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The Back Office Administrator is recognised by the MFSA in terms of article 7 of the Act to provide to holders of Retirement Scheme licences in Malta, or to equivalent authorised persons and Retirement Schemes overseas, administrative services which do not themselves constitute licensable activity under the Act.

These are the duties listed in our agreement:

The Back Office Administrator shall conduct the day to day back office administration of the Scheme on behalf of the Company. Without prejudice to the generality of the foregoing the Back Office Administrator shall;

  • at its own expense, provide or procure such staff and other facilities as may be required for the purpose of fulfilling its duties under this Agreement;
  • deal with general administration inquiries from Members, Beneficiaries and Independent Financial Advisors;
  • scan all incoming and outgoing correspondence and documentation into the Company’s data management system;
  • check all documentation in each new business application pack and chase any omissions on a weekly basis ensuring only completed packs are sent to the Company’s administrators;
  • ensure all due diligence documentation is in order before passing onto the Company’s compliance team;
  • accurately enter Member details onto the Company’s pension management system;
  • check discharge forms, chase and monitor transfer progress on a weekly basis;
  • check investment application forms are in order before passing onto the Company’s administrators;
  • check dealing and withdrawal instructions are in order and maintain a record of all dealing and withdrawal instructions issued;
  • prepare the Net Asset Value of individual Members accounts in accordance with the Company’s valuation policy;
  • prepare quarterly assets under management reports for the Scheme as a whole;
  • prepare quarterly performance and compliance reports;
  • perform the duties of keeping any and all the relevant accounting records of the Company necessary for the preparation of International Financial Reporting Standards (“IFRS”) compliant financial statements as required under Maltese Law;
  • reconcile the Scheme accounts within a time limit as may be agreed from time to time between the parties;
  • provide information concerning the Scheme (subject to the provisions of the law of any country) including copies of any brochures, financial reports and other publicity or promotional material to any person requiring information concerning the Scheme;
  • prepare the relevant quarterly regulatory return to the MFSA, and submit any statistical returns etc that it may be required to submit by any governmental and similar agencies;
  • monitor, together with the Company, relationships with the Auditor, the Investment Manager and the Custodian of the Scheme, and provide any necessary information and documentation as may be required to the Company’s legal counsel and, on the instructions of the Company, to other organisations or professionals serving or under contract with the Company, directly or through the Back Office Administrator;
  • maintain such other books, registers, ledgers and other records necessary to carry out its duties hereunder, keep proper records relating to the performance of its duties as Back Office Administrator, which records shall be accessible for inspection by the Company or its agents, the auditors and the MFSA, at any time, upon reasonable notice, during ordinary business hours;
  • arrange for the preparation of financial statements and financial and accounting information as required by the Company;
  • prepare on behalf of the Company all annual reports;
  • arrange for a representative of the Back Office Administrator to attend at Board of Directors meetings of the Company when so required by the Directors;
  • perform such other services as may be agreed upon from time to time between the Back Office Administrator and the Company provided that the Company has first consulted with the MFSA to determine whether the recognition requirement applies to the activity; and
  • do all such other acts, matters and things as are necessary to perform its obligations hereunder.

 

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