Ongoing Supervision
Laws and ordinances
The Investment Firms Act (WPFG) sets out the authorisation and organisational requirements for investment firms; it contains provisions on the supervision of investment firms with the aim of protecting investors and safeguarding confidence in the Liechtenstein capital market.
The Investment Services Act (WPDG) sets out the conduct of business rules that investment firms must observe and comply with when providing investment services and/or performing investment activities.
The Trading Venues and Exchanges Act (HPBG) contains comprehensive rules governing market operators of regulated markets – referred to in the HPBG as exchange operating companies that operate a securities exchange. The HPBG also governs the operation of alternative trading venues such as multilateral and organised trading facilities (MTFs and OTFs), systematic internalisation, and algorithmic trading. These are investment services or trading techniques that can be provided or used by investment firms, banks, and exchange operating companies. The HPBG also contains supplementary obligations for issuers as well as rules governing the admission of financial instruments to trading on a securities exchange.
Reporting
To ensure compliance with laws and ordinances, the FMA monitors financial service providers on the basis of clearly defined reports. Investment firms are subject to various reporting obligations as explained in the FMA instructions on "Periodic reporting" and "Ad hoc reporting obligations". The FMA makes e-Service forms available for this purpose.
Decrees / Penalties
To enforce the obligations set out by law and ordinance, the FMA is legally required and authorised to issue appealable decrees and impose penalties, up to withdrawal of the licence.
- Supervisory measures (Articles 63 et seq. WPFG)
- Penal provisions (Article 93 et seq. WPFG)
Legal questions / Enquiries
The Asset Management and Markets Division of the FMA is happy to provide you with information on interpretation of the applicable laws and ordinances as well as other information.
Fees
Fees and charges as set out in Annexes 1 and 2 FMAG are levied for authorisations, decisions, decrees, special services, and extraordinary investigations and audits as well as for the entire supervision carried out by the Financial Market Authority.