National legislation and FMA explanatory note

The EU acts concerning sustainable finance (Level 1 and Level 2) have EEA relevance. This means that the various acts must be incorporated into the EEA Agreement and, to the extent necessary, transposed or implemented in Liechtenstein at the national level.

The incorporation status of the individual acts can be looked up on the website of the EFTA Secretariat.

Implementing legislation

An EEA Financial Services Sustainability Implementing Act is planned for implementation of Regulations (EU) 2019/2088 and (EU) 2020/852. The legislation process has started on 17 August 2021 with a first reading in Parliament on 2 December 2021. The second reading in Parliament took place on 11 March 2022. The EEA-Sustainability Implementing Act will enter into force on 1 May 2022. At the same time the implemented EU-Regulations as well as Delegated Acts based on the two Regulations will be applicable as national law in Liechtenstein. In view of the not yet published draft Delegated Regulation to Regulation (EU) 2019/2088, the European Supervisory Authorities issued an opinion to the national supervisory authorities on 24 March 2022 (JC 2022 12) recommending a principle-based applicability of Regulation (EU) 2019/2088 including Articles 5 and 6 of Regulation (EU) 2020/852 until the Delegated Regulation becomes applicable as of 1 January 2023.

The EEA Benchmarks Implementing Act (EWR-RWDG) for Regulation (EU) 2019/2089 entered into force in Liechtenstein on 18 December 2019, the amended version on 1 May 2020.

Commission Delegated Regulations do not require transposition at the national level; they have direct effect upon incorporation into the EEA Agreement. Commission Delegated Directives require implementation in the corresponding ordinances.