Schwärzler Rechtsanwälte - 29.11.2023

ESA examines conformity of new Limitation Rule regarding Retrocessions (§ 1489a para. 2 GCC) with European law - Questionnaire addressed to the Liechtenstein Government published

Another interesting chapter to the topic of "retrocessions in the Liechtenstein financial sector" is added. It remains to be seen how the Government of Liechtenstein will respond to the questions raised by ESA and what conclusions ESA will draw thereafter. If ESA finds a breach of the EEA Agreement, it will likely call on the Government of Liechtenstein to amend the law. If the government does not comply with this request, ESA could take the case to the EFTA Court.

The complete article can be found in German and English under the following link.