EFTA and its relationship to the EEA
Since May 1960, Liechtenstein held a special status within the European Free Trade Association (EFTA) . On 1 September 1991, Liechtenstein became a full member of EFTA. The foundation for membership in EFTA is the EFTA Convention (Vaduz Convention) . Four countries are currently members of EFTA: Switzerland, Liechtenstein, Norway, and Iceland. Three of these, Iceland, Liechtenstein, and Norway, are also members of the EEA. This makes it necessary to coordinate EFTA and EEA affairs.

Among other responsibilities, the EFTA Secretariat in Brussels supports the work of the Standing Committee of the EFTA States (in which Switzerland only holds observer status), which plays a coordinating role for the EFTA/EEA States vis-à-vis the EU Commission. The EFTA Secretariat further prepares the meetings of the EEA Joint Committee , which is responsible for ongoing administration of the EEA Agreement and its further development. This includes Annex IX of the EEA Agreement on financial services.

Working Group on Financial Services
The EFTA Secretariat further acts as Secretariat for the Working Group on Financial Services. This working group meets quarterly at the EFTA/EEA level. It is composed of national experts of the EFTA/EEA States and discusses the basis for any adoption by EFTA/EEA States of EU legal acts relevant to the financial services sector. On the Liechtenstein side, the Financial Market Authority Liechtenstein is responsible for this working group.

EFTA free trade agreements – financial services
EFTA also concludes free trade agreements. Recent agreements now tend to allow a liberalization of financial services in principle, but only as negotiated bilaterally with each EFTA State. Such liberalization has not yet occurred with respect to Liechtenstein. The EFTA free trade agreement with Chile, for instance, was concluded without a chapter on financial services.