Liechtenstein To Launch New Financial Market Regulator
In a statement released earlier this month, Liechtenstein's Financial Services
Authority announced that following Parliament's approval in June of the new
Law (Organization Act) on Supervision of the Liechtenstein Financial Market,
the new, independent, and integrated Financial Market Supervisory Authority
created by the Act will commence operations on 1 January 2005. The new single authority will assume the functions and responsibilities of
the three existing regulatory bodies, namely the Financial Services Authority,
the Due Diligence Unit, and the Insurance Division of the Office of Economic
Affairs. The FMSA will also take over the existing staff of the three authorities,
the statement revealed. All financial service providers supervised by these authorities will therefore
be subject to the FMSA starting 1 January 2005. Under the auspices of the new legislation, the Financial Market Supervisory
Authority will be responsible for safeguarding the stability of the Liechtenstein
financial market, the protection of customers, the prevention of abuses, and
the implementation of and compliance with recognized international standards.
The core responsibilities of the FMSA will encompass the supervision and regulation
(on behalf of the Government) of the Liechtenstein financial market, although
the FMSA will independent of the Government and of the financial market participants
under its supervision. The body will not have the authority to enact laws or ordinances, and its supervisory
activities will be undertaken according to the principles of Best Business Practice. A comprehensive report describing the regulatory regime in most key offshore jurisdictions, with an emphasis on the survival of banking secrecy is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop/
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