part thereof, as the competent authority may direct;"
there shall be substituted the words "or part thereof, includin g to
take the necessary action for th e undertaking to be dissolved and
wound up, as the competent authority may direct;";
(b) sub-article (2) thereof shall be amended as follows:
(i) in paragraph (c) thereof, for the words "or by
any other person, includi ng the legal and judicial
representation of the undertaking" there shall be
substituted the words "or by any other person, including for
the purposes of the dissolution and winding up of theundertaking as well as the legal and judicial representation
of the undertaking";
(ii) in paragraph (d) thereof, for the words "to the
exclusion of any other person." there shall be substituted
VERŻJONI ELETTRONIKA
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the words "to the exclusion of any other person:" and
immediately thereafter there s hall be added the following
new proviso:
"Provided that the co mpetent person shall
not take any decision for the purpose of the
dissolution and winding up of the undertaking, unlessthe competent authority issues a directive to that
effect in terms of article 31A of the Act, and any such
directive may contain such  instructions, requirements
and conditions as the competent authority mayconsider necessary, including with regard to themode of winding up.";
(c) immediately after sub-article (2) thereof there shall
be added the following new sub-article:
(d) immediately after sub-article (5) thereof there shall
be added the following new sub-article:
"(6) Any measure adopted in terms of sub-article (1)
shall remain in force notwithstanding that an undertaking
ceases to hold an authorisati on licence for whatever reason,
unless the competent aut hority otherwise directs.".
Amendment of 
article 31 of the 
principal Act.44. In sub-article (2) of article 31 of the principal Act, for the
words "any information or documents specified in the authority,  being
information or documents" there shall be substituted the words "any
information or documents speci fied in the notice, being information or
documents".Cap. 386."(2A)  Without prejudice to the powers of the
competent authority in terms of sub-article (1), the
competent authority may also submit anapplication to the court for the dissolution and
winding up by the court of an undertaking, where
it appears to the competent authority that anundertaking should be dissolved and wound up by
the court for the reason set out in article214(2)(b)(iii) of the Companies Act, and where thecourt accedes to the application, the relevant
provisions of the Companies Act in relation to the
dissolution and winding up by the court and anyother applicable provisions of any other law shall
apply."; and
VERŻJONI ELETTRONIKA
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Amendment of 
article 31A of 
the principal Act.45. In sub-article (1) of article 31A of the principal Act, for the
words "or any further directive. " there shall be substituted th e words
"or any further directive:" and immediately thereafter there sh all be
added the following new provisos: 
 "Provided that the competent authority may give any such
directive even where an undertak ing, for whatever reason, cease s
to hold an authorisation granted in terms of this Act:
Provided further that any directive given in terms of this
article shall, unless the competent authority otherwise directs ,
continue to apply even when an undertaking, for whatever
reason, ceases to hold an authorisation granted in terms of thi s
Act.".
Deletion of 
article 66 of the 
principal Act.46. Article 66 of the principal Act shall be deleted.
Amendment of article 67 of the 
principal Act.47. In sub-article (6) of article 67 of the principal Act the secon d
proviso shall be deleted.
PART VII
AMENDMENTS TO THE PREV ENTION OF FINANCIAL 
MARKETS ABUSE ACT
Amendments to the Prevention 
of Financial Markets Abuse 
Act.
Cap. 476.48. This Part amends the Prevention of Financial Markets Abuse
Act and it shall be read and construed as one with the Preventi on of
Financial Markets Abuse Act, her einafter in this Part referred to as
"the principal Act".
Amendment of article 2 of the principal Act. 49. In sub-article (1) of article 2 of the principal Act, the
definition "the Minister" shall be substituted as follows:
" "the Minister" means the Minister responsible for the
regulation of financial services;".
PART VIII
AMENDMENTS TO THE SECURITISATION ACT
Amendments tothe 
Securitisation 
Act.Cap. 484.50. This Part amends the Securitisation Act and it shall be read
and construed as one with the Securitisation Act, hereinafter i n this
Part referred to as "the principal Act".
Amendment of article 2 of the 
principal Act.51. In article 2 of the principal A ct, the definition "the Ministe r"
shall be substituted as follows:
" "the Minister" means the Minister responsible for the
regulation of financial services;".
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Amendment of 
article 20 of the 
principal Act.52. Sub-article (1) of article 20 o f  t h e  p r i n c i p a l  A c t  s h a l l  b e
substituted by the following:
"(1) For the better carrying out of the provisions of this
Act or of the provisions of any regulations relating to
securitisation vehicles or secu ritisation transactions, the
competent authority may, from time to time, issue and publish
rules as may be necessary or appropriate in connection therewit h.
The rules shall be binding on securitisation vehicles and
securitisation creditors and othe r persons as may be specified
therein.".
Amendment of 
article 23 of the 
principal Act.53. Immediately after sub-article ( 1) of article 23 of the princip al
Act there shall be added the following new sub-article:
"(1A) Without prejudice to th e generality of the foregoing,
the Minister, acting on the advice of the competent authority,
may make regulations to provide for and regulate the payment by
any person, body, company or securitisation vehicle, as the cas e
may be, of fees and such other c harges in respect of any reques t,
application or other matter that may be submitted to thecompetent authority under this Act including the fees and
charges in respect of any permission, licence, authorisation,
registration, recognition, exemption or other benefit, as well as
fees and charges in respect of the competent authority’s
regulatory, supervisory or investigative functions, payable to the
competent authority in respect of any matter provided for, by o r
under this Act or any regulations  made under this article, as m ay
be prescribed.".
PART IX
AMENDMENTS TO THE INSURANCE DISTRIBUTION ACT  
Amendments to 
the Insurance Distribution 
Act. Cap. 487.54. This Part amends the Insurance Distribution Act and it shall
be read and construed as one wit h the Insurance Distribution Ac t,
hereinafter in this Part referred to as "the principal Act". 
Amendment of article 3 of the 
principal Act.55. In paragraph (a) of sub-article (2A) of article 3 of the
principal Act, the words "and in such a case, a penalty imposed  under
this paragraph, whether in the form of a fixed amount, a daily penalty,
or both, may in no case, exceed one hundred and fifty thousand euro
(€150,000);" shall be deleted. 
Amendment of article 19 of the principal Act. 56. Article 19 of the principal Act shall be amended as follows:
(a) in paragraph (d) of sub-article (1) thereof, for the
words "or part thereof, as the c ompetent authority may direct;"
there shall be substituted the words "or part thereof, includin g to
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take the necessary action for the intermediary to be dissolved and
wound up, as the competent authority may direct;";
(b) sub-article (2) thereof shall be amended as follows:
(i) in paragraph (c) thereof, for the words "or by
any other person, includi ng the legal and judicial
representation of the intermediary" there shall be
substituted the words "or by any other person, including for
the purposes of the dissolution and winding up of the
intermediary as well as the legal and judicial representation
of the intermediary";
(ii) in paragraph (d) thereof, for the words "to the
exclusion of any other person." there shall be substitutedthe words "to the exclusion of any other person:" and
immediately thereafter there shall be added the following
new proviso: 
(c) immediately after sub-article (2) thereof there shall
be added the following new sub-article:Cap. 403."Provided that the competent person shall
not take any decision for the purpose of thedissolution and winding up of the intermediary,
unless the competent authority issues a directive
to that effect in terms of article 31A of theInsurance Business Act,  made applicable by
article 54 of the Act, and any such directive maycontain such instructions, requirements andconditions as the competent authority may
consider necessary, including with regard to the
mode of winding up.";
Cap. 386."(2A)  Without prejudice to the powers of the
competent authority in terms of sub-article (1),the competent authority may also make anapplication to the court  for the dissolution and
winding up by the court of an intermediary, whereit appears to the competent authority that anintermediary should be  dissolved and wound up
by the court for the reason set out in article214(2)(b)(iii) of the Companies Act, and wherethe court accedes to the application, the relevant
provisions of the Companie s Act in relation to the
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(d) immediately after sub-article (3) thereof there shall
be added the following new sub-article:
"(4) Any measure adopted in terms of sub-article (1)
shall remain in force notwithstanding that an intermediary
ceases to be enrolled for whatever reason, unless the
competent authority ot herwise directs.".
Deletion of 
article 51 of the 
principal Act.57. Article 51 of the princip al Act shall be deleted. 
PART X
AMENDMENTS TO THE RETIREMENT PENSIONS ACT 
Amendments to 
the Retirement 
Pensions Act. 
Cap. 514.58. This Part amends the Retiremen t Pensions Act and it shall be
read and construed as one with the Retirement Pensions Act,
hereinafter in this Part referred to as "the principal Act ".
Amendment of 
article 2 of the principal Act.59. Sub-article (1) of article 2 of the principal Act shall be
amended as follows:
Cap. 330. (a) in the definition "competent authority ", for the words
"established by article 3 of the Malta Financial Services
Authority Act, which body shall act as the competent authority
for the purposes of this Act and also for relevant purposes of the
Occupational Pensions Directive; " there shall be substituted th e
words "established by the Malta  Financial Services Authority
Act;";
(b) immediately afte r the definition "investor " there shall
be added the following new definition:
" "key function" within a system of governance,
means a capacity to undertake practical tasks comprising
the risk management function, the internal audit function,
and the actuarial function;";
(c) immediately after the definition "licence holder "
there shall be added the f ollowing new definition:
" "main administration" mea ns the place, located in
Malta, where the main strate gic decisions of a retirement
scheme and a retirement fund are made;";
(d) in the definition "Malta’s internationaldissolution and winding up by the court and
any other applicable provisions of any otherlaw shall apply."; and
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commitments ":
(i) for the words "arising out of membership of, or
affiliation " there shall be substituted the words "arising out
of membership of the Europea n Union and membership of,
or affiliation"; and
(ii)  for the words "whether bilateral or multilateral,
t o  w h i c h  M a l t a  i s  a  p a r t y ; " there shall be substituted the
words "whether bilateral o r multilateral, including
Memoranda of Underst anding, to which Malta is a party;"; 
(e) in the definition "the Minister ", for the words
"Minister responsible for finance; " there shall be substituted the
words "Minister responsible for the regulation of financial
services; ";
(f) the definition "Occupational Pensions Directive "
shall be substituted by the following:
" "Occupational Pensions Dir ective" means Directive
(EU) 2016/2341 of the European  Parliament and of the
Council of 14 December 2016 on the activities and
supervision of institutions for occupational retirement
provision (IORPs) (recast), as may be amended from timeto time, and includes any implementing measures,
implementing technical standards, regulatory technical
standards and similar measures that have been or may beissued thereunder;";
(g)  the definition "occupa tional retirement scheme"
shall be substituted by the following:
" "occupational retire m e n t  s c h e m e "  m e a n s  a
retirement scheme, irrespective of its legal form, operatingon a funded basis, establis hed separately from any
sponsoring undertaking or trade, for the purposes of
providing retirement benef i t s  i n  t h e  c o n t e x t  o f  a n
occupational activity on the basis of an agreement or a
contract agreed:
(a) individually or collectively between the
employer or employers and the employees or their
respective representatives; or 
(b) with self-employed persons, individually or
collectively, 
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and which carries out activities directly arising therefrom;";
(h)  immediately after the definition "occupational
retirement scheme" there shall  be added the following new
definition:
" "officer", in relation to a licence holder, includes a
director, manager or company secretary or any person
effectively acting in such capacity, whether formally
appointed or not;";
(i) the definition "Pension R ule" shall be substituted by
the following:
" "Pension Rules" means rules issued by the
competent authority, under various articles of this Act andunder any regulations made thereunder;";
(j) in the definition "prescribed" for the words "made
under this Act in accordance with article 37;" there shall besubstituted the words "made under this Act;";
(k) the definition "recogni tion" shall be deleted;
(l) the definition "recognised person" shall be deleted; 
(m) in the definition "service", for the words "provided in
relation to an instrument; and, or any back-office administrative
activity as established by Pension Rules;" there shall be
substituted the words "provided in relation to an instrument;";
(n) in the definition "service provider", for the words
"the services listed in the Schedule and, or recognised to prov ide
any one or more of the back-office administrative activities
established by Pension Rules;" there shall be substituted the
words "the services list ed in the Schedule;"; 
(o) in the definition "Solvency II Directive", for the
words "(Solvency II), as may be amended from time to time, andincludes any implementing measures that may be issued
thereunder;" there shall be substituted the words "(Solvency II)
(recast), as may be amended from  time to time and includes any
delegated acts and any technica l standards that have been, or
may be issued thereunder;"; and
(p) immediately after the definition "Solvency II
Directive" there shall be add ed the following new definition:
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" "sponsoring undertaking" means any undertaking or
other body, regardless of whether it includes or consists of
one or more legal or natural persons, which acts as anemployer or in a self-employed capacity or any
combination thereof and which offers an occupational
retirement scheme or pays contributions to an occupationalretirement scheme;".
Amendment of 
Part II of the 
principal Act.60. In the heading of Part II of the principal Act, for the words
"Licensing and Recognition Requirements" there shall be substituted
the words "Licensing Requirements".
Amendment of 
article 3 of the 
principal Act.61. Paragraph (b) of sub-article (2) o f  a r t i c l e  3  o f  t h e  p r i n c i p a l
Act shall be amended as follows:
(a) for the words "age of fifty, or not later than that
specified in Pension Rules," there shall be substituted the wor ds
"age of fifty, or later  than that specified in Pension Rules,";  and
(b) the proviso thereof shall be substituted by the
following:
"Provided that a scheme or arrangement described in
paragraph (a) may, by written notice to the competent
authority, apply to be considered as a scheme for the
purposes of this Act, and such  a scheme shall comply with
the provisions of Articles 32 to 35 of the Occupational
Pensions Directive.".
Amendment of 
article 4 of the 
principal Act.62. Article 4 of the principal Act shall be amended as follows:
(a) in sub-article (1) thereof, for the words "unless such
retirement scheme is situate d in Malta and is duly licensed und er
this Act." there shall be substituted the words "unless the mai n
administration of such retirement  scheme is located in Malta an d
is duly licensed under this Act.";
(b) in sub-article (3) thereof, for the words "unless such
retirement scheme is situate d in Malta and is duly licensed und er
this Act." there shall be substituted the words "unless the mai n
administration of such retirement  scheme is located in Malta an d
is duly licensed under this Act."; and 
(c) paragraph (a) of sub-article (4) thereof shall be
substituted by the following:
"(a) located in Malta; or".
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Amendment of 
article 5 of the 
principal Act.63. Article 5 of the principal Act shall be amended as follows:
(a) in sub-article (1) thereo f, for the words "an overseas
retirement scheme unless such retirement fund is situated in
Malta and is duly licensed unde r  t h i s  A c t . "  t h e r e  s h a l l  b e
substituted the words "an overseas  retirement scheme unless the
main administration of such retirement fund is located in Maltaand is duly licensed under this Act."; and
(b) paragraph (a) of sub-article (3) thereof shall be
substituted by the following: 
"(a) located in Malta; or".
Deletion of 
article 7 of the 
principal Act.64. Article 7 of the principa l Act shall be deleted.
Amendment of 
Part III of the principal Act.65. In the heading of Part III of the  principal Act, for the words
"Application, Grant, Cancellation, Suspension, of Licences and
Recognitions" there shall be substituted the words "Application , Grant,
Cancellation and Suspension of Licences".
Amendment of 
article 8 of the 
principal Act.66. Article 8 of the principal Act shall be amended as follows:
(a) in the marginal note thereto, for the words
"Application for a licence and, or recognition." there shall be
substituted the words "Application for  a licence.";
(b) for the words "a licence or recognition, as the case
may be," there shall be substituted the words "a licence";
(c) for the words "shall be made in the form and manner"
there shall be substituted the words "shall be made in writing in
such form and manner";
(d) in paragraph (a) thereof, for the words "may require
or as may be prescribed;" there shall be substituted the words
"may require by means of Pension Rules;"; and
(e) in paragraph (b) thereof, for the words "by the
competent authority or as may be prescribed." there shall be
substituted the words "by the competent authority as may be
established by means of Pension Rules.".
Amendment of 
article 9 of the 
principal Act.67. Article 9 of the principal Act shall be amended as follows:
(a) in the marginal note thereto, for the words "to refuse
or grant a licence or recognition." there shall be substituted the
words "to refuse or grant a licence.";
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(b) in sub-article (1) thereof, for the words "grant a
licence or recognition, as the case may be, applied for under"
there shall be substituted the words "grant a licence applied f or
under";
(c) in sub-article (2) thereof:
(i) for the words "grant a licence or r ecognition, as
the case may be, applied for under" there shall be
substituted the words "grant a licence applied for under";
(ii) in paragraph (a) thereof:
(aa) immediately after sub-paragraph (i)
thereof, there shall be added the following new sub-
paragraph:
"(iA)  the activitie s of the retirement
scheme are limited to retirement benefit relatedoperations and activities arising therefrom;"; 
(bb) in sub-paragraph (ii) thereof, for the
words "the retirement scheme and, or Retirement
Scheme Administrator, as the case may be, will
comply with and observe the provisions" there shall
be substituted the words "it submits evidence that itshall be in a position to comply with and observe the
provisions;";
(cc) in sub-paragraph (iii) thereof, for the
words "fit and proper persons" there shall besubstituted the wor ds "fit and proper";
(dd) in sub-paragraph (vi) thereof, for the
words "does not raise any regulatory concerns;" thereshall be substituted the words "does not raise any
regulatory concerns; and";
(iii) immediately after sub-paragraph (vi) of
paragraph (a) thereof there shall be added the following
new paragraph:
"(aA)in addition to the requirements in
paragraph (a), in the case of an occupational
retirement scheme: 
(i) the Retirement Scheme
Administrator shows evidence that it will be in
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a position to comply with the system of
governance provided for in article 13A;
(ii) the Retirement Scheme
Administrator shows evidence that, where thesponsoring undertaking guarantees the payment
of the retirement benefits, the employer iscommitted to regular financing;"; 
(d) in sub-article (3) thereof, for the words "a licence or
recognition granted by the competent authority" there shall be
substituted the words "a licence granted by the competent
authority";
(e) in sub-article (4) thereof:
(i) for the words "When considering whether to
grant or refuse to grant a licence and, or recognition as thecase may be, the competent authority shall," there shall be
substituted the words "When carrying out its functions
under the Act, the compete nt authority shall,"; and
(ii) in paragraph (c) thereof, for the words "or
retirement fund, the persons responsible thereof," thereshall be substituted the words "or retirement fund, theRetirement Scheme Administr ator and, or the persons
responsible thereof,"; 
(f) sub-article (6) thereof shall be deleted;
(g) in sub-article (7) thereof:
(i) for the words "the Rules to which the
competent authority" there sha ll be substituted the words
"the Pension Rules to which t he competent authority";
(ii) for the words "shall subject a licence and, or
recognition may be made" the re shall be substituted the
words "shall subject a licence, may be made"; and
(iii) paragraph (a) thereof shall be substituted by the
following:
"(a) all licences granted;";
(h) in sub-article (8) thereof, for the words "grant a
licence or recognition; and in the  case of a refusal it shall i nform
the applicant of the reasons" there shall be substituted the wo rds
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"grant a licence; and in the case of a refusal it shall inform the
applicant in wr iting of the reasons";
(i) in paragraph (b) of sub-article (10) thereof, for the
words "by means of a Pension Rule issued" there shall be
substituted the words "by means of Pension Rules issued"; and
(j) in sub-article (11) thereof, for the words "a register of
all holders of a licence and, or recognition. The register, whi ch
shall be publicly available, shall also indicate the services a nd, or
activities in relation to whi ch each licence and, or recognitio n
was issued." there shall be subs tituted the words "a register o f all
holders of a licence. The register, which shall be publicly
available, shall also indicate the services and, or activities in
relation to which each licence was issued.".
Amendment of 
article 10 of the 
principal Act.68. Article 10 of the principal Act shall be amended as follows:
(a) in the marginal note thereof, for the words "to cancel
or suspend a licence or recognition." there shall be substitute d
the words "to cancel or suspend a licence.";
(b) in sub-article (1) thereof, for the words "suspend a
licence and, or recognition in acco rdance with" there shall be
substituted the words "suspend a  licence in accordance with";
(c) in sub-article (2) thereof:
(i) in paragraph (c) thereof, for the words "false,
inaccurate or misleading, or if the Retirement Scheme
Administrator" there shall be substituted the words "false,
inaccurate or misleading in any material particular, or if the
Retirement Scheme Administrator"; and
(ii) in paragraph (d) thereof, for the words
"licensed to carry on within the time provided for in thelicence or has ceased to" there shall be substituted the
words "licensed to carry on within the time provided for in
the licence or if no such time is specified, within twelvemonths of its issue, or has ceased to";
(d) in paragraph (d) of sub-article (3) thereof, for the
words "not commenced the activities it has been licensed to car ry
on within the time provided for in the licence or has ceased to "
there shall be substituted the words "not commenced to providethe activities within the time provided for in the licence or i f no
such time is specified, within twelve months of its issue, or h as
ceased to"; and
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(e) in sub-article (4) thereof:
(i) for the words "cancel or suspend a licence and,
or recognition as the case may be:" there shall be
substituted the words "ca ncel or suspend a licence:";
(ii) in paragraph (a) thereof, for the words "he is
licensed and, or recognised to provide; or" there shall besubstituted the words "he is licensed to provide; or";
(iii) in paragraph (d) thereof:
(aa) for the words "ha s been licensed and, or
recognised to provide within the time provided for inthe licence and, or recognition" there shall besubstituted the words "has been licensed to provide
within the time provid ed for in the licence"; 
(bb) for the words "or has ceased to provide
such service; or" there shall be substituted the words"or if no such time is specified, within twelve months
of its issue, or has ceased to provide such service;or";
(iv) in paragraph (e) thereof, for the words "suspend
the licence and, or recognition for the protection of
beneficiaries," there shall be substituted the words
"suspend the licence for the pro tection of beneficiaries,";
and
(v) in paragraph (g) thereof, for the words
"precluded from issuing the licence and, or recognition as
the case may be, or where" there shall be substituted thewords "precluded from issuing the licence, or where".
Amendment of 
article 11 of the 
principal Act.69. Article 11 of the principal Ac t shall be amended as follows:
(a) in the marginal note thereof, for the words
"suspension of a licence and, or recognition." there shall be
substituted the words "suspension of a licence.";
(b) in sub-article (1) thereof:
(i) in paragraph (a) thereof, for the words "to
which a licence and, or recogni tion is subject or to impose
a condition thereon;" there shall be substituted the words
"to which a licence is subject or to impose a condition
thereon;"; 
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(ii) paragraph (b) thereof shall be substituted by the
following:
"(b) to refuse an applica tion for a licence or to
cancel or to suspend a  licence,"; and
(iii) in the paragraph immediately following
paragraph (b) thereof: 
(aa) for the words "to the licence holder and,
or recognised person, or in the case of a retirement
scheme" there shall be substituted the words "to the
licence holder, or in the case of a retirement scheme";
and
(bb) for the words "setting out the reasons for
its proposed action." there s hall be substituted the
words "setting out detaile d reasons for its proposed
action.";
(c) in sub-article (3) thereof, for the words "The
competent authority shall as soon as practicable notify its fin al
decision" there shall be substi tuted the words "The competent
authority shall notify its final decision"; and
(d) sub-article (4) thereof shall be substituted by the
following:
"(4) The competent authority shall notify EIOPA of
any restriction, suspension or cancellation of a licence ofan occupational retirement scheme under article 10.".
Amendment of 
article 13 of the 
principal Act.70. In sub-article (1) of article 13 of the principal Act, for the
words "the best interests of the  retirement scheme and may not use the
assets" there shall be substituted the words "the best interest s of the
retirement scheme, its members and beneficiaries, and may not u se the
assets".
Addition of 
article 13A to 
the principal Act.71. Immediately after article 13 of the principal Act there shall be
added the following new article:
"System of governance for occupational 
retirement 
schemes.13A. (1) A Retirement Scheme Administrator shall
be required to have in place an effective system of
governance which provides for sound and prudentmanagement of its activities in connection with the overall
operation and administration of an occupational retirement
scheme. The system of gove rnance requirements shall be
laid down in Pension Rules.
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Amendment of 
article 16 of the 
principal Act.72. Article 16 of the principal Act shall be amended as follows:
(a)  sub-article (1) thereof s hall be substituted by the
following:
"16. (1) Every retirement  scheme or retirement
fund shall appoint an auditor to carry out the duties as may
be specified by Pension Rules.
(1A) Every retirement scheme which provides cover
against biometric risks or guarantees an investmentperformance or a given level of benefits, shall also appoint
an actuary to carry out the duties, as may be specified byregulations and Pension Rules."; and
(b) in sub-article (2) thereof:(2) A Retirement Scheme Administrator shall:
(a) ensure that persons carrying out a key
function, and where applicab le, persons or entities to
which a key function has been outsourced, are fitand proper, in accordance wi th criteria set out in the
Pension Rules;
(b) have in place the following key
functions: 
(i) an effective risk management
system, including a risk management function;
(ii) an effective int ernal audit function;
and
(iii) where applicable, an effective
actuarial function;
(c) as part of the risk management system,
conduct its own risk assessment and the riskassessment of the occupati onal retirement scheme;
(d) have in place an effective internal
control system;
(e) if it outsources any of its functions or
activities, remain fully responsible for discharging
all of its obligations under this Act and the
regulations and Pension R ules issued thereunder.
(3) The systems and functions referred to in sub-
article (2) shall be dete rmined by Pension Rules.
(4) The system of governance shall be proportionate
to the nature, scale and complexity of the operations of theoccupational retirement scheme.".
VERŻJONI ELETTRONIKA
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(i) for the words "a licen ce holder or recognised
person, as the case may be, shal l have the right" there shall
be substituted the words "a licence holder shall have the
right"; and
(ii) for the words "from that licence holder or
recognised person as the case may be." there shall besubstituted the words "fro m that licence holder.".
Amendment of 
the heading of 
Part V of the 
principal Act.73. In the heading of Part V of the principal Act, the words "Other
Requirements and General Provisions" shall be substituted by th e
words "Other Requirements".
Amendment of article 18 of the 
principal Act.74. Paragraph (a) of article 18 of  t h e  p r i n c i p a l  A c t  s h a l l  b e
substituted by the following:
"(a) the rates of contributions payable towards the
retirement scheme, as may be prescribed;". 
Substitution of article 20 of the 
principal Act.75. A r t i c l e  2 0  o f  t h e  p r i n c i p a l  A c t  shall be substituted by the
following:
"20. Every retirement scheme and Retirement Scheme
Administrator shall fo rward to the compete nt authority a copy o f
its audited financial statements  within the periods stipulated in
the Pension Rules and shall comply with any reporting
requirements, as may be r equired by Pension Rules.".
Substitution of 
the heading 
"Defined 
Benefit Occupational 
Retirement 
Schemes" of the principal Act.76. Immediately before article 26 of the principal Act the heading
"Defined Benefit Occupational Retirement Schemes" shall be
substituted by the heading "Quantitative Requirements".
Substitution of 
article 26 of the 
principal Act.77.  Article 26 of the principal Act shall be substituted by the
following: 
"Technical 
provisions.26. (1) Every retirement scheme shall:
(a) establish at all times an adequate
amount of liabilities corresponding to the
financial commitments which arise out of theirportfolio of existing pension contracts; and
(b) where it provides cover against
biometric risks or guarantees either an investment
performance or a given lev el of benefits, establish
sufficient technical provisions. 
VERŻJONI ELETTRONIKA
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Amendment of 
article 28 of the 
principal Act.78. In article 28 of the principal Act, for the words "as the case
may be, shall produce such annual accounts," there shall be sub stituted
the words "as the case may be, and comply with any reporting
requirements such as annual accounts,".
Amendment of 
article 30 of the principal Act.79. In article 30 of the principal Act, for the words "Every licenc e
holder and recognised person under th is Act" there shall be substituted
the words "Every licence holder under this Act".
Amendment of 
article 31 of the 
principal Act.80. Article 31 of the principal Act  shall be amended as follows:
(a) for the words "A licence holder or recognised person,
or any person having responsibilit y," there shall be substitute d
the words "A licence holder or any person having
responsibility"; and
(b) for the words "the information provided under this
Act as soon as such person or its delegate" there shall besubstituted the words "the inf ormation provided under this Act,
and any regulations made thereunder, or any Pension Rules, as
soon as such person or its delegate".
Amendment of 
article 32 of the 
principal Act.81. Article 32 of the principal Act shall be amended as follows:
(a) in sub-article (1) thereof, for the words "No person
shall acquire," there shall be substituted the words
"Notwithstanding anything contai ned in any other law, no person
shall acquire,"; 
(b) in sub-article (4) thereof, for the words "mentioned in
sub-article (1)(b) shall state the reasons" there shall be
substituted the words "mentioned in sub-article (1)(c) shall st ate
the reasons";
(c) sub-article (10) thereof s hall be substituted by the
following:
"(10) Without prejudice to the provisions of articles
46 and 48, where a shareholding in a service provider isacquired despite the objection of the competent authority,
the competent authority shal l have the power to make an
order:
(a) restraining such person or service(2) The manner in which technical provisions shall
apply to retirement schemes licensed under the Act may
be determined by regulations prescribed for this
purpose.".
VERŻJONI ELETTRONIKA
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provider from taking, or continuing with such action;
(b) declaring such action to be null and void;
(c) requiring such person or service provider
to take such steps, as ma y be necessary, to restore the
position existing immediatel y before the action was
taken;
(d) restraining such person or service
provider from exercising any rights which such
action would, if lawful, have conferred upon them,
including the right to receive any payment or to
exercise any voting rights attached to the sharesacquired;
(e) restraining such person or service
provider from taking any si milar action or any other
action within the categories set out in sub-articles (1)
and (6)."; and
(d) immediately after sub-article (11) thereof there shall
be added the following new sub-article:
Amendment of 
article 33 of the principal Act.82. In article 33 of the principal Act, for the words "from time to
time by the Commissioner of Inland Revenue." there shall be
substituted the words "from time to time by the Commissioner fo r
Revenue.".
Amendment of 
article 34 of the 
principal Act.83. In article 34 of the principal Act, for the words "The
competent authority may, by a Pen sion Rule made for" there shal l be
substituted the words "The compe tent authority may, by Pension Rules
made for".
Amendment of 
article 35 of the principal Act.84. Article 35 of the principal Act shall be amended as follows:
(a) in sub-article (1) thereof:
(i) for the words "a licence holder or recognised
person, as applicable, shall have the duty" there shall be
substituted the words "a l icence holder shall have the
duty";Cap. 386. "(12)  The requirements set out in this article
shall apply to a retirement scheme set up as an
investment company with variable share capital
("SICAV") under th e Companies Act.".
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(ii) for the words "any fact or decision of which it
becomes aware" there shall be substituted the words "any
fact or decision concerning that licence holder of which itbecomes aware";
(iii) for the words "such licence holder or
recognised person" there shall be substituted the words"such licence holder"; 
(iv) for the word "which –" there shall be
substituted the words "which relates to any matter which
may be prescribed or is like ly to bring or has brought about
the following:"; 
(v) paragraphs (a), (b) and (c) thereof shall be
substituted by the following:
"(a) a serious qualifica tion, or refusal of the
auditor’s or actuary’s report on the accounts of suchlicence holder; 
(b) a material breach of the provisions of this
Act and regulations or any Pension Rules which laydown the legal or regulatory requirements applicable
to a license holder in or under this Act; or
(c) a grave impairment of the licence
holder’s ability to meet the current or futureliabilities attributable to it; or"; 
(b) in sub-article (2) thereof:
(i) for the words "a licence holder or recognised
person, as applicable, shal l report" there shall be
substituted the words "a licence holder shall report"; 
(ii) for the words "any facts or decisions as
specified in sub-article (1)" th ere shall be substituted the
words "any facts or decisions of which he becomes aware
of in the course of carrying out  his duties, which relate to
or have a serious adverse effect, upon the members or
beneficiaries, as specified in sub-article (1),"; and
(iii) for the words "of the licence holder or
recognised person or of the  person having such close
links." there shall be substituted the words "of the licence
holder or of the person havi ng such close links.";
VERŻJONI ELETTRONIKA
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(c) in sub-article (3) thereof, for the words "the services
listed in the Schedule and, or back-office administrative
activities as established by Pe nsion Rules." there shall be
substituted the words "the services listed in the Schedule.";
(d) immediately after sub-article (3) thereof there shall
be added the following new sub-article:
"(3A)Without prejudice to any provision contained in
this Act, the competent authority may request the auditoror the actuary , as the case ma y be, to provide it with such
information and documentation relating to any fact ordecision as specified in sub- articles (1) or (2) concerning
the licence holder."; and
(e) in sub-article (4) thereof, for the words "a licence
holder or recognised person, as applicable, to change itsappointed auditor," there shall be substituted the words "a
licence holder to change its appointed auditor".
Amendment of 
article 37 of the 
principal Act.85. Article 37 of the principal Act shall be amended as follows:
(a) in sub-article (1) thereof:
(i) in paragraph (b) thereof, for the words "provide
for the safekeeping and custody of the property of retirement
schemes" there shall be substituted the words "provide for
the safekeeping and oversight duties, and custody of the
property of retirement schemes";
(ii) in paragraph (f) thereof, for the words "other
licence holders or recognised persons, or advertisementfrom" there shall be substituted the words "other licenceholders or advertisement from"; 
(iii) immediately after par agraph (h) thereof there
shall be added the fol lowing new paragraph:
"(ha) regulate the restri ction or prohibition of
the free disposal of the assets of a retirement schemefalling within such description as may be prescribed,
when in particular:
(i) that retirement scheme has failed to
establish sufficient technical provisions inrespect of the entire business or has insufficient
assets to cover the technical provisions;
VERŻJONI ELETTRONIKA
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(ii) that retirement scheme has failed to
hold any regulatory own funds as may be
applicable.";
(iv) in paragraph (i) thereof, for the words "the
manner in which a defined ben efit retirement scheme deals
with surplus funds" there shall be substituted the words"the manner in which a scheme which provides cover
against biometric risks or guarantees an investment
performance or a given level of benefits deals with surplus
funds";
(v) in paragraph (k) thereof, for the words "as the
case may be, of licence or recognition fees or other fees"there shall be substituted the words "as the case may be, of
licence fees or other fees";
(vi) in paragraph (l) thereo f, for the words "and any
other legislative measures of the Eur opean Union requiring
transposition and, or implementation as may be amendedfrom time to time, and including any implementing
measures issued thereunder as may be applicable to
retirement schemes;" there shall be substituted the words"and including any implementing measures, implementing
technical standards, regulat ory technical standards and
similar measures issued there under as may be applicable to
retirement schemes that have or may be issuedthereunder;";
(vii) paragraph (n) thereof shall be substituted by the
following:
"(n) transpose, implement and, or give effect
to the provisions and re quirements of Directives,
regulations and any other le gislative measures of the
European Union requiring transposition and, or
implementation, as they may be amended from timeto time, including any imp lementing measures that
have been or may be issued thereunder and relatingto licence holders and others as may be specifiedtherein; any such regulations strictly related to the
transposition or implementation as aforesaid may
contain provisions which are inconsistent with theprovisions of this Act or of any other law, and for this
purpose may provide that any provision in this Act or
in any other law shall not apply to matters falling
under the regulations, and in case of such
VERŻJONI ELETTRONIKA
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inconsistency, such provisions in any such
regulations shall prevail;"; 
(viii) paragraph (o) thereof shall be substituted by the
following:
(b) sub-article (2) thereof shall be deleted.
Amendment of 
article 38 of the 
principal Act.86. Sub-article (2) of article 38 of  the principal Act shall be
amended as follows:
(a) for the words "binding on licence holders and, or
recognised persons under this Act" there shall be substituted t he
words "binding on licence  holders under this Act";
(b) for the words "may relate  to a particular class of
retirement scheme and, or ret irement fund" there shall be
substituted the words "to a part icular category of retirement
scheme and, or retirement fund";
(c) for the words "activities  of that licence holder or
recognised person, the conduct of" there shall be substituted t he
words "activities of that licence holder, the conduct of";
(d) in paragraph (b) thereof,  for the words "management
of the retirement sc heme and, or fund;" ther e shall be substitu ted
the words "management of the retirement fund;";
(e) in paragraph (c) thereof, for the words "management
of the retirement scheme and, or r etirement fund" there shall b e
substituted the words "manage ment of the retirement fund";
(f) in sub-paragraph (ii) of pa ragraph (e) thereof, for the
words "that retirement scheme ha s failed to hold any regulatory
own funds as may be applicable, in a ccordance with the procedur e
established under article 17B of the Malta Financial Services
Authority Act with respect to freezing of assets;" there shall be
substituted the words "that retirement scheme has failed to hol d
any regulatory own funds a s may be applicable;";
(g)  paragraph (g) thereof shall be substituted by theCap. 403."(o) provide for the application of specific
provisions of the Occupational Pensions Directiveto the occupational pensions provision business
carried out by insuranc e undertakings authorised
under the Insurance Business Act carrying on longterm business;"; and
VERŻJONI ELETTRONIKA
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following:
"(g) the provision of specific requirements for
personal retirement schemes;";
(h) in paragraph (h) thereof, for the words "for licensing
or recognition or other purposes"  there shall be substituted th e
words "for licensing or other purposes";
(i) paragraph (i) thereof shall be deleted;
(j) in paragraph (j) thereof, for the words "applicable to
licence holders and, or recognised persons as the case may be;" ,
there shall be substituted the words "applicable to licence
holders;";
(k) paragraph (o) thereof shall be substituted by the
following: 
"(o) establishing conditions and requirements
regarding the payment to a member in the event that the
member is no longer employed by the employer;"; 
(l) in paragraph (p) thereof:
(i) for the words "licence holders and, or
recognised persons or providing that the persons" there
shall be substituted the words "licence holders or providingthat the persons"; and
(ii) for the words "licence holders and, or
recognised persons as applicable and the duty of a licenceholder or recognised person to make documents available
to the auditors of such licence holder or recognised person
as applicable;" there shall be substituted the words "licenceholders and the duty of a licence holder to make documents
available to the auditors  of such licence holder;";
(m) in paragraph (t) thereof, for the words "retirement
schemes." there shall be substituted the words "retirementschemes;"; and
(n) immediately after paragraph (t) thereof, as amended,
there shall be added the f ollowing new paragraphs:
"(u) issuing Pension Rules in relation to
occupational retirement schemes  transferring all or part of
their liabilities, technical p rovisions and other obligations
VERŻJONI ELETTRONIKA
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and rights, as well as co rresponding assets or cash
equivalent to another retirement scheme;
(v) issuing Pension Rules to enable a member,
beneficiary, contributor and generally any person who has
entered or offered to enter into a retirement scheme, to
rescind the agreement or withdraw the offer within suchperiod and in such ma nner as stipulated in the said Rules.".
Amendment of 
article 39 of the 
principal Act.87. Article 39 of the principal Act shall be amended as follows:
(a) in sub-article (1) thereof: 
(i) for the words "The competent authority may,"
there shall be substituted the words "Without prejudice to
anything contained in any other provision of this Act which
requires a Retirement Scheme Administrator, a retirement
scheme and a retirement fund to furnish to the competent
authority any information or documentation, the competent
authority may,";
(ii) in sub-paragraph (i) thereof, for the words "as it
may require, with respect to any service," there shall besubstituted the words "as it m ay require, including existing
telephone and existing data traffic records, with respect to
any service,"; and
(iii) in sub-paragraph (ii) thereof, for the words
"verified in such manner as it may specify; or" there shallbe substituted the words "verified in such manner and in
such language as it may specify; or";
(b) in sub-article (2) thereof, for the words "under this
article." there shall be substitut ed the words "under this arti cle or
extracts from them.";
(c) in sub-article (8 ) thereof, for the w ords "a holder of a
licence or recognition may be required to submit" there shall b e
substituted the words "a holder of a licence may be required to
submit"; and
(d) immediately after sub-article (8) thereof there shall
be added the following new sub-article:
"(9) The powers to obtain information available to
the competent authority pursuant to this article with regardto the persons listed in sub-article (1), shall also beavailable with regard to the  service providers of outsourced
VERŻJONI ELETTRONIKA
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key functions or any other activities at any time.".
Amendment of 
article 40 of the 
principal Act.88. In sub-article (1) of article 40 of the principal Act, for the
words "referred to in article 39(1)(a) to (c)." there shall be substituted
the words "referred to in articl e 39(1)(a) to (c) and to report  thereon to
it.".
Amendment of 
article 41 of the principal Act.89. Article 41 of the principal Act shall be amended as follows:
(a) in sub-article (1) thereof, for the words "or further
directive." there shall be subs tituted the words "or further
directive:", and immediately thereafter there shall be added th e
following new provisos:
"Provided that the compete nt authority may give any
such directive, even where a licence holder, for whatever
reason, ceases to hold a licence  granted in terms of this
Act:
Provided further that any directive given in terms of
this article shall, unless the competent authority otherwise
directs, continue to apply even when a licence holder, for
whatever reason, ceases to hold a licence granted in terms
of this Act.";
(b) in sub-article (2) thereof:
(i) in paragraph (a) thereof, for the words "or any
other requirement, and conf er powers," there shall be
substituted the words "or any other requirement, including
any requirement emanating from European Union
legislation, and conf ers powers,"; 
(ii) paragraph (c) thereof shall be substituted by the
following:
"(c) require that any officer or any person
having functions in relation to the holder of a licence
be prohibited, temporarily or otherwise, suspended
from carrying out activities licensable under the Act,or be removed, or removed and replaced by another
person acceptable to the competent authority;"; and
(iii) in paragraph (d) t h e r e o f ,  f o r  t h e  w o r d s
"management of the retiremen t scheme or retirement fund"
there shall be substituted the words "management of the
retirement fund". 
VERŻJONI ELETTRONIKA
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Addition of 
articles 41A and 
41B to the principal Act.90. Immediately after article 41 of the principal Act, as amended,
there shall be added the following new articles:
"Supervisory review process of 
occupational 
retirement schemes.41A. (1) The competent aut hority shall review the
strategies, processes and reporting procedures which are
established by a Retirement Scheme Administrator or an
occupational retirement scheme to comply with the
provisions of this Act and any regulations and Pension
Rules issued thereunder taking into account the size,
nature, scale and complexity of the activities of the
scheme. 
(2) The review carried out by the competent authority
pursuant to sub-article (1), shall take into account the
circumstances in which t he occupational retirement
scheme is operating, and whe re relevant, the parties
carrying out outsourced key functions or any otheractivities for them. The review shall comprise of anassessment of the following elements:
(a) an assessment of the qualitative
requirements relating to the system of governance;
(b) an assessment of the risks which the
occupational retire ment scheme faces;
(c) an assessment of the ability of the
occupational retirement scheme to assess and
manage those risks.
(3) Where the competent authority identifies any
weakness or deficiency a s a consequence of the
supervisory review process, it shall request the Retirement
Scheme Administrator or an occupational retirement
scheme to remedy such weakne ss or deficiency within
such period and in such manner, as it may deem necessary
or appropriate in the circumstances.
(4) The reviews, evaluations and assessments referred
to in sub-articles (1) and (2), shall be conducted regularlyand the competent authority  shall establish the minimum
frequency and the scope of the review referred to in sub-
article (1) having regard t o the nature, scale and
complexity of the activiti es of a Retirement Scheme
Administrator or the occupational retirement scheme.
VERŻJONI ELETTRONIKA
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Amendment of 
article 42 of the 
principal Act.91. Article 42 of the principal Act shall be amended as follows:
Cap. 386.(a) in sub-article (1) thereof, for the words "Any officer,
employee or agent" there shall be substituted the words "Withou t
prejudice to the provisions of th e Companies Act, relating to t he
entry and search of premises, a ny officer, employee or agent";
(b) in sub-article (2) thereof, for the words "on
producing, if required, evidence o f his authorisation, enter an y
premises referred to in sub-article (1) for the purpose of
obtaining there any information or documents, being information
or documents" there shall be substituted the words "on producin g
if required, evidence of his authority, enter any premises referred
to in sub-article (1) for the purpose of obtaining from there a ny
information or documents, specified in the notice, being
information or documents"; and
(c) in sub-article (3) thereof, for the words "enforcement
of law and order." there shal l be substituted the words
"enforcement of law and order: ", and immediately thereafter
there shall be added the following new proviso:
"Provided that, where an entry as is mentioned in this
article involves premises that are occupied for the purpose
of habitation, such entry shall  be carried out in the presence
of an officer of the Police of a rank not below that of
inspector and shall moreover not take place between nine
in the evening and five in the morning.".
Amendment of 
article 43 of the principal Act.92. Sub-article (1) of article 43 o f  t h e  p r i n c i p a l  A c t  s h a l l  b e
amended as follows:
(a) in paragraph (a) thereof, for the words "on the licence
or recognition granted" there shall be substituted the words "on
the licence granted"; and
(b) in paragraph (b) thereof, for the words "suspend a
licence or recognition under article 10(1);" there shall besubstituted the words "suspend a licence under article 10(1);".Information to 
be provided 
for 
supervisory purposes.41B.  Without prejudice to t he provisions of the Act, an
occupational retirement sc heme shall submit to the
competent authority the inform ation which is necessary for
the purposes of supervision, as may be specified by means
of regulations or Pension Rules which shall also specifythe period within which such information is to be
submitted.".
VERŻJONI ELETTRONIKA
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Amendment of 
article 44 of the 
principal Act.93. Article 44 of the principal Act shall be amended as follows:
(a) in sub-article (1) thereof:
(i) immediately after paragraph (a) thereof there
shall be added the following new paragraph:
"(aA)  any condition imposed in a licence in
terms of article 9(3);"; 
(ii) in paragraph (c) thereof, for the words
"suspension of a licence or recognition under articles"
there shall be substituted the words "suspension of a
licence under articles";
(b) in the proviso to sub-artic le (2) thereof , for the words
"a licence or recognition shall not become operative" there sha ll
be substituted the words "a licence shall not become operative" ;
and
(c) immediately after sub-article (3) thereof there shall
be added the following new sub-article:
"(4) The Financial Services Tribunal shall have
exclusive competence to hear appeals on the matters listedin sub-article (1).".
Amendment of 
article 46 of the principal Act.94. Article 46 of the principal Act shall be amended as follows:
(a) in sub-article (1) thereof:
(i) for the words "where a licence holder or
recognised person" there shall be substituted the words
"where a licence holder";
(ii) for the words "or the manager, secretary,
director or any other person  responsible" there shall be
substituted the words "or an officer, or any other person
responsible";
(iii) for the words "respons ible for a licence holder
or recognised person contravenes or fails to comply withany of the conditions imposed  in a licence or recognition,
and, or where the competent authority" there shall be
substituted the words "responsible for a licence holder
contravenes or fails to comply with any of the conditionsimposed
 in a licence and, or where the competent
authority";
VERŻJONI ELETTRONIKA
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(iv) for the words "impose on the licence holder or
recognised person," there shall  be substituted the words
"impose on the licence holder,";
(v) for the words "manager, secretary, director,
and, or any other person, as the case may be, an
administrative penalty which may not exceed ninety-threethousand and two hundred euro." t here shall be substituted
the words "officer and, or any other person, as the case maybe, an administrative penalty which may not exceed one
hundred and fifty thousand euro (€150,000) in respect of
each infringement or failure to comply, as the case may beand, where such infringement or failure to comply
continues, a further penalty not exceeding one hundred and
sixteen euro (€116) for each day during which theinfringement or failure  to comply continues.";
(b) in sub-article (2) thereof:
(i) for the words "on licence holders, recognised
persons or others, as may be specified," there shall be
substituted the words "on licen ce holders or others, as may
be specified,"; and
(ii) for the words "whether in the form of a fixed
penalty, a daily penalty, or both, for any breach of the
rules." there shall be substit uted the words "whether in the
form of a fixed penalty, a daily penalty or both, for any
breach of the said Pension Rules.";
(c) sub-article (4) thereof shall be substituted by the
following:
"(4) The competent authority shall, without undue
delay, publish in such medium and in such manner and for
such duration, as it may determine, any administrative
penalty or other measure which is imposed for breaches of
the provisions of this Act, any regulations or Pension Rulesissued thereunder, and with regard to which no appeal was
filed within the time limit prescribed by law. Such
publication shall include information on the type andnature of the breach and the identity of the natural or legal
person responsible for the breach."; and 
(d)  immediately after sub-article (4) thereof there shall
be added the following new sub-article:
VERŻJONI ELETTRONIKA
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"(4A) Notwithstanding sub-article (1), the competent
authority may decide to defer publication, not to publish,
or to publish on an anonymous basis, any administrativepenalty or other measure imposed, in any of the following
circumstances:
(a) where the publication of the identity of legal
persons, or the identity or personal data of natural persons,is considered by the competent authority to be
disproportionate, following a case by case assessment
conducted on the proportionality of the publication of such
data; or
(b) where the publication jeopardises the stability
of financial markets or an ongoing investigation.".
Substitution of 
article 48 of the 
principal Act.95. A r t i c l e  4 8  o f  t h e  p r i n c i p a l  A c t  shall be substituted by the
following:
"Offences. 48. Any person who:
(a) for the purposes of obtaining a licence
under this Act, or pursuant to any of the provisions of
this Act, any regulations or Pension Rules issued
thereunder, or any conditi on, obligation, requirement
or Pension Rules or directive made or given as
aforesaid, furnishes information or makes a statement
or a declaration which he knows to be inaccurate,
false or misleading in any material respect, orrecklessly furnishes information or makes a
statement or a declaration which is inaccurate, false
or misleading in any material respect; 
(b) is knowingly a party to the carrying out of
any retirement scheme or retirement fund or
licensable activity with an intent to defraud or for afraudulent purpose; 
(c) by any statement, promise or forecast
which he knows to be mislea ding, false or deceptive,
or by any dishonest concealment of material facts, or
by the reckless making (whether dishonest or
otherwise) of any statement, promise or forecast
which is misleading, false or deceptive, induces or
attempts to induce another person to enter into, or
offer to enter into a retirement scheme or retirementfund;
VERŻJONI ELETTRONIKA
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Amendment of 
article 49 of the 
principal Act.96. In article 49 of the principal Act, for the words "of article 4 8
shall, unless another penalty is prescribed, be liable on conviction to a
fine (multa) not exceeding four hundred and sixty-six thousand euro or
to" there shall be substituted the words "of article 48 shall, be liable on
conviction to a fine ( multa ) not exceeding four hundred and sixty-six
thousand euro (€466,000) or to".
Amendment of 
article 50 of the 
principal Act.97. Article 50 of the principal Act shall be amended as follows:
(a) in sub-article (1) thereof, for the words "under this
Act shall be commenced without the consent of" there shall be
substituted the words "under th is Act and any regulations made
thereunder, shall be commence d without the sanction of"; and
(b) in sub-article (2) thereof,  for the words "this Act shall
not affect any criminal liabilit y that may be incurred by any
person under any other law." ther e shall be substituted the wor ds
"this Act and any regulations made thereunder shall not affectany criminal proceedings that may be competent under any other
law.".
Deletion of 
article 51 of the 
principal Act.98. Article 51 of the princip al Act shall be deleted.
Substitution of 
article 52 of the principal Act.99. Article 52 of the principal Act shall be substituted by the
following:(d) with intent to avoid detection of the
commission of an offence under this Act, any
regulations or Pension Rules issued thereunder
removes, destroys, conceals or fraudulently alters
any book, document or other paper; or
(e) intentionally obstructs a person
exercising rights conferred by this Act or anyregulations or Pension Rules issued thereunder, 
shall be guilty of an offence.".
"Confidentiality. 52. (1) Information obtained by the competent
authority or its officers, employees, agents, including
former officers, employees  or agents, as well as by
inspectors, auditors, actuaries and experts acting on
behalf of the competent authority for the purposes of, or
pursuant to any of the provisions of this Act, or any
regulations or Pension Rules issued thereunder, or in thedischarge of any functions under any of the said
provisions, shall be treated a s confidential and protected
by the duty of professional secrecy. 
VERŻJONI ELETTRONIKA
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Addition of 
articles 52A, 
52B, 52C, 52D 
and 52E to the principal Act.100. Immediately after article 52 of the principal Act, as
substituted, there shall be added the following new articles:(2) Without prejudice to cases covered by criminal
law, the persons referred to in sub-article (1) shall not
disclose information obta ined, from a retirement
scheme, a retire ment fund and a service provider
licensed under the Act, un less such disclosure of
information is done in summary  or aggregate form, so as
not to enable the identity of such scheme, to whom suchinformation relates, to be ascertained:
Provided that such persons may disclose
confidential information in civil or commercial
proceedings where a retirement scheme, a retirement
fund or a service provider is being compulsorily woundup.
(3) The competent authority, when processing
personal data for the purposes of the Act and any
regulations and Pension Rules issued thereunder, shall
do so in accordance with Regulation (EU) 2016/679 ofthe European Parliament and o f the Council of 27 April
2016 on the protection of natural persons with regard tothe processing of personal data and on the freemovement of such data, and repealing Directive 95/46/
EC (General Data Protection Regulation), as amendedfrom time to time.".
"Use of 
confidential 
information.52A. (1) Where the competent authority receives
confidential information under this Act and any regulations
or Pension Rules issued thereunder, it may only use such
confidential information in th e course of its duties and for
the following purposes:
(a) to verify that conditions for taking up the
activity for the provision of  retirement benefits are
met by the retirement schem e before commencing its
activities;
(b) to facilitate the m onitoring of activities of
the retirement scheme, including the monitoring of
technical provisions, the solvency, the system of
governance and the information provided to members
and beneficiaries, as applicable;
(c) to impose corrective measures, including
administrative sanctions;
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(d)  to publish key performance indicators for
all individual occupational retirement schemes which
may assist members and beneficiaries in taking
financial decisions regar ding their pension where
permitted by national law; 
(e) in appeals filed from decisions of the
competent authority under article 44;
(f) in judicial proceedings relating to the
provisions of the Act, any regulations and, or PensionRules issued thereunder.
(2) Articles 52 and 52A of the Act shall be without
prejudice to the right of inquiry conferred on the European
Parliament by Article 226 of t he Treaty on the Functioning
of the European Union, pursuant to Article 54 of the
Occupational Pensions Directive.
Co-operation 
in supervisory duties and 
sharing of 
information.52B. (1) Notwithstanding the provisions of articles
52 and 52A, the competent authority:
(a) in the discharge of its supervisory
functions, shall exchange information with:
(i) overseas regulatory authorities;
(ii) authorities responsible for the
supervision of the financial sector entities and
other financial organisations and the authorities
responsible for the supervision of financialmarkets; 
(iii) authorities or bodies charged with
the responsibility for ma intaining the stability
of the financial system in Member Statesthrough the use of macro-prudential rules;
(iv) bodies involved in the winding up
of retirement schemes and in other similarprocedures;
(v) reorganisation bodies or authorities
aiming at protecting the stability of the
financial system;
(vi) persons responsible for carrying out
statutory audits of the accounts of retirementschemes, insurance undertakings and otherfinancial institutions;
(vii) authorities responsible for
overseeing the bodies involved in the winding
up of retirement scheme s and other similar
procedures;
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(viii) authorities responsible for
overseeing the persons charged with carrying
out statutory audits of the accounts of
retirement schemes, insurance undertakings
and other financial institutions;
(ix) independent actuaries of retirement
schemes carrying out s upervision of those
schemes and the bodies responsible for
overseeing such actuaries;
(b) shall disclose to bodies which administer
the winding up of a retirement scheme the
information necessary for the performance of their
duties.
(2) Any information provided by the competent
authority to authorities, bodies or persons referred to in
sub-article (1)(a)(i) to (vi), shall be subject to the duty ofprofessional secrecy.
(3) Notwithstanding the provisions of articles 52 and
52A, the competent authority may transmit information for
the purposes of the exercise of their respective tasks to the
following:
(a) the Central Bank of Malta, the central
banks of the European System of Central Banks(including the European Central Bank) and other
bodies with a similar function in their capacity as
monetary authorities;
(b)  where appropriate, other national public
authorities responsible for overseeing paymentsystems; and 
(c) the European Systemic Risk Board,
EIOPA, the European Supervisory Authority
(European Banking Authority) established by
Regulation (EU) No. 1093/2010 of the EuropeanParliament and of the Council and the European
Supervisory Authority (European Securities and
Markets Authority) established by Regulation (EU)No. 1095/2010 of the European Parliament and of the
Council.
(4) Without prejudice to the p rovisions of this article
and articles 52C and 52D, the a uthorities or bodies referred
to in sub-article (4) shall communicate to the competent
authority any information which the competent authority
requires for the purposes of article 52A.
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(5) Any information provided by the competent
authority in accordance with sub-article (4) or received by
the competent authority in acco rdance with sub-article (5)
shall be subject to the duty of professional secrecy. 
Disclosure of 
confidential 
information in relation to 
occupational 
retirement schemes.52C. (1) Notwithstanding the provisions of articles
52(1), 52(2), 52A and 52D(1), t he competent authority may
exchange information with ot her departments of central
government administration responsible for the enforcement
of legislation on the supervisi on of occupational retirement
schemes, credit institutio ns, financial institutions,
investment services and insurance undertakings, or
inspectors acting on behalf of those departments, providedthat:
(a) such disclosures shall be made only
where necessary for reasons of prudential control and
prevention and resolution of failing occupational
retirement schemes; and
(b) without prejudice to sub-article (3),
persons having access to such information shall besubject to the duty of p rofessional secrecy.
(2) Any information obtained by means of an on-site
verification may be disclosed t o the departments referred to
in sub-article (1), only with the express consent of thecompetent authority from which the information originatedfrom, or the overseas regulator y authority of the country in
which the on-site verifi cation was carried out.
(3) The competent authority may disclose confidential
information relating to the p rudential supervision of an
occupational retirement scheme to national parliamentaryenquiry committees or national courts of auditors and other
national entities in charge of enquiries, where all thefollowing conditions are satisfied:
(a) the entities have competence under
national law to inve stigate or scrutinise the actions of
authorities responsible for the supervision of
occupational retirement sc hemes or for laws on such
supervision;
(b) the information is strictly necessary for
satisfying the competence referred to in paragraph
(a);
(c) the persons with access to the information
are subject to the duty of professional secrecy
requirements;
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(d) if the information originates from another
Member State, that information is disclosed with the
explicit agreement of the originating overseas
regulatory authorities and solely for the purposes for
which those authorities  gave their agreement. 
Conditions 
for the 
exchange of 
information.52D. (1) For exchanges of information under articles
(1) to (3) of article 52B of the Act, transmission of
information under sub-articles (4), (5) and (6) of article
52B and the disclosure of information under article 52C,
the following conditions shall be satisfied:
(a) the information shall be exchanged,
transmitted or disclosed for the purpose of carrying
out oversight or supervision;
(b) the information received shall be subject
to the duty of professional secrecy;
(c) where the information originates from
another Member State, it shall not be disclosed
without the express agr eement of the overseas
regulatory authority from which it originates and
where appropriate, solely for the purposes for which
that authority gave its agreement.
(2) Notwithstanding the provisions of article 52A, the
competent authority may exchange information withauthorities or bodies responsi ble for the detection and
investigation of breaches of company law applicable tosponsoring undertakings, for the purposes of strengtheningthe stability and integrity of t he financial system, provided
that:
(a) the information is intended for the
purpose of detection, investigation and scrutiny asreferred to in article 52C(3)(a);
(b) the information received shall be subject
to the duty of professional secrecy;
(c) where the information originates from
another Member State, it shall not be disclosedwithout the express agr eement of the overseas
regulatory authority from which it originates and,where appropriate, solely for the purposes for whichthat authority gave its agreement.
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Deletion of 
article 53 of the 
principal Act.101. Article 53 of the princip al Act shall be deleted.
Amendment of article 54 of the 
principal Act.102. Article 54 of the principal Act shall be amended as follows:
(a) in the marginal note thereo f, for the words "Notices."
there shall be substituted the words "Service of notices.";
(b) in the English text of paragraph (a) thereof, for the
words "delivered to it;" there shall be substituted the words
"delivered to him;";
(c) in the English text of paragraph (b) thereof, for the
words "address furnished by it to the competent authority, or toits last known address;" there shall be substituted the words"address furnished by him to the competent authority, or to his
last known address;"; and
(d) in paragraph (c) thereof, for the words "sent to it by
post, e-mail or by telefax at any  of" there shall be substituted the
words "sent to it by post  or e-mail at any of". (3) Where the authorities or bodies referred to in sub-
article (2) perform their tasks  of detection or investigation
with the assistance of persons appointed in view of theirspecific competence and for that purpose, and who are not
employed in the public sector, the possibility ofexchanging information provided for in article 52C(3),
shall apply.
Co-operation 
with EIOPA 
and the European 
Commission.52E. (1) The competent authority shall co-operate
with EIOPA in accordance wi th Regulation (EU) No. 1094/
2010 and with the European Commission for the purposes
of the Occupational Pensions  Directive and to facilitate
supervision of the operations of retirement schemes.
(2) The competent authority shall provide EIOPA
with all information necessary to carry out its duties under
the Occupational Pensions Directive and Regulation (EU)
No. 1094/2010, in accordance with Article 35 of
Regulation (E U) No. 1094/2010.
(3) The competent authority shall inform EIOPA and
the European Commission of a ny major difficulties which
the application of the Occup ational Pensions Directive
gives rise to and the European Commission, EIOPA and thecompetent authority shall examine such difficulties as
quickly as possible in order to find an appropriate
solution.".
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Amendment of 
article 56 of the 
principal Act.103. Immediately after sub-article (3 ) of article 56 of the principa l
Act, there shall be added the following new sub-article:
Cap.514."(4) The Minister, acting on the advice of the competent
authority may, by regulations, make transitional provisions in
respect of such persons who wer e granted a recognition by the
competent authority under article 7 of the Retirement Pensions
Act and, without prejudice to the  generality of the foregoing
may, by such regulations, in particular, prescribe a period wit hin
which back office administrators are to surrender theirrecognition, subject to such conditions and requirements as may
be prescribed.".
PART XI
AMENDMENTS TO THE COMPANY 
SERVICE PROVIDERS ACT
Amendments to 
the Company 
Service 
Providers Act.Cap. 529.104. This Part amends the Company  Service Providers Act and it
shall be read and construed as one with the Company Service
Providers Act, hereinafter in this Part referred to as "the pri ncipal
Act".
Amendment of 
article 5 of the principal Act.105. In sub-article (5) of article 5 of the principal Act, for the
words "as may be prescribed, which is payable annually upon the
anniversary of the date of such registration." there shall be s ubstituted
the words "as may be prescribed.".
Passed by the House of Representatives at Sitting No. 302 of th e
26th February, 2020.
ANĠLU FARRUGIA
Speaker
RAYMOND SCICLUNA
Clerk of the House of Representatives
VERŻJONI ELETTRONIKA
VERŻJONI ELETTRONIKA
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