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Consultation Document on the MFSA Rule on the pan-European Personal Pension Product and the fees relating thereto

OPEN CONSULTATION  

  
 
From: Ministry for Finance and Employment
​(Malta Financial Services Authority)
​Published on: ​10 May 2022
Running till: ​31 May 2022
​Last Updated: ​10 May 2022
1.        Background

Following the entering into force of ‘Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a pan-European Personal Pension Product (PEPP)’, the Malta Financial Services Authority (the “MFSA”) is issuing a public consultation in relation to: (i) the new fee structure for PEPP Product, PEPP Manufacturers, and PEPP Distributors; as well as (ii) the proposed MFSA Rule entitled ‘MFSA RULE 5 - Pan-European Personal Pension Product’ (the “MFSA Rule”).

The proposed fees relate to: (i) the authorisation of financial undertakings and other entities to manufacture and, or distribute PEPPs (as applicable) and the supervision thereof; and (ii) the registration and deregistration of PEPPs, and the monitoring thereof. In this regard, it is being envisaged that the ‘Malta Financial Services Authority Act (Pan-European Personal Pension Product (PEPP)) Regulations, 2022’ are amended so as to include the aforementioned fees.

Furthermore, the MFSA Rule will include a pre-application phase. In this regard, financial undertakings interested in providing the PEPP Product may opt to make use of the said pre-application phase, which would allow the MFSA to carry out the necessary informal checks, prior to the submission of the formal application. The MFSA Rule will also include the conditions for the accumulation and decumulation phase respectively and the implementation of the
Guidelines on PEPP Supervisory reporting as issued by European Insurance and Occupational Pensions Authority (“EIOPA”).


2.        Documents
Documents may be retrieved from:
3.        Submission of input

Any comments and feedback in relation to the said consultation are to be addressed to the ‘Insurance and Pensions Supervision’ and submitted via email on ips_legal@mfsa.mt, by not later than 31 May 2022.
We thank you in advance for your input.
Please be informed that submissions will be published on the webpage of this consultation at the end of the scoping phase. The lead Ministry has sole discretion upon the publication of comments.
Received contributions, together with the identity of the contributor, will be published on the Internet, unless the contributor objects to the publication of his/her personal data on the grounds that such publication would harm his/her legitimate interests. In this case the contribution may be published in anonymous form. Otherwise the contribution will not be published nor will, in principle, its content be taken into account.  Any objections concerning the publication of personal data should be sent to the service responsible for the consultation on the following email address: onlineconsultations@gov.mt.
 
Data Protection Statement the General Data Protection Regulation and the Data Protection Act (Chapter 586)

The General Data Protection Regulation and the Data Protection Act Chapter 586 regulate the processing of personal data whether held electronically or in manual form. The Ministry for European Affairs and Equality collects only information which is necessary for it to perform its intended functions and is set to fully comply with the Data Protection Principles as set out in the Data Protection Legislation.  Verification of the ID number provided will take place as deemed necessary. All personal data provided will be processed according to the General Data Protection Regulation and the Data Protection Act (Cap 586).
 
 
In addition, please be aware of:
 
·         Disclosure under the Freedom of Information Act (Chapter 496)
As we are a public authority all documents we hold, including documents related to this public consultation process, may be released following a request to us under the Freedom of Information Act (Chap. 496), unless such request may be subject of an exemption arising from the same Act.

​​www.konsultazzjoni.gov.mt

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