S.L. 514.8 Art. 2Interpretation.

(1) In these regulations, unless the context otherwise requires:

"the Act" means the Retirement Pensions Act;

"assets" means movable and immovable property of any kind;

"competent authority" means the Malta Financial Services Authority established by the Malta Financial Services

Authority Act;

"cross-border activity" means operating an occupational retirement plan where the relationship between the sponsoring undertaking and the members and beneficiaries concerned, is governed by the social and labour law relevant to the field of occupational pension schemes of a Member State, other than the home Member State;

"custodian" means an entity maintaining custody of the assets of a European IORP and, or a Maltese IORP;

"EEA State" means a State which is a contracting party to the agreement on the European Economic Area signed at Oporto on the 2nd May, 1992 as amended by the Protocol signed at Brussels on the 17th March, 1993 and as amended from time to time; AND CROSS-BORDER TRANSFERS)

"European IORP" means an IORP in terms of the Occupational Pensions Directive authorised by a European regulatory authority;

"European regulatory authority" means the body or bodies designated by a Member State or an EEA State, other than Malta, to carry out the duties provided for in the Occupational Pensions Directive;

"home Member State" means:

(a) Malta where the Maltese IORP is licensed under the Act; or

(b) any Member State or EEA State, other than Malta, in which the European IORP has been registered or authorised, and in which its main administration is located in accordance with Article 9 of the Occupational Pensions Directive;

"host Member State" means the Member State or EEA State, including Malta, whose social and labour law relevant to the field of occupational pension schemes is applicable to the relationship between the sponsoring undertaking and members or beneficiaries entitled to retirement benefits;

"institution for occupational retirement provision" or "IORP" means an institution, irrespective of its legal form, operating on a funded basis, established separately from any sponsoring undertaking or trade for the purpose of providing retirement benefits in the context of an occupational activity on the basis of an agreement or a contract agreed:

(a) individually or collectively between the employer or employers and the employee or employees or their respective representatives; or

(b) with self-employed persons, individually or collectively, in compliance with the legislation of the home Member States and host Member States, and which carries out activities directly arising therefrom;

"majority" means the Maltese IORP has obtained the approval of an aggregate of not less than two-thirds of the members of the Maltese IORP and an aggregate of not less than two-thirds of the beneficiaries of the Maltese IORP, or where applicable their representatives; "Maltese IORP" means an occupational retirement scheme as defined in article 2 of the Act, licensed by the competent authority in terms of the Act, and which qualifies as an IORP for the purposes of the Occupational Pensions Directive;

"member" means a person, other than a beneficiary or a prospective member, whose past or current occupational activities entitle or will entitle him or her to retirement benefits in accordance with the provisions of an occupational retirement plan;

"Member State" means a Member State of the European Union;

"Occupational Pensions Directive" means Directive (EU) 2016/2341/EC 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 time to time, and includes any implementing measures, implementing technical standards, regulatory technical standards and any similar measures that have been or may be issued thereunder;

"occupational retirement plan" means the contract, agreement, a trust deed or rules stipulating the retirement benefits and the conditions under which these are granted, and for the purpose of these regulations, shall be the "scheme document" in terms of the Act in so far as Maltese IORPs are concerned;

"sponsoring undertaking" means any undertaking or other body, regardless of whether it includes or consists of one or more legal or natural persons, and which may be located in any Member State or EEA State including Malta, which acts as an employer or in a self-employed capacity or any combination thereof, and which offers an occupational retirement plan or pays contributions to an IORP.

(2) Words and expressions which are also used in the Act shall in these regulations have the same meaning as in the Act.