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Banking Regulation in Liechtenstein: Consequences of Exceeding Power of Attorney Limitations

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Overview

Banks operating in Liechtenstein must comply with strict regulations regarding their power of attorney. Failure to do so can result in severe consequences.

Liability for Exceeding Power of Attorney Limitations

If a bank exceeds the limitations of its power of attorney, it is liable for the consequences. This means that the bank may be held responsible for any actions taken beyond its authorized scope.

Exception for Agents

However, there is an exception for agents, such as banks, investment firms, or asset management companies. In certain circumstances, these agents can assume that the principal has waived their right to be transferred fees, commissions, or grants received from third parties.

Conditions for Waiving Rights

The conditions under which an agent can assume that a principal has waived their rights include:

• The agent must have informed the principal about the transfer of fees, commissions, or grants.
• The principal must not have objected to the transfer within a reasonable period.
• The transfer must be in accordance with the terms and conditions agreed upon by the parties involved.

Conclusion

Banks operating in Liechtenstein must carefully consider their power of attorney limitations to avoid liability for exceeding them. However, agents may assume that principals have waived their rights under certain conditions, providing some flexibility in these situations.