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| Liechtenstein Adopts Financial Market Law |
by Ulrika Lomas, Tax-News.com, Brussels
Friday, July 16, 2010
During a recent meeting, Liechtenstein’s government approved the consultation
report pertaining to the amendment of the financial market regulatory law.
According to the government, the amendment to the law will enable Liechtenstein
to adhere to internationally recognized standards in mutual assistance in the
area of securities regulation. At the same time, the country’s Financial
Market Authority (Finanzmarktaufsicht Liechtenstein – FMA) will be granted
vital access to the international securities standards organizations.
Liechtenstein does not currently comply fully with the mutual assistance standards
as laid out by the International Organization of Securities Commission (IOSCO)
and by the Committee of European Securities Regulators (CESR). Liechtenstein’s
mutual assistance procedure for providing information to clients about requesting
assistance has been heavily criticized, as has the lack of opportunity for the
FMA to provide mutual assistance in all CESR and IOSCO requested cases.
The government maintains that the amendment to the law will rectify these issues,
ensuring that the principality complies fully with the CESR and IOSCO standards
on mutual assistance, thereby enabling the FMA Liechtenstein to receive IOSCO
member status and CESR observer status, while at the same time enabling the
authority to become part of the new European financial supervisory structure.
According to Prime Minister Klaus Tschütscher, the proposed change to
the law will ensure that Liechtenstein’s financial intermediaries in the
area of securities will be able to take part in European and international financial
markets in future, and will serve to maintain both the competitiveness and the reputation
of Liechtenstein’s financial centre.
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