DDr. Marcel Lötscher, Head of the Securities and Markets Division and Member of the Executive Board, is leaving the Financial Market Authority (FMA) Liechtenstein to pursue new career opportunities. Marcel Lötscher joined the FMA at the beginning of 2012 as Head of the Securities Division and Member of the Executive Board. The Board of Directors would like to thank Marcel Lötscher for his many years of dedication, his achievements on behalf of the FMA and our work together, and we wish him all the best and much success for the future. Dr. Reto Degen, Deputy Head of the Securities and Markets Division, is taking over as Head of the Division on an interim basis.