PD Dr. Thomas Stern MBA

• since 2025
  Associate / Legal Counsel at Law Firm Bergt and Partners Ltd., Vaduz, Liechtenstein
   
• 2022 – 2025
  Head of the Division for Bank and Investment Firm Resolution, Financial Market Authority Liechtenstein (FMA)
   
• since 2024
  Lecturer (Legal Sciences), Private University in the Principality of Liechtenstein (UFL), Triesen
   
• since 2022
  Lecturer (International Economic Relations), University of Applied Sciences Burgenland, Austria
   
• since 2021
  Lecturer (Department of Labour and Business Law), University of Salzburg, Austria
   
• since 2020
  Privatdozent (Habilitated Lecturer) at the University of Liechtenstein (Banking and Financial Market Law, European Law), Vaduz
   
• 2020 – 2022
  Deputy Head of the Supervision Department (Banking Division), Financial Market Authority Liechtenstein
   
• 2017 – 2020
  Senior Specialist in the Supervision Department (Banking Division), FMA Liechtenstein
   
• 2009 – 2017
  Legal Specialist at the Austrian Financial Market Authority (FMA Austria); chair and project lead in various internal cross-departmental expert groups
   
• 2008 – 2012
  Research Associate, Course Instructor and Lecturer at the Faculty of Business, University of Vienna (Civil Law and Corporate Law)
   
• 2006 – 2007
  Judicial Clerkship at the District Court of Stockerau and the Commercial Court of Vienna

• since 2025
  Co-editor of the Journal for Crisis, Restructuring and Insolvency Advisory (Zeitschrift für Krisen-, Sanierungs- und Insolvenzberatung, https://www.ksidigital.de; Erich Schmidt Verlag, Berlin)
   
• 2022 – 2023
  Master of Laws (LL.M.) in Corporate Restructuring, University of Heidelberg, Germany
   
• 2022
  Bank Resolution Academy, Florence School of Banking and Finance, Italy
   
• 2020
  Habilitation at the University of Liechtenstein; awarded the venia legendi (authorization to teach) for the subject area Banking and Financial Market Law, including European and EEA legal foundations
   
• since 2013
  Editorial board member of the Journal of Financial Market Law (Zeitschrift für Finanzmarktrecht, ZFR, Vienna)
   
• 2013 – 2014
  Professional MBA (Finance), WU Executive Academy, Vienna University of Economics and Business
   
• 2010 – 2012
  Postgraduate Program in Financial Market Supervision, Vienna University of Economics and Business
   
• 2007
  Research stay at the University of Essex, United Kingdom
   
• 2005 – 2011
  Master’s degree in Political Science (Mag. phil.), University of Vienna, with specializations in European Politics and Democratic Theory
   
• 2002 – 2011
  Diploma and Doctorate studies in Law (Mag. iur. & Dr. iur.), University of Vienna, with specializations in European Law, Corporate Law, and Competition Law

• 2026
  Leaders in Law - Global Awards 2026 Winner - Financial Markets & Banking and Finance Expert of the Year 
   
• 2014
  Named “Speaker of the Year” by the Institute of International Research (IIR)
   
• 2004
  High Potential Award from the University of Vienna, Austria

• since 2023
  Member of the EBA Standing Committee on CCP Resolution (CCP-ResCO)
   
• since 2022
  Member of the EBA Standing Committee on Resolution (ResCO)
   
• since 2019
  Member of the European Banking Committee (EBC)
   
• since 2019
  Member of the Expert Group on Banking, Payments and Insurance (EGBPI)
   
• since 2011
  Member of the EBA Subgroup on Liquidity Risk
   
• 2013, 2017–2022
  Member of the EBA Workstream on SIFI Regulation, the EBA Standing Committee on Regulation and Policy (ScrePol), and the EBA Standing Committee on Oversight and Practices (SCOP) – now merged into SuPRISC
   
• 2015–2016
  Member of the Working Group on Pillar II, Net Stable Funding Ratio (NSFR), Leverage Ratio, STS Regulation, and CRR Amendment on Securitizations
   
• 2014–2017
  Member of the SSM Network, including:
  • Methodology & Standards (DG IV)
  • Supervisory Policy (DG IV)
  • Macroprudential Policy Group (MPPG)
  • SSM Liquidity Working Group
  • LEGCO Task Force No. 1 – Legal Obstacles Related to Intra-Group Capital and Liquidity Transfers
  • National Advisor to the SSM Subgroup on Supervisory Training (SGST)

• German
• English

Articles in Professional Journals

• Technical Standards and Guidelines in the European System of Financial Supervision, ZFR 2011, pp. 252–255.
• Liquidity Regulation under Basel III: Current Negotiation Status of European Implementation via CRR I and CRD IV, SPRW 2012, pp. 12–32.
• Internal Governance in European Banking Supervision Law, ZFR 2012, pp. 59–63.
• Green Paper on Shadow Banking, 2012, pp. 139–140.
• FMA Circular on the Application of the Liquidity Risk Management Regulation, ZFR 2012, pp. 44–45.
• EBA Publishes Consultation Paper on “Draft Guidelines on the Assessment of the Suitability of Members of the Management Body and Key Function Holders of a Credit Institution”, ZFR 2012, p. 140.
• On the Importance of Institutional Protection Schemes, ZFR 2013, pp. 206–211.
• Reflections on the Future Redesign of the Basel Accord: BCBS Publishes Discussion Paper on “The Regulatory Framework: Balancing Risk Sensitivity, Simplicity and Comparability”, ZFR 2013, pp. 292–293.
• FMA Publishes Circular on the Assessment of the Suitability of Executive Directors, Supervisory Board Members, and Key Function Holders (“Fit & Proper” Circular), ZFR 2013, pp. 192–193.
• EBA Activities 2012 and Outlook for 2013, ZFR 2013, pp. 46–47.
• EBA Publishes “Guidelines on the Assessment of the Suitability of Members of the Management Body and Key Function Holders”, ZFR 2013, p. 47.
• Opinion of the European Banking Authority on the Macroprudential Provisions in Regulation (EU) 575/2013 and Directive 2013/36/EU (EBA/Op/2014/06), ZFR 2014, p. 293.
• Regulating Liquidity Risks within Institutional Protection Schemes, Beijing Law Review 2014, pp. 210–239.
• Innovations for the Banking Sector through Basel III, in Braumüller/Ennöckl/Gruber/Raschauer (eds.), From Basel III to PRIPs – European Financial Market Law Facing New Challenges, 2014, pp. 1–9.
• Draft Amendment to the Austrian Banking Act: Adjustments with Regard to the SSM and External Bank Audits, ZFR 2014, p. 146.
• European Commission Issues Delegated Regulation on the “Liquidity Coverage Ratio (LCR)”, ZFR 2014, pp. 406–407.
• EBA Activities 2013 and Outlook for 2014, ZFR 2014, pp. 46–47.
• Delegated Regulation of the Commission on the Calculation of Own Funds Requirements for Financial Conglomerates (Delegated Regulation (EU) 342/2014), ZFR 2014, pp. 193–194.
• ECB Decision and Recommendation of 24 February 2014 on Organising Preparatory Measures for the Collection of Granular Credit Data by the European System of Central Banks (ECB/2014/6 and 7), ZFR 2014, p. 193.
• Decision of the European Systemic Risk Board on Macroprudential Measures by National Supervisory Authorities of 27 January 2014 (ESRB/2014/2), ZFR 2014, pp. 191–192.
• FMA Publishes Draft Regulation on the Capital Buffer Regulation, ZFR 2015, pp. 550–551.
• On the Personal Scope of Application of European Banking Regulation in Austria, ZFR 2016, pp. 374–378.
• CRR II & CRD V: (De)Regulation with a Shaky Hand, ZFR 2017, pp. 56–60.
• On the Possibilities and Limits of Financing Deposit Guarantee Schemes, ZFR 2018, pp. 596–601.
• Amendment to the Delegated Regulation on the Minimum Liquidity Ratio (LCR), ZFR 2018, pp. 147–148.
• European Commission Publishes Final Revision of the Minimum Liquidity Ratio (LCR), ZFR 2018, p. 431.
• EBA Publishes Pillar II Package, ZFR 2018, pp. 483–484.
• CRR II & CRD V: Opinions of the European Parliament, ZFR 2018, pp. 429–431.
• Consolidation of Market Risk under Article 325 CRR, ZFR 2019, pp. 444–450.
• EBA Publishes Guidelines on “High-Risk Exposures”, ZFR 2019, p. 100.
• CRD V: Another Step Toward the Finalization of Basel III (from Seven Perspectives), ZFR 2019, pp. 288–293.
• Concerning the Weakest Link, SPWR 2019, pp. 115–124.
• European Covered Bond Regime, ZFR 2020, pp. 4–10.
• Investment Firm Review: Metamorphoses and New Norms in the Realm of Investment Firms, ZFR 2020, pp. 114–122.
• Early Withdrawal of Term Deposits: Consideration in the Liquidity Coverage Ratio (LCR)? ÖBA 2020, Issue 7, pp. 473–478.
• Banking Regulation in Europe: In Search of the (Once Believed) Lost Proportionality, ZFR 2020, Issue 7, pp. 293–298.
• CRR in the COVID Version: Adjustments to European Banking Regulation Due to the COVID-19 Pandemic, ZFR 2020, Issue 8, pp. 385–389.
• AMLA – Supranational Anti-Money Laundering Supervision in the Mold of the SSM, ZWF 2021, Issue 5, pp. 214–218.
• CJEU Recognizes Partial Inapplicability of EBA Recommendation to the Bulgarian Central Bank (EBA/REC/2014/02) – Comments on CJEU 25.3.2021, C‑501/18 (“BT vs Balgarska Narodna”), ZFR 2021, Issue 7, pp. 329–331.
• Union Law Objectives and Instruments of Banking Supervision, ZFR 2021, Issue 10, pp. 480–486.
• Purpose of the SPG: Comments on OGH 05 CG.2017.107 LES 2020 156, LJZ 2022, Issue 4, p. 279.
• Adjustment of the LCR to the Specifics of the Covered Bond Directive Safeguards the Interests of Pfandbrief Creditors, ZFR 2022, Issue 6, pp. 264–266.
• On the Disposition of Temporarily Covered Deposits under § 12 ESAEG: Comments on OGH 6.10.2022, 1 Ob 241/21d, ZFR 2023, Issue 2, pp. 62–67.
• The Asset Reserve – Liquidity Regulation for Token Issuers under MiCAR, ZFR 2023, Issue 6, pp. 282–285.
• “Pay-box” in Bank Resolution? Current Proposals of the Commission on the Reform of Deposit Guarantee Schemes (CMDI Review), ÖBA 2023, Issue 8, pp. 570–575.
• Treatment of Disclosed Trust Accounts in the Event of Deposit Guarantee: Comments on OGH 18.4.2023, 6 Ob 139/22t, ZFR 2023, Issue 8, pp. 380–383.
• “No Creditor Worse Off” in the European Bank Resolution Regime: Prohibition of Obstruction or a Breaking Point? SPWR 2023, pp. 69–106.
• Holding Companies as Financial Institutions? Comments on CJEU 26.10.2023, C-207/22 Lineas ua, ZFR 2023, Issue 12, pp. 591–593.
• Only One Supervisory Consolidation Circle? Comments on VwGH 14.12.2023, Ra 2021/02/0068, ZFR 2024, Issue 3, pp. 114–117.
• Crypto Asset or Financial Instrument? Does Art. 2(5) MiCAR Resolve the Delimitation Problem? ZFR 2024, Issue 9, pp. 416–419.
• Insolvency III: Current Status of the Legislative Initiative, KSI 5/24, pp. 269–273.
• Prudential Quantification Theory: Who is the “Client” in Financial Market Law? ZFR 2024, Issue 12, pp. 574–577.
• Resolution of Insurance Undertakings: The IRRD in Comparative Legal Perspective, ZVers 2024, Issue 6, p. 284.
• Current Debates on the Reform of Bank-Specific Insolvency Ranking (“Super Preference”): How Secure Are Corporate Deposits in the Event of Deposit Guarantee? KSI 1/25, pp. 36–38.
• Ad Hoc Public Disclosure in Prolonged Situations under Article 17(1) MAR in Light of the ESMA Consultation Paper, ZFR 2025, Issue 3, pp. 56–58.
• Reduction of Executive Remuneration in the Event of Economic Deterioration: Comments on the Review Approach of the German Federal Court of Justice (BGH) of 22 October 2024, II ZR 97/23, DB 2025, p. 40, KSI 3/25 (forthcoming).

Articles in Professional Journals (with Co-Authors)

• Comments on Art. 28(1)(b) CRR: Contributions in Kind as Recognised Core Capital Instruments of a Bank? WM – Wirtschafts- und Bankrecht 2018, pp. 889–892.
• Audit Rights of the Internal Bank Audit in Cross-Border Situations, SPWR 2018, pp. 113–124.
• Ensuring the Resolvability of Banking Groups: An Analysis of the Supervisor’s Room for Manoeuvre, SPWR 2019, pp. 1–19.
• Audit Rights of Internal Bank Group Audit in Cross-Border Situations: Also a Contribution on the Substantive and Territorial Limits of Group Auditing under the Austrian Banking Act (BWG), ÖBA 2019, pp. 29–37.
• Delegation and Outsourcing of Due Diligence Obligations – with Comments on the Scope of Articles 14 SPG and 24 ff. SPV, LJZ 2020, Issue 2, pp. 156–165.
• “EBA Guidelines on Loan Origination and Monitoring”: European Minimum Standards for Lending and Credit Monitoring, ZFR 2020, Issue 12, pp. 603–611.
• Regulatory Sandboxes and Innovation Hubs – Comparative Legal Remarks on the Promotion of Fintechs in the DACH Region, ZFR 2021, Issue 1, pp. 4–12.
• Re-Regulation of Financial Holdings: Revolution or Evolution? Critical Remarks on Definition, Authorisation and Exemption in EU Banking Supervision Law, ZFR 2021, Issue 4, pp. 160–168.
• State and Official Liability in the Insurance Sector – or: What Mattersburg Does (Not) Have in Common with Vaduz – With Comments on EFTA-Court E-5/20 (SMA SA), LJZ 2021, Issue 6.
• IBOR Reform: Status Quo & Impact on Corporate Governance, BankPraktiker July 2021, Article 18277.
• Noli turbare circulos consolidationis meos! Comments on BVwG 12.1.2021, W172 2114097-2/15E, ZFR 2021, Issue 9 (Editorial).
• Scope and Applicability of the Liechtenstein Blockchain Act (TVTG), SPWR 2021, pp. 229–236.
• State Supervision of VT Service Providers, SPWR 2021, pp. 237–248.
• Anti-Money Laundering by VT Service Providers, SPWR 2021, pp. 249–269.
• Essential Conduct Obligations of VT Service Providers, SPWR 2021, pp. 271–288.
• Benchmark Regulation – Part 1: Framework Conditions and Fallback Solutions, IRZ 2021, pp. 455–460.
• Benchmark Regulation – Part 2: Accounting and Risk Management, IRZ 2021, pp. 529–532.
• Procedural Efficiency in Financial Market Law? ZVG 2022, Issue 1, pp. 23–29.
• Limbus Situations and Transfer Strategies: Selected Determinants of the Bank Resolution Regime and MREL Calibration in Light of the CMDI Package (Proposals on “BRRD III”), ÖBA 2023, Issue 7, pp. 486–491.
• On the Legality of Granting Loans by EEA-AIFMs in Austria: Comments on § 3(3)(7) BWG, ZFR 2024, Issue 4, pp. 160–163.
• Imposition of Penalty Interest by the ECB for Breaching Large Exposure Limits: Comments on the General Court Judgments of 28 February 2024, T‑647/21 and T‑99/22 (“Penalty Interest”), ZFR 2024, Issue 4, pp. 179–184.
• Banking Regulation of Third-Country Branches under CRD VI: Legislative Leeway of the National Legislator? ZFR 2024, Issue 11, pp. 516–520.

Book Chapters

• Liquidity Regulation: LCR, NSFR and AMM, in: Cech/Helmreich (eds.), Reporting Requirements for Financial Institutions. What Does the New European Supervision Bring? (2017, updated 2022), pp. 243–276.
• Procedural Plurality & Cost Allocation in Liechtenstein: Commentary on VGH 2018/003 (GE 2018, 82), in: Soyer/Schuhmann (eds.), Procedural Fairness for Companies – Corporate Criminal Law Days, Vol. 3 (2022), pp. 63–75.
• ESG Risks in the Prudential Regime: Challenges for Regulation and Supervision, in: Zahradnik/Richter-Schöller (eds.), Sustainable Finance (2023), pp. 113–124.
• AIFMs as Part of the Capital Markets Union: Developments under AIFMD II, in: Stern (ed.), Practical Handbook on Alternative Investment Funds (2024), pp. 1–15.
• Regulatory Boundaries: The Thin Line Between MiCAR & MiFID II, in: Perathoner (ed.), Conference Proceedings of the International Forum on Economic Law, Bolzano (2024, forthcoming).

Book Chapters (with Co-Authors)

• Second Chances and Their Pitfalls: The BRRD Concept for Ensuring the Resolvability of Cross-Border Banking Groups, in: Ruhm et al., Handbook on Corporate and Tax Law in Groups (2020), pp. 1019–1050.
• Group Audit under the Austrian Banking Act (BWG), in: Ruhm et al., Handbook on Corporate and Tax Law in Groups (2020), pp. 999–1018.
• State Supervision of Protection Schemes, in: Stern et al., Deposit Guarantee (2021), pp. 105–116.
• Key Elements and Special Features of the Liechtenstein Deposit Guarantee Scheme, in: Stern et al., Deposit Guarantee (2021), pp. 313–328.
• Deposit Guarantee and Resolution Regimes, in: Stern et al., Deposit Guarantee (2021), pp. 443–464.
• Financial Holdings in Group Law, in: Ruhm et al., Handbook on Corporate and Tax Law in Groups, Supplement Volume (2023), pp. 175–186.

Contributions to Government Publications

• Liquidity in Liechtenstein’s Banking Sector, in: FMA Liechtenstein (ed.), Financial Stability Report (2020), pp. 65–67.
• Interest Rate Risk in Liechtenstein’s Banking Sector, in: FMA Liechtenstein (ed.), Financial Stability Report (2021), pp. 60–62.

Monographs

• The European Public Sphere in Light of the Treaty of Lisbon: A Theoretical Analysis Based on the Normative Frameworks of Jürgen Gerhards (2014), Akademikerverlag, ISBN 978-3-639-49667-3, 180 pages.
• Banking Supervision Law in the European Economic Area: Normative Lessons from the Financial Crisis (2020), Jan Sramek Verlag, May 2020, 370 pages.

Academic Theses

• Union-Level Legislation on European Competition Law in Light of Governance and the Democratic Concept – The Commission’s Approach, Doctoral dissertation, University of Vienna (2010, 359 pages).
• The Prudential Prohibition of Obstruction under Article 15(1)(g) SRM Regulation: A Doctrinal and Comparative Legal Analysis, Master's Thesis for the LL.M. in Corporate Restructuring, University of Heidelberg (2023, 70 pages).

Legal Commentaries (Grouped by Subject Area)

• In Vonkilch, Commentary on the E-Money Act 2010 (2015), §§ 32–35.
• In Laurer, Commentary on the Austrian Banking Act – BWG⁴ (2017), §§ 30b and 30c BWG.
• In Laurer, Commentary on BWG⁴ (2017), Articles 7–10 CRR.
• In Laurer, Commentary on BWG⁴ (2017), Articles 19–24 CRR.
• In Laurer, Commentary on BWG⁴ (2017), Articles 411–428 CRR.
• In Weilinger et al., Commentary on the Austrian Payment Services Act – ZaDiG 2018² (2020), §§ 11, 12, 20 and 23.
• In Heindler/Wolfbauer, Commentary on the Covered Bond Act (2022), §§ 18, 20 and 21.
• In Kammel/Schütz, Commentary on the BaSAG (2022), §§ 12–14, 17, 18, 34, 35, 41–43, 133–146, 149–151.
• In Raschauer/Stern et al., MiCAR Short Commentary (2024), Articles 31–36, 41.

Legal Commentaries (with Co-Authors, Grouped by Subject Area)

• In Dellinger/Blume, Commentary on the Austrian Banking Act⁹ (2017), § 39 BWG.
• In Laurer, Commentary on BWG⁴ (2017), Articles 11–18 CRR.
• In Laurer, Commentary on BWG⁴ (2017), Articles 92–94 CRR.
• In Raschauer/Stern et al., MiCAR Short Commentary (2024), Articles 1, 2.

Peer Reviews and Expert Evaluations

• Referee for: Boss/Lederer/Mujic/Schwaiger, "Proportionality in Banking Regulation," in: Monetary Policy & the Economy, Oesterreichische Nationalbank, Issue Q2/18, pp. 51–70.

Edited Volumes

• Raschauer/Stern, Deposit Guarantee: Comparative Law – Case Studies – Relevance for Financial Stability, Linde Verlag, ISBN 978-3-7143-0356-8, April 2021, 624 pages.
• Stern (ed.), Practical Handbook on Alternative Investment Funds, Linde Verlag, ISBN 978-3-7073-4698-5, May 2024, 616 pages.
• Raschauer/Stern et al., MiCAR Short Commentary, Jan Sramek Verlag, ISBN 978-3-7097-0350-2, June 2024, 920 pages.

Newspaper Articles

• “Financial Market Supervision in Times of Crisis”, guest commentary in Wirtschaft Regional, 13 November 2020.

Lectures and Presentations

• “Are we prepared?” (30 May 2024, EFDI Annual Conference, Nice)
• “Crypto-Asset or Financial Instrument?” (17 May 2024, International Forum for Economic Law, Bolzano)
• “Anti-Money Laundering & Financial Market Stability” (18 January 2024, UFL Liechtenstein)
• “Crisis Management & Artificial Intelligence” (6 December 2023, FIRE Conference, University of Örebro)
• “Who or What Does Banking Supervision Protect?” (9 June 2022, Inaugural Lecture, University of Liechtenstein)
• “Sustainability from the Supervisory Perspective” (11 March 2022, University of Innsbruck)
• Jean Monnet Lecture: “Supervision from the Cradle to the Grave” (11 February 2022, Università Ca’ Foscari Venezia)
• “Prosecution Plurality and Financial Market Regulation” (Corporate Criminal Law Days, JKU Linz, October 2021)
• “Protective Purpose of Banking Supervision” (ZFR Forum, April 2021, WU Vienna)
• “Implementation of the 5th AML Directive in Liechtenstein” (SPG Conference, 1 December 2020, University of Liechtenstein)
• “Financial Market Regulation and Monetary Policy” (Habilitation Colloquium, 22 October 2020, University of Liechtenstein)
• “LCR & NSFR” (Risk Management Conference, Warsaw, November 2019)
• “Interfaces Between Financial Market Law and the Token Economy” (University of Liechtenstein, 2018)
• “Deposit Guarantee and Systemic Relevance” (University of Liechtenstein, May 2018)
• “Fintech and Systemic Risk” (University of Zurich, November 2017)
• “Basel 3+” (University of Liechtenstein, November 2016)
• “The Net Stable Funding Ratio (NSFR) & The Liquidity Coverage Ratio (LCR): What Will the Likely Impact Be for Financial Institutions?” (RiskMinds & Regulation, Barcelona, September 2014)
• “Single Supervisory Mechanism & National Discretion” and “Requirements for Risk Management” (IIR, March 2014)
• “Effects of the Crisis on the European Financial Sector – The Origins of Basel III” (IIR, January 2014)
• “Basel III: Effects on the Financial Sector” (ZFR Conference, Salzburg, November 2013)
• “Funds Transfer Pricing from a Supervisory Perspective” (Vereon: Bank Management 1, Frankfurt, March 2013)
• “Systemic Risk & Basel III” (Vereon: Bank Management 2, Frankfurt, March 2013)
• “Corporate Governance in Financial Market Law: Origins and Evolution” (IIR, March 2013)
• “The Supervisory Board” (Conference for State Commissioners, Arcotel Wimberger, January 2013)
• “Focus: Liquidity” (PwC Presentation Series, November 2012)
• “Liquidity Regulation” (University of Cambridge, Financial Regulation Seminar, September 2012)
• “European Dimensions of Banking Supervision Law” (University of Vienna, March 2012)
• “Basel III: Liquidity and Liquidity Risk” (OeKB, Austrian Bankers’ Association, December 2011)
• “The Europeanisation of the Supervisory Architecture” (RZB, Raiffeisen Audit, November 2011)
• “The ESFS and Its Interaction with National-Level Actors” (University of Salzburg, International Conference, September 2011)