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VuVL - Verein unabhängiger Vermögensverwalter in Liechtenstein

History of the VuVL

  • Towards the end of the nineties it became apparent there was a need to separate the activities of independent asset managers in Liechtenstein from the activities of fiduciaries and to create an independent profession in Liechtenstein
  • As a consequence of efforts to secure statutory recognition, the Interest Group of Independent Asset Managers in Liechtenstein (“Interessengemeinschaft der unabhängigen Vermögensverwalter in Liechtenstein") was called into existence in 2001. Contacts with official agencies generated positive signals
  • Four members founded the Association of Independent Asset Managers in Liechtenstein (Verein unabhängiger Vermögensverwalter in Liechtenstein – “VuVL”) on 26 April 2002. As an Association, it was able to represent the concerns of its members more effectively. Dr. Hans-Werner Gassner has worked for the Association as an external consultant since 2001 and has headed the Secretariat from May 2006 to May 2017
  • In the autumn of 2002 representatives of the VuVL took part in an IMF assessment that criticised certain aspects of the way in which asset managers were supervised under the Fiduciary Act ("Treuhändergesetz")
  • The 2nd EU Securities Directive 2004/39 concerning the harmonisation of EU law also demanded changes to the rendering of services by asset managers
  • During the years 2004 and 2005 intensified cooperation took place with the government and official agencies as well as with the Financial Market Authority to create the Asset Management Act and the Asset Management Ordinance
  • On 1 January 2006 the Act (“VVG”) and the Ordinance ("VVO") governing the need to obtain an independent licence to operate as an asset manager came into force
  • On 1 July 2011 the FMA declared the VuVL Code of Ethics and Professional Conduct in the respective valid version to be universally binding for the entire sector pursuant to Art. 14 Para. 3 of the Asset Management Act (VVG).
  • Since June 2017 Dr. Stephan Ochsner is heading the Secretariat