FMA revises guidelines
A new Payment Services Act entered into force in Liechtenstein at the beginning of the month. The Financial Market Authority (FMA) in Liechtenstein has now accordingly revised its communications and guidelines for banks.
With the new Payment Services Act that entered into force at the beginning of this month (Zahlungsdienstgesetz; GZA), Liechtenstein is implementing EU Directive 2015/2366, which aims to regulate payment services on the domestic market (PSD II), as outlined by the FMA in a press release. The Financial Market Authority will be adapting its instructions, communications and guidelines for banks and other financial institutes in line with the new legislation.
The FMA has already supplemented its Communications 2015/4 and 2016/3 in addition to 2016/4 with several new, relevant guidelines. The above-mentioned communications are based on the guidelines and recommendations issued by the European Banking Authority (EBA). Furthermore, the FMA has also moved to bring its Communication 2013/07 in line with the new legislation. Communication 2013/07 pertains to guaranteeing proper business operations. Further revisions that are yet to be finalized should be published on the FMA’s internet portal “soon”, the FMA states in its press release.