Registration and Licensing Requirements

Under the Pensions (Superannuation Funds And Retirement Schemes (Registration, Licensing And Reporting) Regulations, 2006 ( “RLR Regulations”) persons that sell or otherwise distribute contracts under the Master Trust Deed of an approved retirement scheme are required to be a dealer’s representative or sales representative. Pursuant to the Securities Act a dealer’s representative is a person employed by, acting for or by arrangement with, a dealer, who performs for that dealer, any of the dealer’s functions (other than work ordinarily performed by accountants, clerks or cashiers) whether paid by way of salary, wages, commission or otherwise. A sales representative, in keeping with the Insurance Act, means an individual employed by an insurer, agent or broker, to solicit applications for insurance or to negotiate insurance on behalf of that insurer or agent or on behalf of the client or broker, as the case may be, and includes a collector.

A dealer representative is required under the Securities Act and the RLR Regulations to be registered by the Financial Services Commission (“FSC”). Similarly, a sales representative must be registered by the FSC based on the Insurance Act and the RLR Regulations.