Asset managers

1. Application area

Articles 367h to 367l PGR apply to asset managers licensed in Liechtenstein who invest in shares traded on a regulated market on behalf of investors. All regulated markets are covered, regardless of whether they are located in an EEA member state or not.

Asset managers are

• Asset management companies under the Asset Management Act (VVG) that provide portfolio management services to investors;
• Managers of alternative investment funds (AIFM) under the Alternative Investment Fund Managers Act (AIFMG), unless an exemption applies;
• Management companies under the Law on Undertakings for Collective Investment in Transferable Securities (UCITSG); and
• investment companies authorized under the UCITSG, unless they have appointed a management company authorized to manage them.

2. Duties of asset managers

Developing and publicizing a participation policy

Asset managers shall prepare and publish a participation policy describing how they integrate shareholder participation into their investment strategy. The participation policy must contain the content provided for by law in accordance with Art. 367h para. 1 PGR.

In addition, the implementation of the participation policy must be disclosed annually, including a general description of voting behavior, an explanation of the most important votes and the use of services of voting advisors.

Furthermore, asset managers must disclose their voting behavior in general meetings of companies in which they hold shares, unless it is an insignificant vote due to its subject matter or the size of the shareholding.

If asset managers do not comply with the above requirements, they must explain why they do not do so ("comply or explain")

Information on the participation policy must be made available on the website of the asset managers.

Transparency for asset managers

Asset managers shall disclose to institutional investors with whom an agreement has been concluded under which the asset manager invests on behalf of the institutional investor, how the investment strategy and its implementation is consistent with this agreement and contributes to the medium- and long-term performance of the institutional investor's assets, as well as information on the contents listed in Art. 367k paras. 1 and 2 of the PGR.

The disclosure requirement does not apply if the information is already publicly available.

3. Supervision of compliance with the duties of asset managers

The asset manager's auditor or the asset manager's statutory auditor shall, within the framework of the annual statutory audit or review obligations, examine whether the obligations have been complied with by the asset manager and shall confirm this by means of an audit report. If the auditor or the auditing agency finds deficiencies in the course of the audit, the report is forwarded to the Office of Justice.

Compliance with the obligations must be declared by the company to be audited to the auditor or the auditing agency by means of the form provided by the Office of Justice. The form can be downloaded from the following link: