Entire Section

  • GEN 2.31 GEN 2.31 Acting as the Administrator of an Employee Money Purchase Scheme

    • GEN 2.31.1 GEN 2.31.1

      (1) In GEN Rule 2.2.2, Acting as the Administrator of an Employee Money Purchase Scheme means performing one or more of the following functions for or on behalf of the Operator of the Scheme:
      (a) technical operational functions relating to the Scheme;
      (b) communicating with Members or providing support services to Members;
      (c) operating an Investment Platform; or
      (d) reporting functions relating to the Scheme.
      (2) To the extent that any activity under (1) constitutes:
      (a) Dealing as Agent;
      (b) Providing Trust Services;
      (c) Managing Assets;
      (d) Arranging Deals in Investment; and
      (e) Arranging custody,
      such a Financial Service is taken to be incorporated within Acting as the Administrator of an Employee Money Purchase Scheme.
      (3) In (1), “Investment Platform” means a facility on which investment options available to Members are offered to, or accessible by, Members.
      Derived from RMI260/2019 (Made 18th December 2019).[VER47/01-20]

      • GEN 2.31.1 Guidance

        (1) In (1)(a), technical operational functions include:
        (a) identifying and verifying employers participating in the Scheme;
        (b) on-boarding Members of the Scheme including performing AML customer due diligence;
        (c) collecting and processing contributions and monitoring payments by Participating Employers;
        (d) issuing notices to a Member if a contribution in respect of that Member has not been made;
        (e) processing and making payment of benefits to Members or their Beneficiaries;
        (f) undertaking transaction monitoring and reconciliation functions relating to Member accounts;
        (g) arranging for Scheme assets to be held by an Eligible Custodian;
        (h) maintaining bank accounts and carrying out other cash related functions;
        (i) arranging the appointment of Third Party Service Providers and monitoring their performance;
        (j) maintaining registers of Participating Employers and the Members relevant to each Participating Employer; and
        (k) keeping records in relation to the Scheme.
        (2) In (1)(b), communicating with Members and providing support services includes:
        (a) providing information to Members and prospective members relating to:
        (i) investment options (e.g. underlying funds) available to Members using the Investment Platform;
        (ii) the manner and the frequency of selecting investment options; and
        (iii) the manner and frequency of Member account reporting;
        (b) providing reports to Members relating to their accounts; and
        (c) handling inquiries and complaints by Members and Beneficiaries.
        (3) In (1)(c), providing an Investment Platform includes:
        (a) adding and removing investment options offered on the Investment Platform;
        (b) monitoring the performance of the investment options on the Investment Platform;
        (c) allocation of a Member’s contributions and earnings to appropriate investment options selected by the Members; and
        (d) carrying out record keeping and reconciliation functions relating to investments in the Member’s account in accordance with a Member’s choice.
        (4) In (1)(d), performing reporting functions relating to a Scheme includes:
        (a) producing financial statements relating to the Scheme, other than as the Scheme’s registered auditor, to enable the Operator to fulfil its regulatory obligations; and
        (b) giving to the Operator any other information or operational statistics as may be required from time to time.
        Derived from RMI260/2019 (Made 18th December 2019).[VER47/01-20]

    • Exclusions Exclusions

      • GEN 2.31.2

        A Scheme that is a Body Corporate does not carry on a Financial Service referred to in Rule 2.31.1(1) or (2) if:

        (a) the functions referred to in Rule 2.31.1(1) are performed in relation to the Scheme by a Person that is authorised under a Licence to Act as the Administrator of a Scheme; and
        (b) the DFSA has approved the Scheme under COB Rule 12.2.2.
        Derived from RMI260/2019 (Made 18th December 2019).[VER47/01-20]

      • [Deleted]

         

        Derived from RMI260/2019 (Made 18th December 2019).[VER47/01-20]
        [Deleted] DFSA RMI301/2021 (Made 30th June 2021). [VER52/09-21]