Liechtenstein amended investment law

Source: Janine Bernsdorf¸ PKF Malta¸ 2 February 2012

The Liechtenstein government has adopted the amendment of the Securities Prospectus Act and the Disclosure Act as well as the Asset Management Act in a meeting that took place on  January 24¸ 2012 in order to bring them in line with the European Union guidelines. According to the Liechtenstein government¸ the bill has been passed to implement the European directive 2010/73/EU pertaining to prospectuses published when securities are offered or submitted for trading. [1]

The directive also provides the amendment of the Transparency Directive on the harmonization of transparency requirements in relation to information regarding issuers whose securities are admitted to trading on a regulated market¸ which has been implemented in Liechtenstein in the disclosure law since 2008. [1]¸ [2]

In this way¸ the directive aims to improve the application of law and reducing the administrative burden on issuers and financial intermediaries. Furthermore¸ it serves to improve investor protection and ensure sufficient and adequate information in order to meet the needs of small investors. [1]¸ [2]

In particular¸ the format and content of the prospectus summary are improved and through the directive the disclosure requirements for both small companies and financial institutions offering securities have been eased. [2]

[1] na Presseportal¸ 24 January 2012

[2] Investors Offshore¸ 27 January 2012

Image Source: IISD