The Liechtenstein Financial Market Authority has published a practice guide setting out anonymized supervisory decisions and appeal outcomes from the 2025 supervisory period, with the aim of showing how it applies and interprets supervisory law. The guide highlights several cases that the authority considers particularly relevant for future supervisory practice, including a bank case in which it ordered remediation because one board member did not individually meet professional suitability requirements and the board as a whole did not meet the requirement to include at least one-third independent members. The order specified training courses and examinations that the board member must complete in 2025 and 2026. The guide also describes a case in which an asset management company was found not to have an adequate domestic place of business or functioning on-site administration. Following on-site inspections, the FMA concluded that the company's alleged offices were inadequately equipped and that management was not carrying out the relevant workload at the head office. It further found that the company's shared office arrangement did not meet the requirements of the VVG, which requires physically separated and lockable office space with sufficient workstations and no third-party access to business documents or client files. Compliance was later restored and both the administrative and administrative penalty proceedings were concluded. In another case, the FMA revoked an insurance company's license for all activities after finding irregularities serious enough to jeopardize insured parties' interests if operations continued. The company was ordered to settle existing insurance contracts without delay or transfer them to another suitable insurer, and subsequent appeals to the FMA Appeals Commission and the VGH were dismissed. Across 2025, the FMA concluded 75 enforcement proceedings with final and binding decisions, comprising 30 administrative proceedings, 42 administrative penalty proceedings and three combined proceedings. As of January 1, 2026, 37 proceedings were pending. Of the completed cases, 17 were dismissed, 34 resulted in measures imposed by simple letter, seven ended with a final order, seven with voluntary compliance and 10 with an administrative fine or administrative penalty fine. Final fines totaling CHF 590,000 were imposed across 17 proceedings.
Liechtenstein Financial Market Authority2026-07-24
Liechtenstein Financial Market Authority publishes 2025 practice guide highlighting first bank board suitability order and 75 concluded enforcement cases
The Liechtenstein Financial Market Authority published a 2025 practice guide summarizing anonymized supervisory and appeal decisions and showing how it applies supervisory law. It highlights a first bank governance order requiring remediation of an unqualified board member and insufficient board independence, findings that an asset manager's shared office failed domestic presence requirements, and an upheld insurance license revocation. The guide also reports 75 concluded enforcement proceedings in 2025, with CHF 590,000 in final fines across 17 cases.