Licensing & market access
Legal assessment of regulated activities, preparation and support in licensing, authorisation and notification procedures, and communication with the FMA.
BANKING & FINANCIAL MARKET LAW | LIECHTENSTEIN · EEA · CROSS-BORDER
Banking and Financial Market Law
Bergt Law advises and represents banks, investment firms, asset managers, payment and e-money institutions, fund sector participants, issuers, FinTech companies and crypto-asset service providers on regulatory matters involving Liechtenstein, the EEA and cross-border market access.
We support regulatory projects from the legal classification of a business model through licensing and authorisation procedures, ownership control proceedings and specialist legal opinions to ongoing compliance, capital markets matters, supervisory proceedings, recovery and resolution issues.
FMAMiCARDORAMiFID II / MiFIRCRD / CRR
FINANCIAL REGULATORY LAW
Legal support throughout the regulatory lifecycle
Financial market law combines EEA regulation with Liechtenstein supervisory law. We assist with the legal classification of business models, licensing and registration questions, regulatory projects, ongoing obligations and proceedings before the Liechtenstein Financial Market Authority (FMA).
Banks & investment firms
Advice on CRD/CRR, MiFID II/MiFIR, governance, organisational requirements, cross-border matters and regulatory change projects.
MiCAR, crypto & TVTG
Regulatory classification of crypto-asset services, MiCAR authorisations and interfaces with Liechtenstein's TVTG and other financial market legislation.
Capital markets & prospectuses
Advice on public offerings, securities prospectuses, approval procedures, EEA passporting and regulatory requirements for issuers and transactions.
DORA, governance & compliance
Legal advice on digital operational resilience, ICT risks, third-party arrangements, internal governance, AML/CFT and compliance structures.
FMA proceedings & resolution
Representation in supervisory proceedings and legal support on recovery, crisis management, MREL-related requirements, bail-in issues and resolution.
Ownership control & qualifying holdings
Advice and representation in ownership control proceedings and prudential assessments of qualifying holdings, including proposed acquisitions, increases and other changes in direct or indirect ownership or control structures and communication with the FMA.
Legal opinions & specialist assessments
Preparation of specialist legal opinions, regulatory memoranda and legal assessments on banking and financial market law, regulatory classification and interfaces between Liechtenstein and EEA law.
SELECTED REGULATORY FRAMEWORKS
European rules, Liechtenstein implementation, FMA practice
Depending on the business model, several regulatory regimes may apply at the same time. A sound legal analysis therefore needs to consider the activity, product, client base, distribution model, outsourcing and cross-border elements together.
MiCAR
DORA
MiFID II / MiFIR
CRD / CRR
EMIR
PSD2
AIFMD / UCITS
EU Prospectus Regulation
TVTG
AML / CFT
Qualifying Holdings
Licensing, regulatory classification & FMA
Whether an activity requires a licence, authorisation, registration or notification depends on its specific design. We assess business models and product structures, identify regulatory interfaces and assist with applications, regulatory questions and proceedings before the FMA. This also covers market entry, changes to existing licences and cross-border EEA matters.
FinTech, blockchain & crypto-assets
For FinTech and blockchain projects, a clear distinction between MiCAR, the TVTG and sector-specific financial market law is essential. We advise on crypto-asset services, token models, custody, trading, placement, transfer and the regulatory classification of technical and contractual structures. A TVTG registration does not replace any additional financial market licence that may be required.
Capital markets, prospectuses & sustainable finance
We advise issuers and market participants on capital markets transactions, public offerings, securities prospectuses and regulatory questions concerning EEA passporting. Our work also covers legal issues relating to ESG and sustainable finance requirements, product design, disclosure and regulatory communication.
Governance, DORA, AML/CFT & ongoing compliance
Regulation does not end with authorisation. We advise on governance structures, internal policies, compliance and control systems, outsourcing, ICT and third-party risks and DORA-related legal questions. In AML/CFT matters, we advise on Liechtenstein due diligence obligations, risk-based processes and supervisory requirements.
Supervisory proceedings, recovery & resolution
We represent financial intermediaries and other market participants in supervisory proceedings and regulatory remediation. In crisis and resolution matters, we provide legal advice on recovery and resolution planning, MREL-related requirements, bail-in eligible instruments, early intervention measures and cross-border resolution issues.
Ownership control & qualifying holdings
Changes in the ownership or control structures of regulated financial undertakings may trigger regulatory notification, assessment or approval requirements. We advise acquirers, shareholders and institutions on the legal classification, preparation of required documentation and communication with the FMA. This includes ownership control proceedings and the prudential assessment of qualifying holdings, as well as direct and indirect participation structures.
Legal opinions, specialist assessments & regulatory memoranda
We prepare specialist legal opinions, legal opinions and regulatory memoranda on banking and financial market law. Topics may include licensing requirements, business models, financial instruments and crypto-assets, governance, prospectus and distribution questions, EEA interfaces and the interpretation of supervisory requirements.
CLIENTS & MARKET PARTICIPANTS
Who we advise and represent
Our financial regulatory practice serves regulated institutions, new market entrants and companies operating at the intersection of technology, capital markets and financial supervision.
Banks & investment firms
Asset managers & fund sector participants
Payment & e-money institutions
FinTechs & CASPs
Issuers & capital market participants
Technology & infrastructure companies
FAQ
Frequently asked questions on Liechtenstein banking and financial market law
When is an FMA licence required in Liechtenstein?
Many commercial financial services require regulatory authorisation. Whether a licence, authorisation, registration or notification is required depends on the specific activity, product, client structure and cross-border offering. We assess the business model and support the procedure before the FMA.
How do MiCAR and the TVTG interact?
MiCAR regulates certain crypto-assets and crypto-asset services at EEA level. The TVTG remains relevant for TT services and Liechtenstein-specific aspects to the extent they are not superseded by MiCAR or sector-specific financial market law. TVTG registration does not replace a financial market licence where one is required.
Can a securities prospectus approved in Liechtenstein be used in the EEA?
A securities prospectus approved by the FMA may, subject to the EU Prospectus Regulation, be notified to other EEA states. We assist with approval, regulatory coordination and passporting.
What does DORA mean for financial intermediaries?
DORA sets requirements for ICT risk management, ICT-related incident handling, resilience testing and ICT third-party risk management. We advise on the legal and governance aspects of implementation and on interfaces with existing control and outsourcing frameworks.
Does Bergt Law represent clients in FMA proceedings?
Yes. We advise and represent financial intermediaries, FinTech companies, issuers and other market participants in supervisory proceedings, regulatory enquiries and remediation or enforcement matters.
When is an ownership control procedure or assessment of qualifying holdings relevant?
An acquisition or change in a qualifying holding in a regulated financial undertaking may trigger regulatory notification, assessment or approval requirements. The applicable requirements depend on the sector, the participation and influence structure and the specific transaction. We assess the facts and support the prudential procedure before the FMA.
Does Bergt Law prepare specialist opinions on banking and financial market law?
Yes. We prepare specialist legal opinions, legal opinions and regulatory memoranda on banking and financial market law, including the regulatory classification of business models and products, licensing requirements, governance, capital markets matters and interfaces between Liechtenstein law and EEA regulation.
Regulatory clarity for complex financial market projects.
We advise and represent clients on licensing, ownership control proceedings and qualifying holdings, specialist legal opinions, MiCAR and FinTech, capital markets, governance, DORA, compliance and supervisory proceedings relating to Liechtenstein.
Legal advice and representation. Regulatory classification always depends on the specific business model and facts.
