S.L. 514.8 Art. 37Transfer requirements.

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

IORP’s liabilities, technical provisions, and other obligations and rights, as well as corresponding assets or cash equivalent thereof, to a Maltese IORP, shall require, in the following order:

(a) the authorisation of the competent authority in terms of regulation 38;

(b) the prior consent of the European regulatory authority of the home Member State of the European IORP; 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; and

(ii) the sponsoring undertaking, where applicable:

Provided that, for the purposes of obtaining the majority referred to in sub-paragraph (i) of paragraph (c), the European IORP shall make available 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 38 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 existing members and beneficiaries of the Maltese IORP.

(3) In terms of Article 12(2) of the Occupational Pensions Directive, the European IORP shall ensure that in the case of a transfer, the costs of the transfer are not incurred by the remaining members and beneficiaries of the European IORP.