Legal, compliance & tax
VP Bank Group makes every effect to observe and comply with relevant laws and regulatory requirements.
Our mandatory intragroup compliance standards create uniform overall conditions to ensure irreproachable business practices.
Authority of the FMA and the stock exchange
VP Bank AG, Vaduz, is a public limited company organised under the laws of Liechtenstein. It is the parent company of VP Bank Group. The Financial Market Authority (FMA) Liechtenstein (Finanzmarktaufsicht Liechtenstein) is the responsible regulatory authority in its country of registration.
Since the registered shares A of the parent company are listed on the SIX Swiss Exchange, VP Bank is also subject to the rules established by SIX under Switzerland’s Federal Act on Stock Exchanges and Securities Trading (Börsengesetz – BEHG) and related implemented regulations and, as from 1 January 2016, on the basis of the Financial Market Infrastructure Law. The business activities of VP Bank Group are subject to the supervision of the regulatory authorities of the countries in which it does business through its subsidiaries and representative offices.
Relevant legislation and regulatory requirements
The activities of VP Bank in Liechtenstein are governed primarily by the Banking Act (Bankengesetz – BankG) of 21 October 1992 as well as by the Banking Ordinance (Bankenverordnung – BankV) of 22 February 1994.
The Banking Act sets forth the overall conditions for the supervisory activities of the FMA. This supervision – along with that of the independent auditor, who must in turn be approved by and is also subject to the authority of the FMA – represents the main pillar of Liechtenstein’ supervisory system.
The Banking Act allows banks and investment firms in Liechtenstein to offer a comprehensive array of financial services. The Law on Professional Due Diligence to Combat Money Laundering, Organised Crime and Terrorist Financing (Due Diligence Act, DDA) of 11 December 2008 and the corresponding Ordinance (Sorgfaltspflichtverordnung – SPV) of 17 February 2009 constitute – in conjunction with the money laundering article of the Liechtenstein Criminal Code – the legal basis for due diligence for Liechtenstein’s entire financial services sector. Theses legislations were most recently and now meet international demands and standards.
Within the scope of its business activities, and the financial services offered by it, VP Bank must, in particular, observe the following laws and related ordinances:
Payment Services Act – PSA (Zahlungsdienstegesetz – ZDG)
Law on Certain Undertakings for Collective Investment in Transferable Securities (Gesetz über bestimmte Organismen für gemeinsame Anlagen in Wertpapieren – UCITSG)
Investment Undertakings Act – IUA (Investmentunternehmensgesetz – IUG)
Law on Alternative Investment Fund Managers (AIFMA)
Law on the Disclosure of Information Concerning the Issuers of Securities (Offenlegungsgesetz – OffG)
Securities Prospectus Act – SPA(Wertpapierprospektgesetz – WPPG)
Law against Market Abuse in the Trading of Financial Instruments (Marktmissbrauchsgesetz – MG, Market Abuse Act – MAA)
Law on Takeover Bids – Takeover Act (Übernahmegesetz – ÜbG)
Act on the Recovery and Resolution of Banks and Securities Firms (Bank Recovery and Resolution Law – BRRA)
Persons and Company Law (Personen- und Gesellschaftsrecht – PGR)
Strict observance of applicable legislation worldwide guarantees utmost compliance with legal requirements by the services offered by VP Bank Group.