LIECHTENSTEIN Law and Practice Contributed by: Bernhard Rankl, Moritz Blasy and Nicolai Binkert, Schurti Partners Attorneys at Law Ltd
Schurti Partners Attorneys at Law Ltd
Zollstrasse 2 9490 Vaduz Liechtenstein
Tel: +41 44 244 2000 Fax: +41 44 244 2100
Email: mail@schurtipartners.com Web: www.schurtipartners.com
1. Legal Framework 1.1 Key Laws and Regulations Laws and Regulations
ment Ordinance ( Vermögensverwaltungsver - ordnung VVV) transpose, inter alia, Directive 2014/65 (MiFID II) into Liechtenstein law. Given the importance of asset management services for the Liechtenstein financial market and the high threshold for obtaining a bank - ing or investment firm license, Liechtenstein decided to implement a more accessible license for the following investment services: portfolio management, investment advice, reception and transmission of client orders and execution of client orders. Similar to the Banking Act, the Asset Management Act stipulates the requirements for obtaining the license (including passporting), own funds, liquidity, risk management and corporate governance requirements and the supervision through the FMA. • The Payment Services Act ( Zahlungsdien- stegesetz ZDG) and the Payment Services Ordinance ( Zahlungsdiensteverordnung ZDV) transpose Directive 2015/2366 (PSD II) into Liechtenstein law, and provide for, inter alia, the licensing requirements for payment insti - tutions. • The E-Money Act ( E-Geldgesetz EGG) and the E-Money Ordinance ( E-Geldverordnung EVV) transpose Directive 2009/110/EC
Liechtenstein has been part of the European Economic Area (EEA) since 1995 and therefore has implemented the same regulatory standards and frameworks as other EU and EEA member states. The aforesaid framework comprises, in particular, the following laws and regulations: • The Banking Act ( Bankengesetz BankG) and the Banking Ordinance ( Bankenverord- nung BankV) transpose, inter alia, Directive 2013/36/EU (CRD) and Directive 2014/65 (MiFID II) into Liechtenstein law. The Bank - ing Act is the core legislation applicable to banks and investment firms and governs the licensing process (including the “passport - ing” framework), the own funds requirements, the liquidity and reserve requirements, the risk management and corporate governance and the supervision through the Liechtenstein Financial Market Authority (FMA) as well as the liquidation, restructuring and insolvency of a bank or investment firm. • The Asset Management Act ( Vermögensver - waltungsgesetz VVG) and the Asset Manage -
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