Annual Report in English

Today, the FMA has issued its Annual Report in English. 

As in previous years, the situation in the financial sector during the reporting year was characterised by turbulence. After the Covid-19 pandemic, the outbreak of the Ukraine war, and the rise in energy and food prices, inflation in particular was a defining factor for the financial market. It almost seems as if crisis has become a constant. Turbulent times seem to be the new normal. What is likewise constant in this context, however, is the extremely high stability of Liechtenstein's financial sector. Once again, the financial centre has demonstrated a high level of resilience.

To ensure that this continues to be the case, the FMA works closely together with financial intermediaries. Thanks to its in-depth analyses, the FMA provides the necessary basis for assessing risks appropriately and addressing them effectively using suitable micro- and macroprudential instruments.

Crises often also present opportunities and drive change. Key topics during the reporting year included, in particular, digitalisation, establishing new forms of work, and enshrining sustainability in our operations. At the same time, these topics offer numerous synergies and have a positive influence on each other. For example, digitalisation of the FMA is already well advanced. More and more processes can be mapped digitally from start to finish without media disruptions. This has already resulted in a significant reduction in paper consumption. Moreover, digitalisation also means that employees can now work from any location. This in turn has led to massive savings in carbon emissions thanks to reduced traffic. At the same time, digital and location-independent forms of work are also changing the demands on the FMA's premises. The FMA has accordingly redesigned part of its office space, offering employees a modern working environment in a pilot zone that meets the changed requirements.

In this way, the FMA is responding to a need of its employees and ensuring its long-term attractiveness as an employer. What also contributes to the FMA's attractiveness is that it pays fair wages and does not discriminate against women or men, promotes the compatibility of family and career through part-time work, including in management positions, and offers attractive career opportunities. The best proof of this is our newest member of the Executive Board: Simone Edelmann-Böniger started as an intern at the FMA more than ten years ago.

Developments in financial market regulation also continue to be dynamic. The FMA has been mandated by the Government to prepare an overview of possible options for redesigning the regulatory structure of the supervisory law applicable to banks and investment firms. The work is already well advanced, and the redesign of financial market law is due to be completed by 1 January 2025. New rules will also soon apply to FinTechs. In order to continue to promote and exploit the potential of the digital transformation of the financial sector while addressing potential risks and ensuring the protection of investors and financial markets, the European Union has adopted a comprehensive package of measures – the Digital Finance Package. A key element of this package is the Markets in Crypto-Assets Regulation (MiCAR). The FMA was busy with implementation work during the reporting year.

In addition to the turbulent macroeconomic environment, supervision continues to focus in particular on combating money laundering, on climate, social and governance risks (ESG risks), and on ICT and cyber risks.