Update BRP Country Manual Asset Management
Liechtenstein
BRP has published its latest update concerning
the Country Manual Asset Management
for Liechtenstein
| SOURCE OF CHANGES | ANSWERS |
|---|---|
| Law/Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s interpretation | Yes |
Definitions & Concepts, Regulatory Overview and Behaviour Template
Material changes
The changes/modifications are as follows:
Finally, providing macroeconomic analysis and financial research documents/information is now permitted (without restrictions) with/via locally licensed intermediaries/distributors. Accordingly, the CM AM BT now provides the answer “YES” in the relevant scenario.
It is highlighted that the marketing of registered/passported products is permitted in/into Liechtenstein (at target/remote), provided that the activity does not amount to a licensable investment service in accordance with art. 3 of the Asset Management Act (e.g. portfolio management, investment advice, the reception and transmission of orders and the execution of orders on behalf of the client). The Country Manual Asset Management Behaviour Template (CM AM BT) therefore now provides the answer “Grey zone/YES” in the relevant scenarios.
In addition, it is permitted for foreign (non-licensed) investment firms to market not registered/passported funds (indirectly) with/via locally licensed intermediaries/distributors in accordance with the National Private Placement Exemptions (NPPRs) or Local Private Placement Regime. Accordingly, the CM AM BT now provides the answer “Grey zone/YES” in the relevant scenario.
The handling of contracts, agreements, subscription forms or transaction documents (including their signature) is not permitted in Liechtenstein. The CM AM BT therefore now provides the answer “NO” in all scenarios.
Furthermore, the marketing of investment strategies is permitted in/into Liechtenstein (at target/remote) to test potential Professional Client’s interest in an AIF that is not yet established or notified for marketing under the Pre-Marketing Directive by the (duly licensed) ManCo. Accordingly, the CM AM BT now provides the answer “Grey zone/YES” in the relevant scenarios.
Non-material changes
Some comments and content have been slightly reworded in the CM, without introducing substantive changes to reflect the regulatory situation/current interpretation of the regulatory framework more accurately.
For more information, please contact us: info@brpsa.com
Geneva, February 18th, 2025