Financial Market Authority (FMA) Liechtenstein Dr Stephan Ochsner, CEO.

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Presentation transcript:

Financial Market Authority (FMA) Liechtenstein Dr Stephan Ochsner, CEO

Financial Market Authority (FMA) Liechtenstein – July, Contents Liechtenstein: Facts & Figures Liechtenstein Financial Market Financial Market Authority (FMA) Liechtenstein

Financial Market Authority (FMA) Liechtenstein – July, Liechtenstein: Facts & Figures Area: 160 km 2 about 260 x smaller than Switzerland (41284 km 2 ) Borders 41.1 km with Switzerland 34.9 km with Austria Population: Ca. 34‘000 Jobs: Ca. 29‘000 Commuters: Ca. 13‘000 daily AAA-Rating (Standard & Poor’s)

Financial Market Authority (FMA) Liechtenstein – July, Liechtenstein: Facts & Figures II Government: constitutional hereditary monarchy, democratic parliamentary system Gross domestic product: CHF 4.5 bn Industry 40% Financial Services 30% General Services 25% Households, agriculture etc. 5% International Linkages: 1923: Switzerland - Currency Union and customs Treaty (SNB as lender of last resort) 1978: Council of Europe 1990: UN 1991: EFTA 1995: EEA / World Trade Organization (WTO)

Financial Market Authority (FMA) Liechtenstein – July, Liechtenstein Financial Market Member of two economic areas: 1.European Economic Area (EEA): EU-Directives to be implemented into national law Principle of single license and home state control Supervised by the EFTA Surveillance Authority 2. Switzerland Customs- and Currency Treaty Payment system Swiss National Bank is lender of last resort

Financial Market Authority (FMA) Liechtenstein – July, Liechtenstein Financial Market Assets under management as of 31 December 2006, in billion (thousand million) Swiss francs: Banks (consolidated) Investment Undertakings (funds) 26.6 Insurance Undertakings / Pension schemes 17.2 Total % over preceding year Financial market participants December 2006: 1’864 directly supervised by the FMA 1’344 indirectly supervised by the FMA (free movement/way to provide services)

Financial Market Authority (FMA) Liechtenstein – July, Liechtenstein Financial Market Institutions supervised (as per December 31, 2006): Banks and finance companies (16) asset management companies (48) investment undertakings (348) insurance undertakings (35) Insurance intermediaries (3) pension funds (39) professional trustees (403) auditors (81) lawyers (300) patent attorneys (17) Liechtenstein Postal Service (1) persons with a confirmation pursuant to article 180(a) of the Law on Persons and Companies (495) currency exchange offices (2) real estate brokers (18) traders with precious goods and auctioneers (37) other subjects to due diligence (27)

Financial Market Authority (FMA) Liechtenstein – July, Liechtenstein Financial Market Workforce: 14.3 % of the workforce in Liechtenstein generates 30% of the gross domestic product No national stock exchange No national payment system

Financial Market Authority (FMA) Liechtenstein – July, Financial Market Authority (FMA) Liechtenstein The FMA is an integrated and independent financial supervisory authority for the Liechtenstein financial services sector. The FMA operates as an autonomous institution under public law. It reports exclusively to the Liechtenstein Parliament; It is independent of the Government and the financial market participants.

Financial Market Authority (FMA) Liechtenstein – July, Financial Market Authority (FMA) Liechtenstein Budget and source of funding: CHF 7’270’000 Source: 55% financed by the state, 45% by fees Number of employees: 30 Organs: The Supervisory Board (5 members), elected by Parlimament The General Management (4 members), nominated by the Supervisory Board

Financial Market Authority (FMA) Liechtenstein – July, Financial Market Authority (FMA) Liechtenstein The FMA shall safeguard the stability of the Liechtenstein financial center the protection of clients the prevention of abuses and the implementation of and compliance with international standards. Responsabilities Supervision (independent) Regulation (on behalf of and in coordination with Government) Representation of the interests of Liechtenstein in international bodies, (on behalf and in coordination with Government)

Financial Market Authority (FMA) Liechtenstein – July, Financial Market Authority (FMA) Liechtenstein VISION In fulfilling our sovereign mandate in a responsible manner, we safeguard the stability of the financial market, the protection of clients, the prevention of abuse, and the implementation of and compliance with recognized international standards. In this way, we contribute to the competitiveness and standing of the financial market and thereby to the welfare of the country of Liechtenstein.

Financial Market Authority (FMA) Liechtenstein – July, Financial Market Authority (FMA) Liechtenstein Supervision We grant licenses in a responsible and speedy manner, we supervise consistently and fairly, and we fight abuses and punish violations, thereby protecting the clients of the financial market.

Financial Market Authority (FMA) Liechtenstein – July, Financial Market Authority (FMA) Liechtenstein Regulation We regulate with the participation of the affected persons and entities, in fulfillment of international standards and taking into account the competitiveness of the Liechtenstein financial market.

Financial Market Authority (FMA) Liechtenstein – July, Financial Market Authority (FMA) Liechtenstein External Relations We cultivate dialogue in our external relations and are recognized nationally and internationally on the basis of our competence and performance.

Financial Market Authority (FMA) Liechtenstein – July, Financial Market Authority (FMA) Liechtenstein Enterprise We are independent, internally organized according to private sector principles, client-oriented, and we distinguish ourselves with exceptional quality and pragmatic solutions.

Financial Market Authority (FMA) Liechtenstein – July, Financial Market Authority (FMA) Liechtenstein Team We are a team, actively value each other in our interactions, identify with our goals and responsibilities, act in an entrepreneurial manner, and are proud to make a contribution to success.

Financial Market Authority (FMA) Liechtenstein – July, Financial Market Authority (FMA) Liechtenstein SMALL IS BEAUTIFUL, BUT EXTREMELY CHALLENGING

Financial Market Authority (FMA) Liechtenstein – July, Contact Dr Stephan Ochsner Chief Executive Officer Financial Market Authority (FMA) Liechtenstein Heiligkreuz Vaduz T: F: E: