2026 · series since 2020Collection of laws
Collection of Liechtenstein Laws
The 2026 editions of the series edited by Josef Bergt and Thomas Stern compile key Liechtenstein legislation on civil procedure, company law, civil law, criminal law and constitutional law; the detail page also provides the unofficial English translations.
Bibliographic referenceBergt, J., & Stern, T. (Eds.). (2026). Gesetzessammlung des liechtensteinischen Rechts (3rd ed., multiple volumes). Books on Demand.
12/2025Article / chapter
Liechtenstein’s FinTech at the Frontier
The chapter examines how Liechtenstein’s token-centric private-law framework interacts with European rules on payments, asset-referenced tokens, MiCAR and platform economies.
Bibliographic referenceStern, T., & Bergt, J. (2025). Liechtenstein’s FinTech at the frontier: How Liechtenstein’s token-centric private law meets EU market rules for payments, asset-referenced tokens, and platform economies offering proportionate set-ups and a gateway to the EU single market. International Fintech Review 2025/26. Beaumont Capital Markets.
07/2025Article / chapter
Mergers & Acquisitions Laws and Regulations 2025 – Liechtenstein
Country chapter on the Liechtenstein legal and regulatory framework for mergers, acquisitions and corporate transactions.
Bibliographic referenceBergt, J., & Stern, T. (2025). Liechtenstein. In L. Corte & D. Klimentchenko (Eds.), Global Legal Insights – Mergers & Acquisitions 2025 (14th ed., pp. 99–108). Global Legal Group Ltd.
04/2025Book / monograph
Introduction to Liechtenstein due diligence law
The practice-oriented handbook covers the SPG and SPV, AML/CFT, risk-based compliance and digital business models. The book has also been cited by the Supreme Court of Liechtenstein in OGH 09 CG.2024.49.
Bibliographic referenceBergt, J., & Graber, N. (2025). Einführung in das liechtensteinische Sorgfaltspflichtrecht: Ein Praxishandbuch für Sorgfaltspflichtige gemäss SPG. Schulthess Juristische Medien AG.
2025Journal article
Ad Hoc Public Disclosure in Prolonged Situations under Article 17(1) MAR in Light of the ESMA Consultation Paper
Thomas Stern
Bibliographic referenceZFR 2025, Issue 3, pp. 56–58.
2025Journal article
Current Debates on the Reform of Bank-Specific Insolvency Ranking (“Super Preference”): How Secure Are Corporate Deposits in the Event of Deposit Guarantee?
Thomas Stern
Bibliographic referenceKSI 1/25, pp. 36–38.
12/2024Report / study
EURICSE (2024). Synthesis report on Council Regulation No. 1435.2003 - Statute for a European Cooperative Society
Liechtenstein national report supporting the European study of the Statute for a European Cooperative Society (SCE).
Bibliographic referenceBergt, J. (2024). National report on Liechtenstein. In EURICSE, Synthesis report on Council Regulation No. 1435/2003 – Statute for a European Cooperative Society. https://doi.org/10.2873/3934539
05/2024Teaching material
Lecture Open Educational Resources (OER) - Creative Commons Licenses
Teaching material on Open Educational Resources and Creative Commons licensing at Seeburg Castle University.
Bibliographic referenceBergt, J. (2024). Open Educational Resources (OER) – Creative Commons licenses [Teaching material]. Seeburg Castle University.
04/2024Journal article
Decentralized Finance (DeFi): An interdisciplinary overview
Interdisciplinary overview of decentralized finance from legal and economic perspectives.
Bibliographic referenceBergt, J. (2024). Decentralized Finance (DeFi): An interdisciplinary overview. Zeitschrift für das Recht der digitalen Wirtschaft (ZdiW), 4(1), 30–41.
01/2024Journal article
Decentralized Finance (DeFi): A literature review from economic and legal perspectives with practical implications
Literature review connecting economic and legal research on DeFi with practical implications.
Bibliographic referenceBergt, J. (2024). Decentralized Finance (DeFi): Ein Literature Review aus Wirtschafts- und Rechtswissenschaftlicher Perspektive mit praktischen Implikationen. ÖBA BankArchiv, 72(1), 35–44. https://doi.org/10.47782/oeba202401003501
2024Journal article
Insolvency III: Current Status of the Legislative Initiative
Thomas Stern
Bibliographic referenceKSI 5/24, pp. 269–273.
2024Journal article
Crypto Asset or Financial Instrument? Does Article 2(5) MiCAR Resolve the Delimitation Problem?
Thomas Stern
Bibliographic referenceZFR 2024, Issue 9, pp. 416–419.
2024Book / monograph
Practical Handbook on Alternative Investment Funds
Thomas Stern (ed.)
Bibliographic referenceStern (ed.), Practical Handbook on Alternative Investment Funds. Linde, 2024. 616 pp.
2024Book / monograph
MiCAR Short Commentary
Thomas Stern (with co-authors)
Bibliographic referenceRaschauer/Stern et al., MiCAR Short Commentary. Jan Sramek Verlag, 2024. 920 pp.
2024Article / chapter
MiCAR Short Commentary: Articles 31–36, 41; with co-author Articles 1, 2
Thomas Stern
Bibliographic referenceRaschauer/Stern et al., MiCAR Short Commentary (2024).
30 May 2024Lecture / video
“Are we prepared?”
Thomas Stern
Bibliographic referenceEFDI Annual Conference, Nice, 30 May 2024.
17 May 2024Lecture / video
“Crypto-Asset or Financial Instrument?”
Thomas Stern
Bibliographic referenceInternational Forum for Economic Law, Bolzano, 17 May 2024.
18 January 2024Lecture / video
“Anti-Money Laundering & Financial Market Stability”
Thomas Stern
Bibliographic referenceUFL Liechtenstein, 18 January 2024.
06/2023Book / monograph
Decentralized Finance Unmasked
Decentralized finance (DeFi) is a form of finance without central financial intermediaries. This work explores the interplay of behavioral finance and public policy in the emerging field of decentralized finance.
Bibliographic referenceBergt, J. (2023). Decentralized finance unmasked: Behavioral finance and public policy insights on financial market regulation. Nomos. https://doi.org/10.5771/9783748943013
2023Journal article
The Asset Reserve – Liquidity Regulation for Token Issuers under MiCAR
Thomas Stern
Bibliographic referenceZFR 2023, Issue 6, pp. 282–285.
2023Journal article
“No Creditor Worse Off” in the European Bank Resolution Regime: Prohibition of Obstruction or a Breaking Point?
Thomas Stern
Bibliographic referenceSPWR 2023, pp. 69–106.
6 December 2023Lecture / video
“Crisis Management & Artificial Intelligence”
Thomas Stern
Bibliographic referenceFIRE Conference, University of Örebro, 6 December 2023.
11/2022Regulatory note
Note on Markets in Crypto Assets
From VASP (Virtual Asset Service Provider) to CASP (Crypto Asset Service Provider) under the European Regulation on Markets in Crypto-assets (MiCAR).
2022Article / chapter
Commentary on the BaSAG: §§ 12–14, 17, 18, 34, 35, 41–43, 133–146, 149–151
Thomas Stern
Bibliographic referenceKammel/Schütz, Commentary on the BaSAG (2022).
2022Article / chapter
Commentary on the Covered Bond Act: §§ 18, 20 and 21
Thomas Stern
Bibliographic referenceHeindler/Wolfbauer, Commentary on the Covered Bond Act (2022).
9 June 2022Lecture / video
“Who or What Does Banking Supervision Protect?”
Thomas Stern
Bibliographic referenceInaugural Lecture, University of Liechtenstein, 9 June 2022.
11 February 2022Lecture / video
Jean Monnet Lecture “Supervision from the Cradle to the Grave”
Thomas Stern
Bibliographic referenceUniversità Ca’ Foscari Venezia, 11 February 2022.
12/2021Journal article
Bergt / Ospelt, Who owns the swarm of bees?
Short contribution on the legal treatment of bees and bee swarms under Liechtenstein law.
Bibliographic referenceBergt, J., & Ospelt, L. (2021). Wem gehört der Bienenschwarm? Bienen-aktuell, (101).
02/2021Journal article
Trust in Blockchain-Technology in a Sharing Economy
This article first gives a brief overview of blockchain technology and a possible range of its applications under the premise of a decentralized technological environment. The article then highlights the foundations of a sharing economy, outlines the mechanisms of trust in intermediating technology platforms, and finally shows the ways in which disruptive technologies, such as decentralized blockchain technology, can have an impact on a sharing economy.
Bibliographic referenceBergt, J. (2021). Trust in blockchain-technology in a sharing economy [Article].
02/2021Lecture / video
Lecture “Podium Recht”: Tokens as dematerialized securities
Lecture at the law panel of the Private University of Liechtenstein (UFL Triesen) on tokens as dematerialized securities/value rights (crypto assets).
2021Journal article
AMLA – Supranational Anti-Money Laundering Supervision in the Mold of the SSM
Thomas Stern
Bibliographic referenceZWF 2021, Issue 5, pp. 214–218.
2021Journal article
Scope and Applicability of the Liechtenstein Blockchain Act (TVTG)
Thomas Stern (with co-author)
Bibliographic referenceSPWR 2021, pp. 229–236.
2021Journal article
State Supervision of VT Service Providers
Thomas Stern (with co-author)
Bibliographic referenceSPWR 2021, pp. 237–248.
2021Journal article
Anti-Money Laundering by VT Service Providers
Thomas Stern (with co-author)
Bibliographic referenceSPWR 2021, pp. 249–269.
2021Journal article
Essential Conduct Obligations of VT Service Providers
Thomas Stern (with co-author)
Bibliographic referenceSPWR 2021, pp. 271–288.
2021Book / monograph
Deposit Guarantee: Comparative Law – Case Studies – Relevance for Financial Stability
Thomas Stern (with co-author)
Bibliographic referenceRaschauer/Stern, Deposit Guarantee: Comparative Law – Case Studies – Relevance for Financial Stability. Linde, 2021. 624 pp.
April 2021Lecture / video
“Protective Purpose of Banking Supervision”
Thomas Stern
Bibliographic referenceZFR Forum, WU Vienna, April 2021.
12/2020Regulatory note
Liechtenstein: Data protection and employment, OneTrust DataGuidance
As the General Data Protection Regulation (Regulation (EU) 2016/679) ("GDPR") allows Member States to provide for more specific rules on the processing of data of employees, national legislation in this area should be carefully considered and taken into account.
03/2020Report / study
Public consultation on an EU framework for markets in crypto-assets (MiCAR), through thinkBLOCKtank asbl
As President von der Leyen stated in her policy guidelines for the new Commission, it is crucial that Europe realizes the full potential of the digital age and strengthens its industrial and innovation capacity within safe and ethical boundaries. Digitalization and new technologies are significantly changing the European financial system and the way it provides financial services to European businesses and citizens.
02/2020Book / monograph
Liability of the executive and supervisory bodies in the Liechtenstein company limited by shares
Monograph on the responsibility and liability of executive and supervisory bodies in a Liechtenstein company limited by shares.
Bibliographic referenceBergt, J. (2020). Verantwortlichkeit der Leitungs- und Kontrollorgane in der liechtensteinischen Aktiengesellschaft. Schulthess Juristische Medien AG.
02/2020Regulatory note
Note on Data Protection in the Financial Sector, OneTrust DataGuidance
In Liechtenstein, the General Data Protection Regulation (Regulation EU/2016/679; GDPR) is in principle directly applicable. As Liechtenstein is a member of the European Economic Area (EEA) and not of the European Union, European regulations must also be incorporated into the EEA Agreement. The EEA Joint Committee decided on 06 July 2018 to incorporate the General Data Protection Regulation into the EEA Agreement (Decision of the EEA Joint Committee No. 154/2018; OJ L 183, 19.07.2018, p. 23).
2020Journal article
Investment Firm Review: Metamorphoses and New Norms in the Realm of Investment Firms
Thomas Stern
Bibliographic referenceZFR 2020, pp. 114–122.
2020Book / monograph
Banking Supervision Law in the European Economic Area: Normative Lessons from the Financial Crisis
Thomas Stern
Bibliographic referenceStern, T. (2020). Banking Supervision Law in the European Economic Area: Normative Lessons from the Financial Crisis. Jan Sramek Verlag. 370 pp.
2020Article / chapter
Commentary on the Austrian Payment Services Act – ZaDiG 2018²: §§ 11, 12, 20 and 23
Thomas Stern
Bibliographic referenceWeilinger et al., Commentary on the Austrian Payment Services Act – ZaDiG 2018² (2020).
1 December 2020Lecture / video
“Implementation of the 5th AML Directive in Liechtenstein”
Thomas Stern
Bibliographic referenceSPG Conference, University of Liechtenstein, 1 December 2020.
12/2019 / 05/2020Book / monograph
Tokens as Value Rights & Token Offerings and decentralized Trading Venues
A securities civil law and securities regulatory law analysis from the perspective of Liechtenstein with special consideration of relevant Union acts in Banking and Financial Market Law Liechtenstein, 2nd slightly revised edition, Norderstedt, German, ISBN: 978-3-7504-2737-2737.
Bibliographic referenceBergt, J. (2020). Token als Wertrechte & Token Offerings und dezentrale Handelsplätze (2., leicht überarbeitete Aufl.). Books on Demand.
09/2019Lecture / video
STOs From a Legal Perspective, Aeternity Universe One, Prague
Presentation on Security Token Offerings at the Aeternity Universe One 2019 event in Prague.
06/2019Report / study
Bergt / Esneault / Feldkircher / Nägele, National legal & regulatory frameworks in select European countries
Country Analysis Liechtenstein in The Regulation of Tokens in Europe Parts A & B: The EU legal and regulatory framework, thinkBLOCKtank asbl, p. 117
Bibliographic referenceBergt, J., Esneault, A., Feldkircher, T., & Nägele, T. (2019). National legal & regulatory frameworks for blockchain & distributed ledger technology (DLT). thinkBLOCKtank.
06/2018Journal article
Cryptocurrencies and Blockchain Technology in Liechtenstein Supervisory Law, Regulatory Grey Zone?
This article shows the potential of "blockchain technology" for Liechtenstein legal users, but also the challenges it poses for the Liechtenstein legal system.
Bibliographic referenceNägele, T., & Bergt, J. (2018). Kryptowährungen und Blockchain-Technologie im liechtensteinischen Aufsichtsrecht: Regulatorische Grauzone? Liechtensteinische Juristen-Zeitung, 2/2018, 63.
03/2017Journal article
Retrocessions and the resulting claims against Swiss asset managers
This article deals with the issue of the obligation to surrender retrocessions (kickbacks).
Bibliographic referenceSchwärzler, H., Bergt, J., & Vollrath, M. (2017). Retrozessionen und die daraus resultierenden Ansprüche gegenüber Schweizer Vermögensverwaltern. liechtensteinjournal, 33(1), 2.
2017Article / chapter
Commentary on the Austrian Banking Act – BWG⁴: including §§ 30b, 30c BWG and Articles 7–10, 19–24, 411–428 CRR
Thomas Stern
Bibliographic referenceLaurer, Commentary on the Austrian Banking Act – BWG⁴ (2017).
04/2016Book / monograph
Zusammenschluss zur Gesellschaft bürgerlichen Rechts
Academic publication on the formation and legal structure of a civil-law partnership (Gesellschaft bürgerlichen Rechts).
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