The Financial Market Authority (German: Finanzmarktaufsicht) is the primary financial regulatory agency of the Principality of Liechtenstein. It is an independent, integrated financial market supervisory authority operating under public law and covers all financial markets in Liechtenstein.
The FMA was launched on 1 Jan 2005 as an independent, integrated financial market supervisory authority. As financial markets are an important part of Economy of Liechtenstein, it accounts for about a quarter of GDP,[1] the Government and Parliament of Liechtenstein committed themselves to a strong and independent financial regulator.
Significant Incidentsedit
In 2008 a former data entry clerk at LGT Group, a trust regulated by the FMA, stole data from the bank and sold it to tax authorities in other countries, sparking the 2008 Liechtenstein tax affair which threatened Liechtenstein's financial sector. The FMA had significant involvement in the investigation of the incident as well as working with the government to minimise the damage caused to the whole financial sector.
In June 2009 the Liechtenstein parliament discussed and criticized the increased financial expenditures for financial market supervision. The FMA responded saying "...that it took this discussion seriously and drew attention to the demands on supervisory authorities of internationally oriented financial centers have increased, irrespective of the size of a financial center. It also noted that the Government and Parliament have expressly committed themselves to an independent and strong Financial Market Authority.[2]"
Responsibilities and functionsedit
The FMA is responsible for safeguarding the stability of the financial market, protection of clients, prevention of abuse, and the implementation of and compliance with recognized international standards.
Its core principles are;
Supervision - supervise consistently and fairly, granting licenses, fight abuses and punish violations.
Regulation - regulate with stakeholders, meeting international standards taking into account the competitiveness of the Liechtenstein financial market.
External relations - cultivate dialogue with other international agencies
Enterprise - independent, internally organized according to private sector principles.
Team - Value each other in our interactions.
The FMA covers the regulation of banks, insurance companies and intermediaries, pensions funds, investment companies, asset management companies and other financial intermediaries.
Through Liechtenstein’s membership of the European Economic Area (EEA) licenses issued by FMA allow companies to operate some services through all member countries of the EEA.
financial, market, authority, liechtenstein, financial, market, authority, german, finanzmarktaufsicht, primary, financial, regulatory, agency, principality, liechtenstein, independent, integrated, financial, market, supervisory, authority, operating, under, p. The Financial Market Authority German Finanzmarktaufsicht is the primary financial regulatory agency of the Principality of Liechtenstein It is an independent integrated financial market supervisory authority operating under public law and covers all financial markets in Liechtenstein Financial Market AuthorityAgency overviewFormed1 January 2005JurisdictionPrincipality of LiechtensteinHeadquartersVaduz LiechtensteinEmployees80Agency executiveDr Roland Muller ChairmanWebsitehttp www fma li li Contents 1 History 1 1 Significant Incidents 2 Responsibilities and functions 3 Structure 4 See also 5 References 6 External linksHistory editThe FMA was launched on 1 Jan 2005 as an independent integrated financial market supervisory authority As financial markets are an important part of Economy of Liechtenstein it accounts for about a quarter of GDP 1 the Government and Parliament of Liechtenstein committed themselves to a strong and independent financial regulator Significant Incidents edit In 2008 a former data entry clerk at LGT Group a trust regulated by the FMA stole data from the bank and sold it to tax authorities in other countries sparking the 2008 Liechtenstein tax affair which threatened Liechtenstein s financial sector The FMA had significant involvement in the investigation of the incident as well as working with the government to minimise the damage caused to the whole financial sector In June 2009 the Liechtenstein parliament discussed and criticized the increased financial expenditures for financial market supervision The FMA responded saying that it took this discussion seriously and drew attention to the demands on supervisory authorities of internationally oriented financial centers have increased irrespective of the size of a financial center It also noted that the Government and Parliament have expressly committed themselves to an independent and strong Financial Market Authority 2 Responsibilities and functions editThe FMA is responsible for safeguarding the stability of the financial market protection of clients prevention of abuse and the implementation of and compliance with recognized international standards Its core principles are Supervision supervise consistently and fairly granting licenses fight abuses and punish violations Regulation regulate with stakeholders meeting international standards taking into account the competitiveness of the Liechtenstein financial market External relations cultivate dialogue with other international agencies Enterprise independent internally organized according to private sector principles Team Value each other in our interactions The FMA covers the regulation of banks insurance companies and intermediaries pensions funds investment companies asset management companies and other financial intermediaries Through Liechtenstein s membership of the European Economic Area EEA licenses issued by FMA allow companies to operate some services through all member countries of the EEA Structure editThe Board 3 Prof Dr Roland Muller Chairman Michele Borgeaud Vice Chairwoman Dr Ivo Furrer Jurg Meier Dr Michael Ritter General Management 4 Mario Gassner CEO Dr Alexander Imhof Deputy of the CEO Head of Insurance and Pension Fund Division Dr Marcel Lotscher Head of Securities and Markets Division Patrick Bont Head of Banking Division Head of Other Financial Intermediaries Division a i Martin Schadler Head of Central Services Werner Meyer Head of Anti Money Laundering and DNFBP DivisionSee also editSecurities Commission List of financial regulatory authorities by jurisdictionReferences edit Liechtenstein Statistical Office Liechtenstein in Figures The Liechtenstein financial center is stable PDF Archived from the original PDF on 2011 07 22 Retrieved 2010 03 06 FMA Board of Directors FMA Executive BoardExternal links editOfficial Site nbsp This Liechtenstein related article is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Financial Market Authority Liechtenstein amp oldid 1185289273, wikipedia, wiki, book, books, library,
