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Internal Market

PR(08)46: Residence requirement in the Liechtenstein Banking Act is contrary to the EEA Agreement

16.7.2008

The EFTA Surveillance Authority today delivered a reasoned opinion to Liechtenstein regarding the residence requirement laid down in Article 25 of the Liechtenstein Banking Act.

On 1 July 2005, the EFTA Court declared that the residence requirement in Liechtenstein on at least one member of the management board and one member of the executive management of a bank established on Liechtenstein territory where in breach of the EEA Agreement.

In order to implement the EFTA Court judgment, a new Act was adopted which entered into force on 26 July 2007. However, the new version of Article 25 of the Banking Actcontains, again, a residence clause, although different from the one declared by the EFTA Court to infringe Article 31 of the EEA Agreement.

Delivery of a reasoned opinion is the second stage in infringement proceedings. The EFTA  Surveillance Authority may bring the matter before the EFTA Court if Liech­ten­stein fails to take the measures necessary to comply with the reasoned opinion.

For further information, please contact:

Mr. Niels Fenger
Director, Legal & Executive Affairs Directorate
tel. (+32)(0)2 286 18 30

Mr. Bernhard Zaglmeyer
Officer, Internal Market Affairs Directorate
tel. (+32)(0)2 286 18 85

 

16 July 2008




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