S.L. 514.8 Art. 28Transfer requirements.

(1) The proposed transfer of all or a part of a Maltese

IORP’s liabilities, technical provisions, and other obligations and rights, as well as corresponding assets or cash equivalent thereof, to a European IORP, shall be subject to:

(a) the authorisation of the European regulatory authority of the European IORP;

(b) the prior consent of the competent authority; and

(c) prior approval by:

(i) a majority of members and a majority of the beneficiaries concerned or, where applicable, by a majority of their representatives of the Maltese IORPs, and

(ii) the sponsoring undertaking, where applicable:

Provided that, for the purposes of obtaining the majority referred to in regulation 28(1) (a)(i), the Maltese IORP shall provide information on the conditions of the transfer to the members and beneficiaries concerned and, where applicable, to their representatives, in a timely manner before the application referred to in regulation 29(1) is submitted.

(2) In the case of a transfer, the Maltese IORP shall ensure that the costs of the transfer are not incurred by the remaining members and beneficiaries of the Maltese IORP.