Trustees are an important pillar of the financial sector
The trustee industry is an important pillar of the Liechtenstein financial sector, Prince Michael of Liechtenstein writes in an opinion piece. The number of trustees may have fallen, but the number of clients has risen. The industry is also collaborating on efforts to tighten regulatory practices.
The Liechtenstein financial sector has undergone huge change over recent years, implementing international standards consistently and credibly, Prince Michael of Liechtenstein writes in an opinion piece for “Wirtschaft regional”. However, the country’s realignment has not received sufficient international recognition, Prince Michael states.
According to the Chairman of the Industrie- und Finanzkontor and Board Member of the Liechtenstein Institute of Professional Trustees, this makes “cross-industry, pioneering financial sector communications” all the more important, as they are now being organized by the association Liechtenstein Finance. “The more that financial sector stakeholders and authorities present a standardized, focused image to the outside world, the clearer we are able to convey the comprehensive capabilities of the financial sector and distinguish ourselves from other financial locations”.
The trustee industry also plays an important role in this. “The trustee industry is an important pillar of the financial sector”, Prince Michael comments. He continues: “While the number of legal entities may have fallen, the number of clients looking for consultancy and services, who appreciate the quality, stability and long-term thinking of the Liechtenstein financial sector, has actually risen”.
The industry is aware of its responsibilities towards the financial sector as a whole. The Liechtenstein Institute of Professional Trustees has therefore accordingly devised proposals to strengthen regulatory practices in the country. These are to be incorporated in the consultation draft of the Trustee Act (Treuhändergesetz) and in the new Code of Ethics. The Liechtenstein Institute of Professional Trustees has established an arbitration committee and made the catalog of tasks for trustees more stringent. Prince Michael of Liechtenstein also highlights the strictly regulated access to professions within the trustee industry.