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Alternative investment funds: Government submits bill to the Liechtenstein Parliament to implement the AIFM Directive
Vaduz (ots) - In its meeting of 15 May 2012, the Government passed the report and motion to the Liechtenstein Parliament for the creation of the Gesetz über die Verwalter alternativer Investmentfonds (AIFMG, Act on Alternative Investment Fund Managers) and for the amendment of other laws.
The AIFMG puts Directive 2011/61/EU of the European Parliament and the Council of 8 June 2011, which is still in the process of adoption, into national law. At the same time, this report and motion will - together with the UCITSG - create another attractive framework law for Liechtenstein as a location for investment funds.
Competitive fund centre
The Act permits the flexible structuring of alternative investment funds by providing firstly, a selection of legal forms and secondly, room for a wide range of constitutional set-ups through clearly regulated, high-flexibility rules for structural measures and movement of domicile. In accordance with the specifications set by European law, the Act not only introduces the European passport for funds and fund managers but also makes increased demands to the personal and organisational qualification of managers, their business partners, custodians, and the Liechtenstein Financial Market Authority (FMA). As a lesson from the last financial crisis, the Act also regulates cooperation among the competent authorities in the EEA member states and with the European Securities and Markets Authority (ESMA). The fact that the Act is conformal with EEA legislation on the one hand and offers national room to manoeuvre in terms of market requirements on the other serves to establish Liechtenstein as an attractive and competitive location for the international fund industry. In addition, the improved protection of investors and strong supervision with international networking strengthen the stability of the fund centre and confidence in the functioning of the financial market as a whole.
The report and motion may be obtained from the Government Chancellery or at: www.bua.llv.li
Another milestone in the "Fund Centre Liechtenstein" project
With this Act, the project "Fund Centre Liechtenstein", which was launched by the Government in late 2009 and has been continued in 2012 in new structures, has reached another milestone in creating the legal basis.
Parallel to the legislation procedure in Parliament, the Government will work on the ordinance to the AIFMG together with representatives from the market over the next few months. This is to structure the technical details to the framework Act in the most practice-oriented way possible. Having noted substantial interest from Liechtenstein and abroad as early as during the consultation proceedings, Liechtenstein financial market participants are jointly increasing their efforts to develop a marketing strategy to make active use of Liechtenstein's position as a first mover, meaning that this country will be the first to have put the Directive into national law and therefore the first to offer legal certainty for fund suppliers. Prime Minster Klaus Tschütscher noted in this context: "Together with the FMA, market participants, and renowned experts and consultants, this Government takes substantial efforts to develop Liechtenstein into a high-quality financial centre. Developing Liechtenstein as a fund centre - specifically in the field of alternative investment funds - is one of the most promising cornerstones. In addition to attractiveness for the managers of alternative investments, access to innovative products in a well-ordered legal framework is important for existing investors at our financial centre."
Katja Gey, Stabstelle für Internationale Finanzplatzagenden