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management company properly, having regard to their other obligations, the organisation of the company
and their place of residence.
In certain exceptional circumstances, a single managing director may be responsible for managing the
affairs of the company.
The company shall establish the following positions and functions, depending on the nature, volume and
complexity of its operations and the type and range of services supplied (Article 10a(1) of the AMO):
Compliance function;
Risk Management function;
Internal Audit function; and
an authority responsible for dealing with client complaints.
In addition, appropriate procedures must be established for dealing with breaches of the AMA and market
abuse legislation by employees.
1.8. Own funds and initial capital
The initial capital must be fully paid up prior to commencing business operations. The initial capital must be
no less than CHF 100,000, or the equivalent in euros or US dollars, or, for companies also involved in
reinsurance of other insurance mediation, no less than CHF 150,000, or the equivalent in euros or
US dollars. The business plan needs to indicate whether the minimum initial capital requirement, factoring
in start-up costs, has been met. It is essential to ensure that, where the circumstances so warrant, the FMA
may require professional indemnity insurance and a different level of initial capital commensurate with the
nature and scale of operations (Article 8(2) and (6) of the AMA).
Capital may not fall below the minimum level required at any time following commencement of operations
(Article 8(1) of the AMA).
2. Licensing procedure
Obtaining a licence involves a two-stage process in which the FMA undertakes a thorough legal and
financial assessment of the applicant’s circumstances. Firstly, applicants are required to complete and
submit a Part I form to the FMA. It is only necessary to enclose the relevant CVs, information on the
ownership structure and a brief business plan (including organisation chart) at this stage.
The FMA will review the documents submitted and, once it has received all the requisite documents, will
inform the applicant of its decision within three weeks. A face-to-face meeting with the FMA may be
arranged at this stage. Once the FMA has arrived at a favourable assessment of Part I and informed the
applicant accordingly, the applicant may submit an application for a licence and a Part II form, together with
all supplementary and supporting documents. The Part I form previously submitted thereupon forms part of
the full application.
It is important to comment on each issue with reference to any relevant documents appended. A separate
list of any appended documents must be provided, arranged in numerical order. The documents submitted
will be checked carefully to ensure that the formal requirements are met. The FMA will inform the applicant
of any matters that are unclear and need to be corrected.
The applicant should submit the final licence application, including all the information and documents
referred to in section 3 of these Instructions, by writing to the Liechtenstein Financial Market Authority
(FMA), Securities and Markets Division, Legal Department, Landstrasse 109, P.O. Box 279, 9490 Vaduz,
Liechtenstein.