Laws Entered into Force

As of 1 July 2025, a number of financial market-related acts entered into force, including the Act Amending the Financial Market Supervision Act, the Act Amending the Payment Services Act, and the Act Amending the Recovery and Resolution Act.

Additionally, the Act on Employee Participation in Cross-Border Restructurings of Capital Companies (Restructuring Participation Act [UMG]) was enacted. Directive (EU) 2019/2121 was also implemented, resulting in a comprehensive revision of existing company law provisions governing cross-border mergers and in the introduction of new rules regulating the cross-border transfer of registered offices, as well as both cross-border and domestic corporate divisions.

Recent Case Law

• In its judgment of 7 May 2025 (E-1/24 and E-7/24, TC and AA), the EFTA Court interpreted Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering and terrorist financing. The Court held that individuals whose sole connection to money laundering, terrorist financing, or related predicate offences consists in having suffered harm to their proprietary interests as a result of such predicate offence may, in specific cases, have a legitimate interest in accessing information concerning the beneficial owner under the meaning of the Directive, which must be assessed on a case-by-case basis. The demonstration of a legitimate interest is both a necessary and sufficient condition for accessing information contained in the beneficial ownership register. It falls within the competence of the domestic legal systems of the individual EEA States to establish procedural rules governing access to beneficial ownership registers. However, such rules must comply with the principles of equivalence and effectiveness. Granting access to beneficial ownership information constitutes a proportionate interference with the fundamental rights of identified beneficial owners, provided that the applicant substantiates a legitimate interest.

• By order dated 4 October 2024 (06 HG.2023.143), the Liechtenstein Supreme Court held that, in proceedings concerning the appointment of a guardian pursuant to Article 141 of the Persons and Companies Act [PGR]—where such guardian represents a dissolved or terminated legal entity (Foundation) with respect to the inspection of books and business records pursuant to Article 142 (3) PGR—those Foundation Board Members who last held office prior to the entity’s dissolution must be granted party status. The Court reasoned that such individuals are to be regarded as significantly affected by the proceedings, thereby necessitating their involvement.