Marketing requirements for AIFs and UCITS
This page contains information on the national laws, regulations and administrative provisions governing the marketing requirements referred to in Article 5(1) of Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings.
The structur of Informations is based on Annex I - III of the Commission Implementing Regulation (EU) 2021/955. The mentioned Regulation is yet not implemented in the EEA agreement.
Marketing requirements for UCITS
| Format and content of marketing material, including identification of the information and documents to be notified to the competent authority prior to beginning of marketing | FMA Instruction 2017/4 on the UCITS notification procedure |
| Verification of marketing communications by the competent authority | FMA Instruction 2017/4 on the UCITS notification procedure |
| Reporting obligations in relation to marketing | FMA Instruction 2017/4 on the UCITS notification procedure |
| Passporting regime | FMA Instruction 2017/4 on the UCITS notification procedure |
| De-notification of arrangements made for marketing |
De-notifications can be sent via e-mail to passport.ucits@fma-li.li |
Notification Letter for Management Company
Disclaimer: FMA Liechtenstein has taken reasonable care to ensure that the information on the national provisions governing the marketing requirements for UCITS in Liechtenstein included on this webpage is up-to-date and complete. FMA Liechtenstein is not responsible for maintaining external websites and is not liable for any error or omission on any external website to which hyperlinks are provided on this webpage.
Marketing requirements for AIFs
| Prior authorisation for marketing |
Pre-Marketing is possible. A prior authorisation for marketing is not made by FMA Liechtenstein. |
| Format and content of marketing material, including identification of the information and documents to be notified to the competent authority prior to beginning of marketing | FMA Guideline 2019/16 on EEA AIF and EEA AIFM notification procedures |
| Verification of marketing communications by the competent authority | FMA Guideline 2019/16 on EEA AIF and EEA AIFM notification procedures |
| Marketing to retail investors or to professional investors |
Marketing to retail investors in possible, see point 2 f in FMA Guideline 2019/16 on EEA AIF and EEA AIFM notification procedures |
| Reporting obligations in relation to marketing | FMA Guideline 2019/16 on EEA AIF and EEA AIFM notification procedures |
| Passporting regime | FMA Guideline 2019/16 on EEA AIF and EEA AIFM notification procedures |
| Distribution of funds established in a third country under the national private placement regime | The Distribution of funds established in a third country under the national private placement regime is possible. |
| Distribution of open-ended AIFs and of closed-ended AIFs |
Distribution of open-ended AIFs and of closed-ended AIFs is possible. FMA Guideline 2019/16 on EEA AIF and EEA AIFM notification procedures |
| De-notification of arrangements made for marketing | The De-notification is described in point 2.3 of FMA Instruction 2021/19 – Instruction on cross-border distribution of funds. |
Pre-Marketing Notification Letter
Disclaimer: FMA Liechtenstein has taken reasonable care to ensure that the information on the national provisions governing the marketing requirements for AIFs in Liechtenstein included on this webpage is up-to-date and complete. FMA Liechtenstein is not responsible for maintaining external websites and is not liable for any error or omission on any external website to which hyperlinks are provided on this webpage.
Disclaimer: The following is a non-exhaustive list of national laws that could be applicable and FMA Liechtenstein is not liable for any omission in that list. Supervision of the requirements deriving from these laws is not under the supervision of FMA Liechtenstein. The applicability of these requirements, and any other legal requirements, should be assessed before marketing or investing in a UCITS or an AIF. Where uncertainty exists, those marketing or investing in UCITS or AIFs should obtain independent advice as to the applicable requirements to their individual situation.
The laws and ordinances are available on the goverments website.
Summary of the marketing requirements for UCITS
Details of the marketing of UCITS in Liechtenstein are described in FMA Instruction 2021/19 – Instruction on cross-border distribution of funds and FMA Instruction 2017/4 on the UCITS notification procedure.
Summary of the marketing requirements for AIFs
Details of the marketing of AIFs in Liechtenstein are described in FMA Instruction 2021/19 – Instruction on cross-border distribution of funds and FMA Guideline 2019/16 on EEA AIF and EEA AIFM notification procedures. Especially in the FMA Guideline 2019/16 on EEA AIF and EEA AIFM notification procedures a possible distribution to retail investors is described.
Summary of fees for the cross boarder distribution of funds in Leichtenstein
This page contains information on the fees and charges levied by FMA Liechtenstein for carrying out its duties in relation to the cross-border activities of AIFMs, EuSEF managers, EuVECA managers and UCITS management companies referred to in Article 10(1) of Regulation (EU) 2019/1156 of the European Parliament and of the Council of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings.
Details are described in FMA Instruction 2017/4 on the UCITS notification procedure and FMA Guideline 2019/16 on EEA AIF and EEA AIFM notification procedures.
| Matter | Fees (for AIF and UCITS) |
|---|---|
| Registration fees |
Single funds have to pay CHF 500 per single fund. Umbrella funds have to pay CHF 500 for each sub-fund. |
| Supervision fees | Each Single Funds or Sub-fund has to pay an annual supervision fee of CHF 1‘250. |
| Fees levied for the notification of documents and for any subsequent update of prior notification | free of charge |
| Pre-marketing fees | For each outgoing-pre-marketing an Liechtenstein AIFM has to pay CHF 250. Incoming pre-marketing is free of charge. |
Disclaimer: The fees or charges listed above are those that are levied by FMA Liechtenstein. However, marketing UCITS or AIFs in [name of the Member State] may incur other costs relating to administrative obligations, third-party advice or commercial development. FMA Liechtenstein is not responsible for maintaining external websites and is not liable for any error or omission on any external website to which hyperlinks are provided on this webpage.