Alternative investment fund managers under the AIFM Act

Responsibilities of the supervisory authority under the Law on Alternative Investment Fund Managers (AIFM Act)

The FMA grants alternative investment fund managers (AIFMs) a license under the AIFMG and approves their managed alternative investment funds (AIFs). Risk managers and administrators may also be granted a licence under the AIFMG.

The FMA has the power to revoke, withdraw, and amend licenses granted.

As part of ongoing supervision of AIFMs and AIFs as well as risk managers and administrators, the FMA monitors implementation of the Act (AIFMG) and the Ordinance (AIFMV), availing itself of indirect supervision through external auditors. The FMA is in particular responsible for reviewing audit and annual reports as well as periodic and incident-related reporting by AIFs and AIFMs. As part of its ongoing supervision, the FMA also conducts management meetings and on-the-spot inspections of AIFMs, risk managers, selling agents, and administrators under the AIFMG.

The FMA fulfils its sovereign mandate to ensure the stability and functioning of the Liechtenstein financial market by implementing national laws and ordinances. The FMA is also represented in international bodies (e.g. ESMA) in order to actively promote and shape developments in financial regulation.

The FMA maintains a regular dialogue with financial market participants and associations. This exchange and participation in working groups ensures rapid communication with intermediaries, associations, and other market participants and takes into account the high quality demanded of the Liechtenstein financial centre.

Through Liechtenstein's EEA membership, the local AIFMs and AIFs have market access to the entire European Economic Area by way of notification.