Laws Liechtenstein

The UCITS (Undertakings for Collective Investment in Transferable Securities) Directive serves the purpose of assuring investor security. It regulates unified legislation across the EU with respect to open investment funds, which invest in transferable securities, such as shares or bonds.
Liechtenstein had implemented this directive in national law with the Act of June 28th, 2011, on certain Undertakings for Collective Investment in Transferable Securities (German: Gesetz über bestimmte Organismen für gemeinsame Anlagen in Wertpapieren, UCITSG) and with the regulation of July 5th, 2011, on certain Undertakings for Collective Investment in Transferable Securities (German: Verordnung über bestimmte Organismen für gemeinsame Anlagen in Wertpapieren, UCITSV). Therefore, Liechtenstein UCITS Funds benefit from easy and non-discriminatory access to the European market. 


UCITS Act
Law of June 28th, 2011 concerning specific undertakings for collective investment in transferable securities (UCITSG)

UCITS Ordinance
Ordinance of July 5th, 2011 concerning specific undertakings for collective investment in transferable securities (UCITSV)

The AIFM Directive has the goal of increasing transparency for investors and the supervision concerning the activities of alternative investment fund managers (AIFM) and the funds they administrate (AIF).

Liechtenstein had transposed this directive in national law through the act of December 19th, 2012, on alternative investment fund managers (AIFM Act, German: Gesetz über die Verwalter alternativer Investmentfonds, AIFMG) and with the regulation of March 22nd, 2016, on alternative investment fund managers (German: Verordnung über die Verwalter alternativer Investmentfonds, AIFMV).

The AIFM Act and the regulation regulate the Alternative Investment Fund Managers (AIFM) and not the funds (AIF). They concern all managers of open and closed funds, as long as they are not already subject to the UCITS Directive.

A particular characteristic of the AIFM Act in Liechtenstein is the introduction of partial licences concerning permits to work as administrators, as risk managers or as distributors. This offers additional opportunities for market participants.


AIFM Act
Law of 19 December 2012 concerning the Managers of Alternative Investment Funds (AIFMG)

AIFM Ordinance
Ordinance of 22 March 2016 concerning the Managers of Alternative Investment Funds (AIFMV)

History of the Investment Undertaking Act
Before the introduction of the independent laws on UCITS and AIFM, the Liechtenstein Investment Undertaking Act was the core legislation concerning investment funds in Liechtenstein. With this act, stemming in its earliest version from the year 1996 and amended many times, also UCITS I and UCITS III were implemented in Liechtenstein. As is true for the Liechtenstein UCITS and AIFM Acts, even the early provisions of the Investment Undertaking Act guaranteed – for UCITS funds – free and open access to the European market.

Since the introduction of the Liechtenstein UCITS and AIFM Acts, the Investment Undertaking Act continued in an adapted version. UCITS were not governed by this law any more, but by the UCIGTS Act. Until the decision incorporating the Directive 2011/61/EU (AIFM Directive) into the EEA Agreement became effective, the Investment Undertaking Act and the AIFM Act both remained in force.

Review of the Investment Undertaking Act
At the same point of time, the Investment Undertaking Act was declared void in its current form and replaced by a complete reformed Investment Undertaking Act. Four specific categories of investment vehicles enable a tailor-made structuring of corporate and private assets:

• Investment undertakings for single investors
• Investment undertakings for families
• Investment undertakings for interest groups
• Investment undertakings for affiliated groups

Liechtenstein Investment Undertaking Act 
Investment Undertaking Act (IUG) of December 2nd, 2015

Liechtenstein Investment Undertaking Regulation  
Investment Undertakings Ordinance (IUV) of March 22nd, 2016

Law of 11 December 2008 on Professional Due Diligence for the Prevention of Money Laundering, Organised Crime
and Financing of Terrorism (Due Diligence Act; SPG)
AML Act

Ordinance 17 February 2009 on Professional Due Diligence for the Prevention of Money Laundering, Organised Crime and Financing of Terrorism (Due Diligence Ordinance; SPV)
AML Regulation

The Liechtenstein FMA supervises market participants in the investment fund industry. Here you will find all applicable legal provisions as well as the entire of supervisory rulebook for the fund business in Liechtenstein.

Management companies and UCITS according to the Liechtenstein UCITS Act

Alternative investment fund managers according to the Liechtenstein AIFM Act

Management companies and investment funds according to the Liechtenstein Investment Undertaking Act

Code of Conduct

The FMA provides on its website documents, links and electronic forms for the authorisation process of management companies and the authorisation of investment funds according to the various laws.
Below you should find the relevant links to the homepage of the FMA:

UCITS

Licence for investment funds under the Liechtenstein UCITS Act

Licence for management companies under the Liechtenstein UCITS Act

AIFM

Licence as normal AIFM

Licence as small AIFM

Licence as administrator

Licence as risk manager

Licence as distribution representative

Link concerning the application for a licence as small/normal AIFM, administrator, risk manager or distribution representative according to the Liechtenstein AIFM Act (Liechtenstein Alternative Investment Fund Managers Act) in Liechtenstein

Liechtenstein Investment Undertaking Act 

Links concerning the regulatory framework and authorisations/attestations