Liechtenstein’s parliament has recently adopted the Principality's new fund
law, designed to strengthen the country’s financial centre.
The new law implements
the European directive relating to undertakings for collective investment in
transferable securities (UCITS IV Directive) in the Liechtenstein financial centre.
Implementation of the new fund law will serve to reinforce access to the European
Single Market for Liechtenstein funds and their services, the administration
says.
Commenting on parliament’s decision, Liechtenstein’s Prime Minister
and Finance Minister Klaus Tschütscher stated that: “This creates
an ideal framework for the fund centre as well as flexibility, dynamism, and
reputation for the entire financial centre".
According to the administration, assets under the management of investment
funds throughout Europe amounted to CHF8 trillion in 2010, approximately 14%
more than in the previous year. It notes that the volume of the European UCITS
market at the end of 2010 was in turn CHF5.9 trillion.
The Liechtenstein Investment Fund Association also welcomed the adoption of
the Principality’s new fund law. Indeed, Chairman of the Executive Committee
Matthias Voigt stated that: “Implementation of the UCITS IV Directive
is a further milestone in the development of the Liechtenstein fund centre".
He noted that looking toward the future, but especially also in light of the
upcoming implementation of the AIFM Directive next year, the framework conditions
should have a sustainable positive effect for the financial centre in the international
context.
Director of the Liechtenstein Bankers Association, Simon Tribelhorn remarked:
"We welcome the fast implementation of the UCITS IV Directive. It is part
of our Roadmap 2015. The implementation is not only a duty. It is also an important
step towards a sustainable successful development of the funds centre Liechtenstein
and its international competitiveness in long term”.
Liechtenstein’s new fund law is due to enter into force on August 1.
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