Decision of the EFTA Court E-14/2 Liti-Link AG v. LGT Bank AG / Retrocessions / Disclosure obligations of banks and asset managers in Liechtenstein


On 15 July 2021, the EFTA Court delivered the much anticipated decision on the subject of retrocessions in case E-14/2. The proceedings are based on a lawsuit pending in Liechtenstein in which the plaintiff, Liti-Link AG, represented by Schwärzler Rechtsanwälte, asserts claims against LGT Bank AG.

The proceedings before the EFTA Court focused on the question of how an investment firm, pursuant to Art. 26 of the MiFID Implementing Directive 2007/73/EC, must inform its clients about inducements (retrocessions, trailer fees, kick-backs, finder's fees, distribution fees, etc.) that it receives from or pays to third parties.

The EFTA Court followed the arguments of Schwärzler Rechtsanwälte in all essential points.

Please find enclosed the article.

If you have any questions, please do not hesitate to contact MMag. Martin Hermann, LL.M. 

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