Liechtenstein Investment Fund Association (LAFV)
The Liechtenstein Investment Fund Association (German: Liechtensteinischer Anlagefondsverband, LAFV) was established in September 2000 and is the official representative body of the Liechtenstein fund industry. Its members are all UCITS management companies, most of the alternative investment fund managers (AIFM) and other financial service providers, such as, custodian banks, law firms, auditing firms, specialised IT providers or providers of training and education.
The LAFV is represented by a board of directors, composed of the following persons: Alexander Boss (president), Lars Inderwildi (vice president), Ralf Konrad, Bruno Schranz and Raimond Schuster.
The LAFV takes on the task to support the development of Liechtenstein as a location for investment funds, and thereby to further improve Liechtenstein’s attractiveness for investment fund providers and investors.
The LAFV is committed to achieve its aims in particular through active development and demand-oriented expansion of the fund legislation. Supporting their members as well as representing interests of the fund industry and the investment fund location itself, both domestically and abroad, are further tasks of the assocation.
HOW WE WORK
The association coordinates mutual interests, utilises synergies and focuses on the development and management of relationships to governmental and supervisory authorities, existing unions and associations, and the interest groups of the financial services sector.
The fact that up to this point nearly all fund companies have joined the LAFV and are very close cooperation with the Financial Market Authority (FMA), allows the LAFV to strongly represent the interests of its members in Liechtenstein as an investment fund location very well.
The LAFV's members are all UCITS management companies, most of the alternative investment fund managers (AIFM) and other financial service providers, such as, custodian banks, law firms, auditing firms, specialised IT providers or providers of training and education.
All those companies are distinguished in active and passive members. The LAFV has currently 18 active and 18 passive members.
Principality of Liechtenstein
Due to the Principality's membership in the European Economic Area (EEA), EU regulations are fully integrated into Liechtenstein law and investment companies and fund promoters benefit from access to the European market.
A broad spectrum of investment vehicles, also enabling a significant degree of flexibility in regard to investment strategies, and a broad spectrum of legal forms (including the corporation, the contractual form, the trust form, but also an equivalent of the Limited Partnership) are available.
Due to the implementation of extensive tax agreements and due to the participation in the automatic exchange of information as an early adopter, Liechtenstein has been recognised as a leading jurisdiction for investment funds. Liechtenstein has no government debt and is one of only a dozen countries worldwide with an AAA rating.
Set-up costs, ongoing administration and supervisory fees are competitive in comparison to other fund domiciles. Since the application of an all-in fee is common practice, fund promoters profit from a high cost planning reliability.
Liechtenstein has also introduced a stringent code of conduct for the fund industry to ensure high levels of investor protection. Both the regulator and independent auditors scrutinise the activities of management companies and fund managers in the Principality.
Last but not least, the law and an efficient-working FMA lays the foundation for an excellent time to market. Processing times for the authorization of funds in Liechtenstein amount to a maximum of 10 working days for UCITS and of 20 working days for AIF, depending on the product and group of investors.