S.L. 514.8 Art. 30Assessment by the competent authority.

(1) When the competent authority receives the application of the proposed transfer by the European regulatory authority of the European IORP, pursuant to regulation 29(3), the competent authority shall, in order to provide its consent to the transfer as referred to in paragraph (b) of regulation 28(1), assess whether:

(a) in the case of a partial transfer of the Maltese IORP’s liabilities, technical provisions, and other obligations and rights, as well as corresponding assets or cash equivalent thereof, the long term interests of the members and beneficiaries of the remaining part of the scheme are adequately protected;

(b) the individual entitlements of the members and beneficiaries are at least the same after the transfer; AND CROSS-BORDER TRANSFERS)

(c) the assets corresponding to the occupational retirement plan to be transferred are sufficient and appropriate to cover the liabilities, technical provisions and other obligations and rights to be transferred, in accordance with the Act, regulations and Pension Rules issued thereunder.

(2) The competent authority shall, in order to allow the European regulatory authority of the European IORP to take a decision to grant or refuse the authorisation of the transfer, communicate the results of the assessment referred to in sub-regulation (1) to the European regulatory authority of the European IORP, within eight (8) weeks of receiving the application of the proposed transfer from the said European regulatory authority.

(3) The competent authority shall be informed of the decision by the European regulatory authority of the European IORP, to grant or refuse the authorisation of the transfer, within two weeks of the said decision.