Legal Sources / Investor Protection

Because Liechtenstein is a member state of the European Economic Area (EEA), all relevant legislation of the European Union (EU) is also being transposed into national law and applicable EU ordinances do also apply.

The national UCITS-Act and AIFM-Act are fully based upon the EU’s UCITS directives (Directive 2009/65/EC and Directive 2014/91/EU) and the EU’s AIFM directive (Directive 2011/61/EU). Opposed to this the national  IU-Act is a purely national piece of legislation, please also see our information HERE.

In conformity with those laws and associated ordinances the Liechtenstein Financial Market Authority (FMA) has issued various additional rules and guidelines, e.g. the „Code of Conduct for the Liechtenstein Fund Centre“ (FMA guideline 2015/2). This Code of Conduct is intended to enhance investor protection and to foster and strengthen trust in the Liechtenstein fund centre and Liechtenstein’s finance sector (market integrity) both domestically and abroad. All fund management companies and their contractual partners (e.g. depositaries, portfolio managers) that are subject to regulation by the FMA undertake to comply with this Code of Conduct.



All laws and ordinances (implementing regulations) of the Liechtenstein jurisdiction are available in German in their latest versions at www.gesetze.li.

Selected consolidated laws in the english language can be found at www.regierung.li/law.

The following are listed by way of example only:

  • Investment Undertakings Act (IUA)
  • Investment Undertakings Ordinance (IUO)
  • Law on Undertakings for Collective Investment in Transferable Securities (UCITSA)
  • Ordinance on Undertakings for Collective Investment in Transferable Securities (UCITSO)
  • Securities Prospectus Act (SPA)
  • Financial Markets Supervision Act
  • FMA Fee Ordinance
  • Code of Personal and Company Law (CPCL)
  • Ordinance on the Code of Personal and Company Law
  • Asset Management Act (AMA)
  • Asset Management Ordinance (AMO)
  • Due Diligence Act (DDA)
  • Due Diligence Ordinance (DDA)

All guidelines and notices of the Liechtenstein FMA can be found at www.fma-li.li/en.

The latest versions of all EU directives and regulations can be found at http://eur-lex.europa.eu.

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