Following the enactment of the Retirement Pensions Act (Chapter 514 of the Laws of Malta) (the “RPA”) which came into force on the 1st January 2015, the MFSA has issued a circular letter to registered persons, schemes or funds which are currently registered in terms of the Special Funds (Regulation) Act and which are affected by the RPA, informing such entities of the effect of the Retirement Pensions (Transitional Provisions) Regulations 2015 (the “Regulations”).
The Regulations provide that any scheme or arrangement, retirement fund or any person registered in terms of the Special Funds (Regulation) Act (which has been repealed and replaced by the RPA) shall have until the 31st December 2015 to comply with the provisions of the RPA. Until such time, the Regulations provide that such persons will continue to be governed by the provisions of the Special Funds (Regulation) Act.
The MFSA also details the obligations of the above mentioned entities during the transition process and marks the 1st June 2015 as the cut-off time by when interested parties must submit application documents and/or other relevant documents to the MFSA as applicable.
