Results

Liechtenstein broke new legal ground with the enactment of the TVTG (Token and VT Service Provider Act) and was one of the first countries worldwide to attempt to create a legal framework for the developments of decentralised networks. The goal of the project was primarily the legal analysis of the legal provisions. In the course of the analysis, particular topics such as the registration procedure, the role of individual service pro-viders, the subordination under the Due Diligence Act or the information obligations were also examined in detail and published. In addition to the publication of numerous articles, the insights gained were also used in teaching and further education and made accessible to an academic discourse through lectures. The commentary processes these findings and deepens them within the framework of the analysis of the specific legal provisions

Regulation in Information Systems Research (ISR) has garnered significant attention, especially since the global financial crisis of 2008 prompted a surge in regulatory measures. However, despite this growing importance, there remains a lack of comprehensive understanding regarding regulation in ISR. This research aims to evaluate the effectiveness of regulatory mechanisms amidst the backdrop of digital transformation. It explores the challenges posed by the rapidly evolving digital landscape and its impact on compliance and organizational functionality. The coexistence of regulation and ISR creates a complex interdependency ensuring adherence to standards, business conduct, and organizational dynamics. ISR plays a critical role in enabling organizations to maintain regulatory compliance while optimizing operational efficiency. Regulatory dictates significantly shape the adoption and adaptation of ISR strategies, necessitating seamless integration of compliance measures. Furthermore, governance elements undergo transformation amidst digital evolution, adding another layer of complexity. The research also investigates unexplored areas where refinement is needed to mitigate risks in the dynamic digital landscape. By elucidating the interplay between regulation, ISR, and evolving governance elements, the study provides a foundation for future research and contributes to enhancing regulatory frameworks to promote compliance and organizational agility. This evolution is crucial for ensuring the sustained success of enterprises in the evolving digital paradigm.

Hedge-Funds (HF) are well known alternative investment undertakings using alternative investment strategies. Recently, these alternative investment undertakings heated up discussions on regulatory issues such as disclosure and transparency.

Our objective is to show, if any specific distribution characteristics of various HF domiciles exist and if a comprehensive regulation of HF does refer or does not refer to specific regulation characteristics.

Intended goals of the project are (1) to gain a better understanding of alternative investment undertakings regarding HF specific regulations, (2) to provide policy makers with arguments towards a comprehensive national regulation for HF and (3) to advise asset managers and fund promoters in their choice of a HF domicile.

Society has been regulated by Compliance standards for many decades now. Within this discipline, information technology is rapidly implemented, driving progress forward. This common practice not only improves the procedural efficiency of various financial institution, but also fortifies the supervisory activities of the relevant authorities. In recent years, Compliance has become more and more important, as financial institutions are forced to better manage their risks. The continuing digitalization of the financial sector is generating ever-increasing floods of information. These developments demand a mindset shift in terms of Compliance. Information Technology helps companies process these vast quantities of information and to remain compliant. As a result, the relationship between these two disciplines is becoming stronger and more vital. With increasingly complex regulatory obligations placed on companies, the interplay between information technologies and legal issues is becoming significantly more relevant in today's world.
This is where Regulatory Technologies ("RegTech") come into play. RegTech refers to the interplay between information technologies and legal issues. It is becoming significantly more relevant in today's world due to the increasingly complex regulatory obligations placed on companies.
RegTech offers potential for facilitating compliance realization for regulators and financial institutions. Technology is an enabler to meet the demands of regulators. As a result, financial institutions today are increasingly interested in investing in RegTech-related services, such as Big Data analytics and Artificial Intelligence. The goal of this dissertation project is to dive into the world of RegTech, to develop prognoses, identify trends at an early stage, and to learn what impact developments in this field have on organizations.

Active, tactical asset allocation approaches are applied portfolio-strategies in order to achieve additional gains on the markets, where the assets are invested. Based on various indicators the weights of the assets are regularly rebalanced - or even new asset classes are inserted - to generate a positive alpha. The type of indicators underlying the allocation system moves on a wide range, but in quantitative models econometric equations often serve as primary signals providers.

The proposed dissertation introduces a regression based tactical asset allocation system with the declared goal to construct a model that outperforms the respective passive, strategic asset allocation along with a lower or equal volatility. Contrary to mainstream theories the assumptions state that various short term market inefficiencies appear continuously and it is possible the exploit them with the help of macroeconomic, fundamental and technical variables. The accordingly generated econometric equations deliver predicted returns for the selected stock market based on historic time-series of the exogenous (macroeconomic, fundamental and technical) factors.

The main difference to classical models is the sophisticated rolling regression that dynamically recalculates the equation before forecasting for each period. Unlike standard econometric models where fixed variables are determined through the process, in the dissertation approach the possible influencing factors are selected into a pool that provides the variables for a stepwise regression. Hence a secure structure is obtained, which monitors changes in the market condition and tries to fit the model to the newly appearing environment, or warns priori to unreliable predictions. Furthermore the inclusion of technical indicators is expected to raise the explanatory power of the asset allocation.

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Das regionale, d.h. kantonale Wachstum in der Schweiz ist in den letzten Jahrzehnten sehr unterschiedlich verlaufen. Das Projekt hinterfragt die Determinanten des regionalen Wachstums in der Schweiz.

Die Resultate dienen als Benchmark für die liechtensteinische Volkswirtschaft. Darüber hinaus wird mit Hilfe ökonometrischer Tests der Frage nachgegangen, ob das kantonale Wachstum in der Schweiz durch endogene Wachstumsprozesse bestimmt wird..

What regional added-value is created through architecture in Lake Constance? What influence does the building culture have on regional identity? How do architects and creative actors act within the entire economic complex? Where are the corresponding knowledge and innovation clusters located? These are the central questions that this research project examines. As the second-largest branch of the creative economy in the Lake Constance region, architecture is particularly predestined for analysis. The architecture industry is competitive; in it, the crucial questions about sustainable business - keyword: circular economy - and about spatial and technological development - keyword: smart living - are decided. Against the background of structural change, architecture also plays a key role in the region's cultural self-image, attractiveness and quality of life. Nevertheless, this industry is highly mobile and flexible due to its project-based way of working. In order to attract and retain these specialists for the Lake Constance area, an attractive regional work environment is required, which also needs to have a well-functioning network across regions and across borders.

The aim of the study is to provide an industry-specific analysis of the regional importance and added value of architecture in Lake Constance. It should show which creative ecosystems architects are embedded and where and how they become drivers for regional and global innovation. To this end, the impulsive effect of architectural projects with regard to cultural, social, ecological and economic developments should be considered. The empirical basis for this is collected on the one hand through a statistical research approach. On the other hand, a qualitative approach is selected through a series of case studies, network and stakeholder analysis. The close cooperation with the practice makes it possible to raise questions of value attribution and practices from an internal perspective and to discuss them against the background of regional self-image and sustainability. Networking in and with the practice in Lake Constance serves as an analytical framework and it creates the possibility of directly involving actors from the sub-regions in the project. For the Lake Constance region, the answer to the question of the relationship between architecture, sustainable management, technology and cultural identity is relevant. The study provides insights into economic dynamics, competitiveness and innovation. And by means of exemplary projects, it shows the added social value of architecture, which it develops by dealing with future issues of living and business and which creates an identity-creating impact for sustainable and environmentally conscious development and quality of life. It thus offers clues to shape the structural change actively.

Since the initial statutory standardization of foundation and trust law in the Law of Persons and Companies (PGR) in 1926, these two legal institutions have significantly contributed to Liechtenstein's success as a location for wealth planning and structuring. Dogmatically, the two legal institutions differ significantly from each other. Nonetheless, in a functional sense, civil law foundations and common law trusts both serve as vehicles for wealth and succession planning, as well as philanthropic purposes, allowing the will of the founder/settlor to be perpetuated unalterably.
In 1926, Liechtenstein became the first continental European jurisdiction to implement a common law trust into their domestic companies act. Ever since, the legal framework remained unchanged. With the end of 2023, the government released a consultation report proposing substantial changes to the Liechtenstein trust law. The intended changes particularly concern the area of trust governance. The main emphasis lies in the introduction of a mandatory information beneficiary (enforcer) as well as amendments to the provisions on judicial supervision, the catalog of supervisory measures, the right to file an application and party status in supervisory proceedings as well as the subordination of charitable trusts to the supervision of the Liechtenstein Foundation Supervisory Authority.
The introduction of an enforcer in the form of an information beneficiary is particularly questionable, as it would undermine the beneficiary principle, one of the fundamental traits of common law trusts. As a result, every trust would by law require an enforcer to secure its enforceability, even if the trust has beneficiaries. Hence, the enforcer would be in possession of the same rights as the beneficiaries (as seen in traditional Common Law trusts).
Similarly, the foundation was first standardized in the PGR in 1926. However, in 2008, a total revision of foundation law took place, largely resulting in a newly reformed foundation law focusing on the governance of charitable as well as private foundations. Recently, the government released plans to conduct “special
improvements” to the current foundation law. The consultation draft for the amendments of the foundation law implies that changes will mainly concentrate on beneficiaries' rights of inspection and information, supervision and the prevention of legal disputes between foundation stakeholders.
Bearing in mind what has been stressed so far, it can be said that the foundation as well as the trust are facing legislative adjustments. In both cases, the changes are specific and targeted novelties. In each case they relate to governance, which is an essential component of the respective legal entity.
A number of questions therefore arise in the context of the respective governance systems of the two legal forms, as well as further questions regarding the future private and non-profit structure, so that their control and supervision can continue to be ensured in a closed and selfregulating system. Given all this, the research project aims to examine the planned legislative changes and identify potential areas of tension.

Mitwirkung an einer Arbeitsgruppe des österreichischen Bundesministeriums für Finanzen zur Reform der Bankenaufsicht