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nid 94274
Jul 28, 2026
csoo@vixio.com
Liechtenstein
News - Financial Market Authority
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2159 charsLiechtenstein Financial Market Authority Publishes Supervisory Practice Report for 2025
On July 24, 2026, the Financial Market Authority (FMA) of Liechtenstein published its supervisory practice report detailing decisions, orders, and rulings from the 2025 supervisory period. The report provides anonymised information on FMA decisions and orders, as well as determinations from the FMA Complaints Commission (FMA-BK) and other appeals bodies, demonstrating how the FMA applies and interprets supervisory law and establishing transparency and predictability for financial intermediaries.
The report highlights several significant cases that will shape future supervisory practice. In one case, the FMA ordered a bank to restore lawful conditions under Article 63 of the Banking Act by ensuring an individual board member met fitness and propriety requirements through specified training and examinations in 2025 and 2026, and that the board collectively comprised at least one-third independent members. This marked the first time the FMA addressed both individual and collective fitness deficiencies of a board. In another case, the FMA determined that a wealth management company lacked an adequate domestic establishment with proper office facilities, finding that a shared office arrangement violated requirements under the Wealth Management Act (VVG). The FMA required separate, lockable office space with sufficient workstations and restricted access to client files. Additionally, the FMA revoked an insurance company's authorisation due to severe misconduct endangering policyholders' interests. The company's complaint to the FMA-BK and subsequent appeal to the Administrative Court (VGH) were both dismissed.
During 2025, the FMA concluded 75 enforcement proceedings: 30 administrative procedures, 42 administrative penalty procedures, and three combined proceedings. Outcomes included 17 case dismissals, 34 orders via standard letter, seven final orders, seven submissions, and ten administrative or penalty orders. The FMA imposed fines totalling CHF 590,000 across 17 separate proceedings.
REFERENCES:
Financial Market Authority (FMA). "FMA informiert über ihre Aufsichtspraxis." July 24, 2026. Available at: https://www.fma.li/
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2376 charsLiechtenstein's Financial Market Authority Publishes Supervisory Report for 2025
On July 24, 2026, the Financial Market Authority (FMA) of Liechtenstein published its supervisory report detailing decisions, orders, and rulings from the 2025 supervisory period. The report provides anonymised information on FMA decisions and orders, as well as determinations from the FMA Complaints Commission (FMA-BK) and other appeals bodies, demonstrating how the FMA applies and interprets supervisory law and establishing transparency and predictability for financial intermediaries.
The publication spans a broad cross-section of the Liechtenstein financial market, categorising its guidance into four main areas:
Banks and E-Money Institutions
Asset Management and Markets
Insurance and Pension Schemes
Money Laundering Prevention and Other Financial Intermediaries
Across these sectors, the report highlights several recurring regulatory themes, including:
Corporate Governance: The individual and collective suitability of board members, independence requirements, and proper internal control systems.
Licensing and Operations: The necessity of maintaining permanent, appropriate domestic physical offices and ensuring adequate, ongoing financial capitalisation.
Sanctions and AML: The strict obligation to integrate international sanctions into risk management frameworks and adhere to due diligence and reporting laws.
Third-Party Oversight: The liability of financial institutions for the actions of outsourced entities, including contractually bound intermediaries and delegated portfolio managers.
Spectrum of Enforcement Measures: The document outlines the full range of supervisory tools the FMA utilises, scaling from low-level interventions to severe penalties.
Judicial and Appellate Scope: The report comprehensively covers the entire lifecycle of enforcement. It details how FMA actions are reviewed and often upheld by higher appellate bodies, including the FMA-BK, the Higher Administrative Court (VGH), and the Constitutional Court.
Clarification of Administrative Procedures: A significant portion of the report is dedicated to clarifying procedural law. It emphasises rulings which establish that interim procedural orders by the FMA—such as demands for documents, the initiation of fact-finding proceedings, or the publication of warning notices—cannot be separately appealed or delayed by legal challenges prior to a final decision.