Authorization

Under the IUA 2015 the FMA authorizes management companies and approves investment undertakings (IU) managed by them. The FMA has the statutory power to grant, amend or revoke licences. The following four categories of investment undertakings under the IUA 2015 may be managed:

• Investment undertakings for single investors
• Investment undertakings for families
• Investment undertakings for a community of interests
• Investment undertakings for a corporate group

Investment undertakings are only applicable within Liechtenstein.

In order to obtain an authorization for an investment undertakting or licence as management company the necessary documents have to be sent to FMA (Art. 22 - 35 IUG and Art. 23 - 28 IUV). Investment undertakings can also be structered with subfunds (Art. 12 IUV).

Crossborder activities

Investment undertakings under the IUA 2015 are domestic products. Providing of services or marketing of units of investment undertakings under the IUA 2015 on a crossborder basis or other possible investor as mentioned above are not permitted.