LIECHTENSTEIN Law and Practice Contributed by: Bernhard Rankl, Moritz Blasy and Nicolai Binkert, Schurti Partners Attorneys at Law Ltd
• the acceptance of deposits and other repay - able funds; • the lending of third-party funds to an unde - fined group of borrowers; • the custody business; • the assumption of sureties, guarantees and other liabilities for others, provided that the obligation assumed is for monetary pay - ments; • trading in foreign exchange for its own account or for the account of third parties; • the execution of bankable off-balance sheet transactions; and • the issue of covered bonds in accordance with the law on European Covered Bonds ( Gesetz über Europäische gedeckte Schuld- verschreibungen EuGSVG). Banks duly licensed to carry out the deposit and lending business are also permitted to provide investment services and ancillary investment services (see below) and payment services within the meaning of the Payment Service Act ( Zahlungsdienstegesetz ZDG) and also to issue e-money within the meaning of the E-Money Act ( E-Geldgesetz EGG). Investment firms are companies that carry out one or more of the following transactions on a commercial basis: • Investment services, namely: (a) the reception and transmission of orders in relation to one or more financial instru - ments; (b) the execution of orders on behalf of clients;
a firm commitment basis; (g) the placing of financial instruments with - out a firm commitment basis; (h) the operation of a multilateral trading facility (MTF); and/or (i) the operation of an organised trading facil - ity (OTF). • Ancillary services, namely: (a) the safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management, but excluding the mainte - nance of securities accounts at the top tier level; (b) the granting of credits or loans to an investor to allow him/her to carry out a transaction in one or more financial instru - ments, where the firm granting the credit or loan is involved in the transaction; (c) advice to undertakings on capital struc - ture, industrial strategy and related matters and advice and services relating to mergers and the purchase of undertak - ings; (d) foreign exchange services, where these are connected to the provision of invest - ment services; (e) investment research and financial analy - sis or other forms of general recommen - dation relating to transactions in financial instruments; (f) services related to underwriting; and/or (g) investment services and ancillary services related to the underlying assets of certain derivatives, where these are connected to the provision of investment or ancillary services. Passporting Any bank or investment firm duly licensed in another EU/EEA member state may carry out
(c) dealing on own account; (d) portfolio management; (e) investment advice;
(f) the underwriting of financial instruments and/or placing of financial instruments on
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