General information in connection with the coronavirus epidemic:
Regulatory requirements apply irrespective of market phases or external circumstances. For this reason, financial intermediaries must continue to comply with their regulatory obligations. However, there may be eased requirements or special obligations as a result of the coronavirus epidemic. These are based on the integration of the Financial Market Authority (FMA) Liechtenstein in the European System of Financial Supervision. The FMA supports the recommendations of the European supervisory authorities (ESAs) and intends to implement them. By doing so, it is helping to provide operational relief to financial intermediaries. In addition, the FMA can also impose its own measures, in particular to relieve financial market participants of duties that are not urgent.
The FMA publishes relevant information – general or sector-specific – on its website on an ongoing basis under “News”; it also publishes a newsletter with this information and communicates it on Twitter. Furthermore, all of the relevant information in connection with the coronavirus epidemic can be found under the section “Coronavirus epidemic”. The experts at the FMA are available to speak with financial intermediaries by e-mail or phone. Physical meetings at the FMA have been suspended until further notice. The FMA is instead offering videoconferences.
Financial market participants have taken measures as part of their business continuity management to ensure business operations. They are required to maintain business operations in compliance with regulatory requirements and the requirements of the health authorities. With the increasing number of people working from home, the FMA wishes to emphasise that requirements regarding IT and cybersecurity must be observed at all times.
Non-urgent on-site inspections, management meetings and general consultations and enquiries will be postponed whenever possible, unless they are required for the protection of market integrity or the stability of the financial centre.
Work and project groups comprised of representatives of the FMA and the market with non-urgent mandates shall adjust their schedules individually and as needed in order to conserve the resources of financial intermediaries. In particular, this affects IT-related projects (system modifications, test phases).