Ordinance on Investment Undertakings (Investment Undertakings ...

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Providing services beyond the fund business Article 86 a) In general 1) If activities are conducted according to article 24, paragraph 3 of the Act, then a) the provisions on organization in accordance with article 10, paragraphs 1 and 2 of the <strong>Ordinance</strong> on the Asset Management Act (Asset Management <strong>Ordinance</strong>, AMO) shall apply to the fund management, in addition to the provisions of the Act and this <strong>Ordinance</strong>; b) the following provisions of the Law on Asset Management (Asset Management Act, AMA) and the corresponding ordinance shall apply to the fund management in lieu of the provisions of the Act and this <strong>Ordinance</strong>: 1. code of conduct (article 14 of the AMA); 2. conflicts of interest (article 20 of the AMA); and 3. recording requirements (article 22 of the AMA); c) the fund management shall submit periodic reports with respect to these activities exclusively in accordance with article 28, paragraph 2 of the Law on Asset Management; d) the assets of the investor may not be invested in whole or in part in units of the investment undertaking managed by the fund management, unless the client has given general approval in advance; and e) the investor may turn to the extrajudicial arbitration board in accordance with article 61 of the Law on Asset Management to resolve disputes between the investor and the fund management concerning the management of individual portfolios. 2) In the case of activities according to article 24, paragraph 3 of the Act that are performed by a State, a central bank of a Member State of the EEA, or other national institutions with comparable responsibilities, the conditions according to paragraph 1 need not be observed. 52
Article 87 b) Equity position If the fund management accepts or holds assets of its clients and is therefore a debtor of its clients in performing activities according to article 24, paragraph 3 of the Act, then it shall comply with the provisions of the Banking Act and the Banking <strong>Ordinance</strong> concerning equity capital, liquidity, legal reserves, deposit guarantees, and investor protection. IV. Relationship to the EEA and third States Article 88 Representatives and paying agent of foreign investment undertakings 1) Only persons who are entitled to market units may be appointed as representatives of foreign investment companies that market units in Liechtenstein. The representation authority shall in particular encompass the following rights and duties: a) representing the investment undertaking vis-à-vis the investors and the supervisory authority; b) undertaking the legally required publications and assuming responsibility for solicitation; c) submitting the documents required by the FMA instructions and updating them as necessary; d) assuming responsibility for the manner in which units are marketed; e) assuming responsibility for ensuring that the market presence of the investment undertaking corresponds to the practices of the Liechtenstein financial center; f) initiating measures to restore a lawful state of affairs if the provisions to be complied with in Liechtenstein are not fulfilled. 2) Only banks according to article 30 of the Act may be appointed as a paying agent for foreign investment undertakings that market units in Liechtenstein. In particular, the paying agent shall carry out the issue and redemption of units and, if applicable, their authentication. 3) The function of the representative and of the paying agent may also be executed by the same persons. 53
Page 1 and 2: Ordinance of 23 Au
Page 3 and 4: tractually governed forward transac
Page 5 and 6: Article 8 Name 1) The name of an in
Page 7 and 8: a) the full prospectuses so provide
Page 9 and 10: 5. Business report, half-yearly rep
Page 11 and 12: Article 20 Business report and half
Page 13 and 14: Article 23 Quarterly reporting 1) T
Page 15 and 16: thorize additional cancellation dea
Page 17 and 18: 5) Amendments to the prospectus for
Page 19 and 20: 1. accounting services required by
Page 21 and 22: pecially in the event of insolvency
Page 23 and 24: D. Investment rules 1. Investment u
Page 25 and 26: ments), if they are permissible as
Page 27 and 28: nized international accounting prov
Page 29 and 30: article 39 and article 43, paragrap
Page 31 and 32: ) Special limitations Article 45 In
Page 33 and 34: creditworthiness risk, etc.), an in
Page 35 and 36: term loans for repaying units, up t
Page 37 and 38: Article 55 Special requirements 1)
Page 39 and 40: Article 58 Securing liabilities 1)
Page 41 and 42: considered unsegmented. All documen
Page 43 and 44: Article 68 Forms With respect to se
Page 45 and 46: Article 72 Volume and term 1) If it
Page 47 and 48: Article 78 Special obligations of t
Page 49 and 50: m) a confirmation by the Office of
Page 51: 4) The organization, in particular
Page 55 and 56: V. Supervision of management compan
Page 57 and 58: Article 95 Foreign audit offices A
Page 59 and 60: a) the accounts are being kept prop
Page 61 and 62: a) the accuracy of the business and
Page 63 and 64: ) the information concerning issue,
Page 65 and 66: Minimum content of the full prospec
Page 67 and 68: *2.1 designation or company name, d
Page 69 and 70: 4.2 main activity. 5 Information on
Page 71 and 72: 2.5 profile of the typical investor
Page 73 and 74: niques and instruments, especially
Page 75 and 76: 2. Off-balance-sheet operations The
Page 77 and 78: 6. Number of units in circulation 6
Page 79 and 80: 1.4.2 buildings on which constructi
Page 81 and 82: 5. Change of net assets For each in
Page 83: account. 83

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