All asset management companies are mutual funds
Funds and Asset Managers
Protecting investors and securing trust in the Liechtenstein financial system and the fund center enjoy the highest level of attention when undertaking, exercising and supervising the activities of undertakings for collective investments in securities and investment companies for other values or real estate and their management companies. The same applies to the commercial provision and brokerage of asset management by asset management companies in Liechtenstein.
This client protection is provided by the supervision of the funds, their management companies and any delegates as well as asset management companies and their employees. The focus of supervision is the question of whether the licensing requirements are met and whether the relevant laws and the related ordinances are being complied with; in particular, it concerns the following legal provisions:
- Investment Company Act (IUG);
- Investment Entrepreneurship Ordinance (IUV);
- Law on Certain Undertakings for Collective Investment in Transferable Securities (UCITSG);
- Ordinance on certain undertakings for collective investment in transferable securities (UCITSV);
- Asset Management Act (VVG);
- Asset Management Ordinance (VVO);
- Securities Prospectus Act (WPPG);
- Disclosure Act (OffG);
Client protection is ensured on the one hand by compliance with the organizational requirements by the financial intermediaries and on the other hand by the disclosure and reporting obligations to the FMA.
The FMA attaches particular importance to the capital adequacy, risk management and corporate governance of the administrators with strict rules on the delegation of tasks. Based on experience from the financial crisis, the aim is to prevent administrative organizations that are inadequately organized and monitored from causing damage to investors. When it comes to supervision, the FMA works closely with the respective auditors of the companies or funds. In addition, the supervisory authorities cooperate closely in cross-border sales.
The arbitration board is responsible for resolving disputes between a customer and a financial institution about the services provided. Their task is to mediate and thus to bring about an agreement in a suitable manner. The arbitration board is not subject to any instructions, is free of any interests and carries out its task independently, impartially and transparently.
The Financial Services Arbitration Board Ordinance (FSV) regulates the organization, responsibility and procedure.
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