15 - Liechtenstein

Summary

Introduction

Identification of the implementing laws and legal framework

1. 15.1 The Principality of Liechtenstein is not a member of the European Union (EU). However, being a party to the Treaty relating to the European Economic Area (EEA), Liechtenstein is obliged to implement the Prospectus Directive.

2. Like the other parties of the EEA, the Principality of Liechtenstein is not only obliged to implement the Prospectus Directive; it is also bound to the Prospectus Regulation which is directly applicable in the Principality of Liechtenstein.

3. 15.2 In Liechtenstein, the implementation of the Prospectus Directive took place by way of a complete revision of the former Liechtenstein Prospektgesetz (Prospectus Act). The Prospectus Act was not only comprehensively revised with regard to its format but also with regard to its content. Moreover, due to its reinforced function to regulate the domestic securities market its name was changed to Wertpapierprospektgesetz (Securities Prospectus Act, ‘SPA’). In order to remind those applying the Securities Prospectus Act of the immediate applicability of the Prospectus Regulation, Article 9 of the Securities Prospectus Act mentions that, with regard to the minimum requirements for the content of a prospectus, the Prospectus Regulation has to be applied.

4. Liechtenstein availed itself of the German corresponding legislation as a model for the implementation of the Prospectus Directive.

5. Besides the complete revision of the former Prospectus Act, the implementation of the Prospectus Directive was achieved by amending the Liechtenstein Investmentunternehmengesetz (Act on Mutual Funds).

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