Switzerland

Alongside multilateral cooperation in European and global bodies, the FMA also maintains bilateral contacts with various foreign partner authorities. The bilateral relations with Switzerland are especially close, also due to the Currency Treaty and the joint economic area.

Currency Treaty

For Liechtenstein's financial services sector, the Currency Treaty with Switzerland (german) is important in several respects: not only did the Currency Treaty of 1980 declare the Swiss franc to be the official tender of the Principality of Liechtenstein, it also made certain Swiss legal and administrative rules applicable to Liechtenstein (see annexes to the Currency Treaty). The Swiss National Bank (SNB) serves as Liechtenstein's national bank as well. This entails that certain financial intermediaries (banks, investment undertakings) must comply with reporting requirements vis-à-vis the SNB on grounds of monetary and currency policy. Supervision of all financial service providers licensed in Liechtenstein remains with the respective supervisory authority, however. The Currency Treaty is a bilateral agreement under international law which is updated and, where necessary, adjusted on a regular basis.

EFTA Convention (Vaduz Convention)

The Vaduz Convention constitutes a complete revision of the EFTA Convention, which originally was limited to the trade in goods. This revision became necessary due to the bilateral agreements between Switzerland and the EU. The treaty relations between Switzerland and the three other EFTA states were thus elevated to a level comparable to that created between Switzerland and the EU pursuant to the bilateral agreements. The Vaduz Convention entered into force on 1 June 2002 at the same time as the seven bilateral agreements between the EU and Switzerland. In regard to the movement of persons, which is also relevant to financial market supervision, special rules apply to Liechtenstein. The EFTA Convention now also contains provisions governing the trade in services and investments, among others. The EFTA states grant each other mutual market access that goes beyond the WTO standards.