Enacting the Law on Alternative Investment Fund Managers (AIFM-G) on 19.12.2012 and the respective Ordinance (AIFM-V), Liechtenstein has implemented the Directive 2011/71/EU on Alternative Investment Fund Managers (AIFMD) as one of the first European countries. The law has been drafted in close cooperation with representatives of various professional and institutional Associations and the Financial Market Authority and is therefore apt to perfectly meet the requirements of fund managers and fund services providers. For example, the law provides for numerous options with regard to structuring organisation and processes of and within a Liechtenstein AIFM, at the same time safeguarding that the requirements as set forth in the AIFMD are met but also providing sufficient flexibility also and specifically for small and medium providers. This is inter alia achieved by provision of specific licenses to e.g. Risk Managers, Administrators, Distributors.
The Law and the Ordinance enter into force on 22 July 2013, applications for an AIFM license (and for other fund related services) can be filed already today.
The AIFMD has not yet formally become part of the EEA-acquis. A formal adoption resolution of the EEA / EFTA states, which is a prerequisite for the EU-passport, is pending.
Dr. Helene Rebholz LL.M.