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Licensing Requirements for Banks and Investment Firms in Liechtenstein
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The Financial Market Authority (FMA) in Liechtenstein has established various laws, regulations, and guidelines to ensure that banks and investment firms operate within the country’s financial framework. This article provides a summary of the key points related to licensing requirements for these institutions.
Legal Basis
The following laws and regulations provide the legal basis for licensing banks and investment firms in Liechtenstein:
- Liechtenstein Law on Banks and Investment Firms (Bankengesetz, BankG)
- Liechtenstein Ordinance on Banks and Investment Firms (Bankenverordnung, BankV)
- Liechtenstein Persons and Companies Act (Personen- und Gesellschaftsrecht, PGR)
- Due Diligence Act (Sorgfaltspflichtengesetz, SPG) to combat money laundering, organized crime, and terrorist financing
FMA Guidelines
The FMA has issued several guidelines that provide further guidance on licensing requirements:
Prudential Assessment of Qualifying Holdings
- 2017/20: This guideline outlines the prudential assessment of qualifying holdings.
Capital Requirements
- 2017/10: This guideline discusses obligations regarding equity capital and capital requirements under the CRR/BA/BO.
- 2017/9: This guideline explains disclosure requirements under the CRR/BA/BO.
- 2017/7: This guideline outlines liquidity requirements under the CRR/CRD IV.
Licensing Checklists
The FMA has prepared several licensing checklists to help applicants ensure that they meet all the necessary requirements for licensure:
For Banks
- Ensure compliance with prudential assessment of qualifying holdings (2017/20)
- Meet capital requirements under the CRR/BA/BO (2017/10)
- Comply with disclosure requirements under the CRR/BA/BO (2017/9)
- Fulfill liquidity requirements under the CRR/CRD IV (2017/7)
For Investment Firms
- Ensure compliance with prudential assessment of qualifying holdings (2017/20)
- Meet capital requirements under the CRR/BA/BO (2017/10)
- Comply with disclosure requirements under the CRR/BA/BO (2017/9)
- Fulfill liquidity requirements under the CRR/CRD IV (2017/7)
For Investment Firms with Administration Rights
- Ensure compliance with prudential assessment of qualifying holdings (2017/20)
- Meet capital requirements under the CRR/BA/BO (2017/10)
- Comply with disclosure requirements under the CRR/BA/BO (2017/9)
- Fulfill liquidity requirements under the CRR/CRD IV (2017/7)
For Provision of MTF Investment Services
- Ensure compliance with prudential assessment of qualifying holdings (2017/20)
- Meet capital requirements under the CRR/BA/BO (2017/10)
- Comply with disclosure requirements under the CRR/BA/BO (2017/9)
- Fulfill liquidity requirements under the CRR/CRD IV (2017/7)
Overall, this document provides a comprehensive overview of the licensing requirements for banks and investment firms in Liechtenstein.