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Legislation / Liechtenstein / Laws / IUG
Liechtenstein Investment Undertaking Act

History of the Investment Undertaking Act
Before the introduction of the independent laws on UCITS and AIFM, the Liechtenstein Investment Undertaking Act was the core act of law concerning investment funds in Liechtenstein. With this act, stemming in its earliest version from the year 1996 and amended many times, also UCITS I and UCITS III were implemented in Liechtenstein. As is true for the Liechtenstein UCITS and AIFM Acts, even the early provisions of the Investment Undertaking Act guaranteed – for UCITS funds – free and open access to the European market.

Since the introduction of the Liechtenstein UCITS and AIFM Acts, the Investment Undertaking Act continued in an adapted version. UCITS were not governed by this act of law any more, but by the UCIGTS Act. Until the decision incorporating the Directive 2011/61/EU (AIFM Directive) into the EEA Agreement became effective, the Investment Undertaking Act and the AIFM Act both remained in force.

Reformation of the Investment Undertaking Act
At the same point of time, the Investment Undertaking Act has been declared void in its current form and replaced by a complete reformed Investment Undertaking Act. Four specific categories of investment vehicles enable a tailor-made structuring of corporate and private assets:
• Investment undertakings for single investors
• Investment undertakings for families
• Investment undertakings for interest groups
• Investment undertakings for affiliated groups

Liechtenstein Investment Undertaking Act 
Investment Undertaking Act (IUG) of December 2nd, 2015

Liechtenstein Investment Undertaking Regulation  
Investment Undertakings Ordinance (IUV) of March 22nd, 2016