The Financial Market Authority Liechtenstein has become a full member of the European Banking Authority, granting financial market players from Liechtenstein greater access to European markets. Alternative investment fund managers also stand to benefit.
Until recently, the Financial Market Authority Liechtenstein (FMA) only had observer status in the European Banking Authority (EBA) in London, the European Insurance and Occupational Pensions (EIOPA) in Frankfurt and the European Securities and Markets Authority (ESMA) in Paris.
Now that the EU regulations concerning the European supervisory authorities have been incorporated into the Agreement on the European Economic Area (EEA Agreement), the FMA has become a full member in all three supervisory bodies.
As a full member, the FMA is represented in all three supervisory bodies with the same rights and obligations as the national supervisory authorities of the respective EU nations. But as a non-EU member, it does not have voting rights in the individual committees of these financial supervisory authorities.
With the incorporation of the EU regulations into the EEA Agreement and the FMA’s full membership in the supervisory bodies, Liechtenstein’s financial market players now have the same access to the EU internal markets as the 28 EU nations, as well as Norway and Iceland. This also includes managers of alternative investment funds.