LIECHTENSTEIN Trends and Developments Contributed by: Hannes Arnold and Christina Pointner, Gasser Partner
harmonised legal framework for cross-border con - versions, mergers and divisions of capital companies within the EEA. The amendments are expected to enter into force during 2026. This reform increases legal certainty and transparency for cross-border cor - porate restructuring, giving companies greater plan - ning reliability for transformation processes. A comprehensive reform of Liechtenstein’s financial market legislation also came into force on 1 February 2025, including the new Trading Place and Exchange Act (TPEA). This law creates the regulatory framework for the operation of stock exchanges and other trading venues in Liechtenstein, positioning the country as a modern and competitive financial centre. Increasing Harmonisation Liechtenstein occupies a unique position within Europe. As an EEA member, it participates fully in the European Single Market with passporting rights across financial services. Simultaneously, it maintains a customs and monetary union with Switzerland, using the Swiss franc. This dual integration provides businesses with European market access alongside Swiss economic integration, a combination difficult to replicate elsewhere. For international market partici - pants, market access remains one of the most impor - tant considerations when selecting a jurisdiction. The ability to establish operations in a stable and highly specialised environment while maintaining access to the broader European market continues to be one of Liechtenstein’s most significant competitive advan - tages. Recent regulatory developments demonstrate that policymakers remain committed to aligning Liech - tenstein with European standards while maintaining flexibility and legal certainty.
The regulatory landscape will continue to evolve alongside European developments. Europe’s new Anti-Money Laundering Package, adopted in 2024, will bring harmonised AML rules directly applicable across all EEA member states, with full implementation in Liechtenstein anticipated by mid-2027. The Digital Operational Resilience Act (DORA), which came into force in 2025, establishes cross-sectoral requirements for ICT risk management, incident reporting and resil - ience testing across financial entities. The EU AI Act (Regulation (EU) 2024/1689) is also expected to be incorporated into EEA law, bringing requirements for governance and oversight of artificial intelligence in financial services. As regulatory requirements continue to evolve at the European level, Liechtenstein’s approach remains consistent: early adoption of EU standards, combined with the flexibility and legal certainty that a smaller jurisdiction can provide. For market participants seek - ing access to the European Single Market through a well-regulated and specialised environment, these recent developments underscore Liechtenstein’s con - tinued relevance.
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