Liechtenstein’s MiFIDMiFIR Overhaul Payment-for-Order-Flow Ban, Consolidated Tape, and New Transparency Duties — What Banks, Investment Firms and Tokenized-Securities Platforms Must Implement by 2025–2026
Introduction In a move that is both evolutionary in its policy intent and revolutionary in its operational consequences, the European Union’s reform of MiFIR and MiFID II—adopted at EU level and already in force there—now cascades into Liechtenstein via a comprehensive legislative package that amends the Securities Services Act, the Investment Firms Act, the Asset …
AIFMD II & ELTIF 2.0 Liechtenstein’s 2025 Fund Law Overhaul—What Managers, Depositaries, and Investors Must Do Next
Introduction Liechtenstein is moving to transpose Directive (EU) 2024/927 (“AIFMD II”) and to operationalize the revamped ELTIF (European Long Term Investment Fund) regime (Regulation (EU) 2023/606 together with Delegated Regulation (EU) 2024/2759), by comprehensively amending the AIFM Act (AIFMG), UCITS Act (UCITSG), and, for consistency, the Investment Undertakings Act (IUG) and the Financial Market Authority …
MiCAR Transition Watch: Why Liechtenstein’s TVTG VASPs Should Prepare For An 30 June 2026 Cut-Off – And What To Do Now
Introduction As MiCAR’s full authorisation regime for crypto-asset service providers (“CASPs”) settles across the EU/EEA, the single date that defines strategy for every TVTG-registered firm in Liechtenstein is the end of the transitional (“grandfathering”) window; and while practitioners have so far worked to a 31 December 2025 national end-date, policy discussions in Vaduz are now …
Funding the Future: How TPF Complements Interim Finance under the IBC
In the evolving world of corporate insolvency, one quiet revolution is unfolding in courtrooms and boardrooms: the rise of third-party funding. For distressed companies, funding is often the difference between resolution and ruin. And for India, still navigating the growing pains of its insolvency regime, Third-Party Funding (“TPF”) and Interim Finance (“IF”) are beginning to …
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Ukraine’s Anti-Dumping Enforcement in Wartime: Trade Defence Practice, Key Cases and Strategic Implications
Olena Omelchenko, Partner at Ilyashev & Partners, Head of International Trade Practice, PhD in Law Anti-dumping investigations have become one of Ukraine’s key trade defence instruments, particularly since 2014 and following the full-scale war in 2022. Against the backdrop of disrupted supply chains and heightened economic security challenges, this mechanism provides effective protection for domestic …
From residency to second citizenship: Europe’s emerging hybrid migration models
Under the 2025 guide, a Family Foundation is defined (for tax purposes) as any foundation, trust or similar entity used to hold family wealth – including real estate, investments, assets, and holdings – provided it meets the requirements of Article 17(1) of the Federal Decree‑Law No. 47 of 2022 on Corporate Tax.
The Road Ahead for Gig Worker Protection in Karnataka
We write to bring to your attention the key compliance requirements under the recently introduced Karnataka Platform Based Gig Workers (Social Security and Welfare) Rules, 2025. (“Rules”). The Rules must be read together with the previously notified Karnataka Platform Based Gig Workers (Social Security and Welfare) Ordinance, 2025. (“Ordinance”). The Government of Karnataka on May, …
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Real-Time Balancing Mechanism in the Electricity Market
Introduction The load increase/reduction instructions issued by the Türkiye Elektrik İletim Anonim Şirketi (‘TEİAŞ’) and market participants’ obligations concerning real-time balancing typically become a point of interest following power outages, malfunctions, and/or administrative investigations. Indeed, in mid-August, various media outlets reported that the Energy Market Regulatory Authority (‘EMRA’) had requested information from 66 electricity generation …
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Processing of Personal Data in the Context of Artificial Intelligence Models
Introduction The European Data Protection Board (‘EDPB’) published Opinion 28/2024[1] examining principal data protection issues arising from the processing of personal data within artificial intelligence (‘AI’) model environments. This Opinion was formulated in response to a request from the Irish Supervisory Authority pursuant to Article 64(2) of the GDPR,[2] acknowledging the extensive deployment[3] of AI …
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An End to Sending Verification Codes by SMS During the Provision of Goods and Services
Introduction In Türkiye, it has recently become increasingly common, particularly in retail stores, to send verification codes to data subjects via SMS during the provision of goods and services and to process personal data in this manner. In the complaints submitted to the Personal Data Protection Board (‘Board’), it has been observed that, during transactions …