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 |Supervision Asset Management and Markets Division Asset management companies Ongoing supervision

Ongoing supervision

The FMA implements the Asset Management Act (VVG) and the associated Ordinances and takes the measures necessary for that purpose. The VVG describes the organisation and business of asset management companies and serves to protect clients and to secure confidence in the Liechtenstein financial centre.

Laws and ordinances

The VVG governs the preconditions for the provision and mediation of asset management on a professional basis (Article 1(1) VVG).

The Asset Management Ordinance (VVO), implementing the VVG, lays down detailed rules on the taking up, pursuit, and supervision of the provision and mediation of asset management.

Reporting

To ensure compliance with the Act and Ordinance, the asset management companies submit periodic and incident-related reports to the FMA.

Periodic reporting by the asset management company:

At the latest four months after the end of the financial year, asset management companies must prepare a business report and submit it to the FMA (Article 28(1) VVG). According to Article 14(1) VVO, half-yearly reports must be submitted to the FMA by way of the e-Service reporting platform at the latest two months after the cut-off dates of 30 June and 31 December. External auditors must submit the audit reports on the asset management companies no later than six months after the end of the financial year (Article 14(2) VVO). The FMA has issued an instruction to the asset management companies on periodic reporting for this purpose.

Incident-related reporting obligations:

In addition to regular reporting, incident-related facts may also have to be reported to the FMA and corresponding documents submitted (Articles 10 et seq. and 45 VVG). Details are set out in the instruction on incident-related reporting.

Cyber-Risik

Asset management companies are subject to on-going supervision by the FMA. The FMA enforces the law (AMA) and the ordinance (AMO) as well as all directly applicable European regulations. Supervision of market participants and their products includes prudential as well as conduct of business provisions. The FMA applies a risk based supervisory approach with individual supervisory examination programs for each supervised entitiy.