Ongoing Legislative Projects

• Directive (EU) 2024/790 and Regulation (EU) 2024/791 are currently in the EEA incorporation process. Upon its incorporation into the EEA Agreement, Regulation (EU) 2024/791 will be directly applicable in Liechtenstein. Directive (EU) 2024/790, however, must be transposed into Liechtenstein law. This transposition requires amendments to various Liechtenstein acts, including the Securities Services Act [WPDG], the Securities Firms Act [WPFG], the Asset Management Act [VVG], and the Trading Venue and Stock Exchange Act [HPBG].

The primary aim of these rules is to promote investment and trading in secondary markets by providing improved market data, thereby enhancing market liquidity and facilitating companies’ access to financing through the capital markets. A legal framework is being established for providers of a consolidated data ticker, who will be responsible for collecting trade reports on financial instruments from various trading venues and publication systems and consolidating them into a continuous electronic live data stream.

The objective is to make consolidated market data from across the EEA available to the public in standardized formats, thereby increasing transparency and improving the quality of market data. This will enable investors to make better-informed decisions and invest in the most suitable products. In addition, the provisions aim to create a level playing field among trading venues and to safeguard the international competitiveness of the EU market.

The revision of the Trustees Act [TrHG] proposed by the government is intended, among other things, to safeguard confidence in the Liechtenstein Financial Centre. The proposed amendments are also to be understood as a response to the general recommendation made in the most recent MONEYVAL evaluation of Liechtenstein, which called for strengthened supervision in this area. Ultimately, the planned adjustments aim to further enhance the protection of trustees and trust companies, their clients, and the reputation of the trust sector in Liechtenstein. A central element of the proposed revision is the introduction of additional effective and efficient supervisory instruments. In particular, the requirements for authorisation relating to trustworthiness are to be supplemented and clarified in line with the developments mentioned above and the experience gained in supervisory practice.

Current Case Law

• In its judgment of 25 February 2025 (U 25.02.2025, VGH 2024/087), the Administrative Court (VGH) held that, where the Financial Market Authority (FMA) provides information about a person to a foreign financial supervisory authority, that person is entitled under Article 8 ECHR (fundamental right to data protection) to be informed of the information transmitted by the FMA to the foreign authority.

The FMA may refuse to provide such information only where this is expressly provided for by law (Article 31a(1) Banking Act [BankG], Article 53(1) Capital Requirements Directive [CRD], in order to achieve a legitimate objective and where the refusal is necessary (Article 8(2) European Convention on Human Rights [ECHR].