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VALLETTA, MaltaNew regulations for retirement plans and funds are being drafted in Malta.
The Malta Financial Services Authority is drafting the Retirement Pensions Act to replace the island's Special Funds (Regulation) Act. The proposed bill lays out a new regulatory framework for the retirement programs and their service providers.
Among the changes, the new law will create new legal forms for retirement schemes and retirement funds, address regulations related to back-office administration and make changes to the requirement that retirement funds have a retirement fund administrator.
The MFSA is accepting industry comments on the proposed legislation until July 20.