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AIFMD Enhances Liechtenstein's Fund Centre

by Ulrika Lomas,, Brussels

24 October 2012

During a recent conference in Frankfurt, Liechtenstein’s Prime Minister Klaus Tschütscher highlighted the many benefits and opportunities for intermediaries arising from the planned implementation of the Alternative Investment Fund Managers Directive (AIFM) in Liechtenstein.

Due to enter into force in the Principality in July 2013, the AIFM Directive will further strengthen the competitiveness of Liechtenstein as a fund location Tschütscher emphasized, underscoring that the Principality was the first country in Europe to submit a bill to lawmakers providing for the transposition of the European Union’s (EU) 2011 AIFM Directive into national law.

Liechtenstein aims to fill certain niches in this area of the financial industry hitherto unprovided for by larger financial centres, Tschütscher stressed.

Underlining the importance of the Liechtenstein fund centre, Tschütscher pointed out that the government adopted a fund strategy two years ago. He explained that the first building block in that strategy was implementation of the EU Directive on Undertakings for Collective Investment in Transferable Securities (UCITS IV), which entered into force in Liechtenstein in 2011. This facilitates Liechtenstein fund product and supplier access to the European Single Market.

During the course of his address to financial industry representatives from Germany, Austria and Switzerland, Simon Tribelhorn of the Liechtenstein Bankers Association insisted that the Principality should not shy away from comparisons with other locations. Alluding to the fact that the overarching aim is to position Liechtenstein as an innovative, competitive and attractive location at the heart of Europe, Tribelhorn said that implementing the AIFM Directive is a key building block to achieve this key objective.

Concluding his remarks, Tribelhorn alluded to Liechtenstein’s wealth of experience both in wealth management and in the financial services area, maintaining that in uncertain times such as these with a constantly changing environment, customers and suppliers value the stability of the Principality's financial centre.

TAGS: investment | law | investment funds | Liechtenstein | Austria | Germany | Switzerland | European Union (EU) | services | Europe

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