Management Companies and Funds according to the UCITS Act

Responsibilities of the supervisory authority under the UCITS Act

The FMA grants domestic undertakings for collective investment in transferable securities (UCITS) and their management companies authorisation under the UCITSG and notifies the cross-border marketing of UCITS in other EEA member states as well as the cross-border activity of management companies (establishment of branches or collective portfolio management).

As part of ongoing supervision of UCITS and management companies, the FMA monitors implementation of the Act (UCITSG) and the Ordinance (UCITSV), availing itself of indirect supervision through external auditors. The FMA is in particular responsible for reviewing audit and annual reports as well as periodic and incident-related reporting by UCITS and management companies. The FMA has the power to withdraw and amend authorisations granted.

In the course of ongoing supervision, the FMA also conducts management meetings and on-the-spot inspections of management companies under the UCITSG.

The FMA fulfils its sovereign mandate to ensure the stability and functioning of the Liechtenstein financial market by implementing European and national laws and ordinances. The FMA is also represented in international bodies (e.g. ESMA) in order to actively promote and substantially shape developments in financial regulation.

The FMA maintains a regular and active dialogue with financial market participants and associations. This proactive exchange and participation in working groups ensures rapid communication with intermediaries, associations, and other market participants and takes into account the high quality demanded of the Liechtenstein financial centre.