Fund Distribution Alert 2022-14
EU Directive 2019-1160 Transposition Update – Liechtenstein
EU Directive 2019-1160 Transposition Update – Liechtenstein
EU Directive 2019/1160 has entered into force in Liechtenstein without additional gold-plating.
The directive as well as regulation (EU) 2019/1156 were transposed in advance, and prior to their incorporation to the EEA agreement, as part of the legislative amendments to the AIFMG and UCITSG in Liechtenstein. The motivation given for this is to avoid disadvantage for domestic funds and their management companies/AIFMs resulting from the delay in EEA incorporation.
Following this, a physical presence for the fulfilment of facilities services will no longer be required for UCITS in Liechtenstein, meaning that a paying agent in the country of marketing is therefore no longer required. It will be sufficient to make facilities available by electronic means in the official language (German) or another approved language.
The FMA instruction 2021/19 on cross-border distribution of funds, as issued on 26 August 2021 and amended on 8 February 2022, can be accessed here (PDF, 0.5MB).
Please feel free to contact us should you require any additional information.
Contacts
Said Fihri
Partner
+352 22 51 51 7892
said.fihri@kpmg.lu
Stephanie Zedda
Director
+352 22 51 51 7271
stephanie.zedda@kpmg.lu
