LIECHTENSTEIN Law and Practice Contributed by: Hannes Arnold, Thomas Nigg, Christina Pointner, Sebastian Auer, Johannes Sander, René Saurer and Marta Baftiaj, Gasser Partner
tenstein’s data protection rules mirrors that of the GDPR under Article 3. 8.3 Role and Authority of the Data Protection Agency The competent supervisory authority in Liechtenstein is the Data Protection Office ( Datenschutzstelle , DSS). The DSS is an independent authority established under the DSG and operates in accordance with the requirements of Articles 51 to 59 GDPR. The DSS performs its tasks independently and is not subject to instructions. The DSS has investigative, corrective and advisory powers. Its responsibilities include monitoring and enforcing compliance with the GDPR and the DSG, handling complaints from data subjects, conducting investigations and audits, issu - ing warnings, ordering controllers and processors to comply with data protection obligations, and imposing administrative measures and fines within the GDPR framework (including the fine ranges set out in Article 83 GDPR). The DSS also advises public bodies on legislative and administrative matters relating to data protection and publishes guidance to raise awareness among con - trollers, processors and the public. As Liechtenstein is part of the EEA, the DSS partici - pates in the European Data Protection Board (EDPB) cooperation and consistency mechanisms and co- operates with other EEA supervisory authorities in cross-border cases. The European financial services industry is undergoing profound transformation. New regulatory frameworks, digitalisation and geopolitical uncertainty are reshap - ing markets across Europe. Legislative changes in Liechtenstein are driven by European requirements as well as the need to keep pace with market develop - ments. They share a common objective: maintaining Liechtenstein’s competitiveness within Europe while preserving stability and legal certainty. For interna - tional market participants, market access remains a 9. Looking Forward 9.1 Upcoming Legal Reforms
key consideration when selecting a jurisdiction, and Liechtenstein continues to offer access to the Euro - pean Single Market alongside a stable, specialised legal environment. Recent Key Legislative Reforms Recent key legislative reforms include the comprehen - sive reform of Liechtenstein trust law, which has just come into force, early implementation of AIFMD II and ELTIF II, continued development of the digital asset ecosystem under the Markets in Crypto-Assets Regu - lation (MiCAR) and the introduction of a new Trading Place and Exchange Act (TPEA). • The reform of Liechtenstein trust law that entered into force on 1 July 2026, is one of the most signifi - cant legal developments in recent years and seeks to strengthen governance and oversight while preserving flexibility that has traditionally made the Liechtenstein trust attractive to international clients. • The Liechtenstein fund centre looks back on years of impressive growth. The number of management companies is continually growing, as is the number of newly established funds. The cross-border man - agement of Liechtenstein funds has become as popular as relocations to Liechtenstein. Although incorporation of AIFMD II and ELTIF II into the EEA Agreement is still pending, Liechtenstein has aligned its domestic legislation with these stand - ards ahead of formal incorporation. This ensures Liechtenstein-based fund structures remain fully competitive within the European market. • Liechtenstein’s digital asset sector has entered a new phase of development and digital assets and tokenisation will become increasingly integrated into mainstream financial services. In the past, Liechtenstein attracted international attention with the Token and Trusted Technology Service Pro - vider Act (TVTG), establishing one of the world’s first comprehensive legal frameworks for the token economy. Today, Liechtenstein’s position is shaped by the interaction of two complementary frame - works. MiCAR provides a harmonised European regulatory regime for crypto-assets and crypto- asset service providers, while the TVTG continues to provide the legal foundation for tokenisation and areas outside MiCAR’s scope. Multiple crypto-
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