On 12 December 2024, the Chair of Corporate, Foundation and Trust Law, as part of the Executive Master of Laws (LL.M.) program of the same name, hosted a thematic evening titled “Insights from the EFTA Court.” Around forty participants took the opportunity to gain exclusive insights into the workings of the court from Dr. iur. Bernd Hammermann, Judge at the EFTA Court appointed by the Principality of Liechtenstein.

The EFTA Court was established in 1994 on the basis of the EEA Agreement to ensure the uniform application of EU law in Liechtenstein, Iceland, and Norway. Thus, this year marks the 30th anniversary of the EFTA Court.

The EFTA Court is a supranational court based in Luxembourg. It corresponds to the Court of Justice of the European Union for matters concerning the EEA/EFTA member states (Liechtenstein, Iceland, Norway) and consists of one judge from each of these three countries.

In his lecture, Dr. iur. Bernd Hammermann provided an overview of the EFTA Court, focusing in particular on its internal organizational structure, the various types of legal proceedings, as well as current case statistics and court figures. He also addressed the structure of court rulings, the canon of interpretation that judges must adhere to, and the impact of precedents and fundamental rights. The core of his presentation, however, centered on selected decisions with relevance to Liechtenstein. He succinctly summarized the facts of these cases for the audience and subsequently discussed their legal implications.

The in-depth analysis of case law was particularly well received by the audience and led to a lively discussion following the lecture. The evening concluded on a festive note with mulled wine and roasted chestnuts.

As part of this year’s Faculty Day of the Faculty of Law at the University of Innsbruck, Jeffrey Lee Brüstle, research associate at the Chair for Corporate, Foundation, and Trust Law, received the prestigious Bendura Bank Award 2024 for his master’s thesis, approved in 2021. This award is presented annually by the Faculty of Law in cooperation with Bendura Bank AG to recognize and promote outstanding master’s theses in business law.

The ceremonial award ceremony took place on November 29, 2024, in the grand hall of the University of Innsbruck. Jeffrey Lee Brüstle, LL.B. LL.M. LL.M., had the honor of briefly presenting his thesis entitled “Interpretative Issues of the CISG” to a professional audience. The award was then formally presented by Univ.-Prof. Dr. Walter Obwexer, Dean of the Faculty of Law, and Dr. Markus Federspiel, CEO of Bendura Bank AG.

“The Bendura Bank Award encourages students of the Master’s Program in Business Law to write theses that provide valuable insights both for academia and legal practice. My thesis is particularly aimed at practitioners, discussing on the one hand the methods of interpretation under the CISG and on the other, addressing the issue of the so-called ‘homeward trend’ of national courts,” explained Jeffrey Lee Brüstle.

The CISG (United Nations Convention on Contracts for the International Sale of Goods) is considered the most significant unification treaty in private international law to date. It has been ratified by 97 countries—including the Principality of Liechtenstein—and provides substantive law for cross-border sales contracts. To achieve as global a scope as possible, some substantive weaknesses had to be accepted as part of a harmonized compromise. As a result, the CISG frequently uses vague legal terms such as “reasonable” or “appropriate.” The autonomous interpretation of these terms presents considerable challenges for national courts of the contracting states, particularly the Austrian Supreme Court.

On November 25, experts from the regional financial sector, academics and interested parties gathered at the University of Liechtenstein for the conference “Artificial intelligence: hype or sustainable transformation?”, a collaboration between Assistant Professor Dr. Sebastian Stöckl and the Liechtenstein Business School with PLEXUS Investments, led by CEO Günter Jäger. Aurelia Rauch from Bergos led through the afternoon.

The numerous presentations by renowned experts offered a deep insight into the ongoing development of artificial intelligence (AI) in finance.

The Dean of the Liechtenstein Business School, Prof. Dr. Michael Hanke, opened the conference with a short speech in which he emphasized the importance of the topic of artificial intelligence for the University of Liechtenstein. He emphasized how important it is to offer the topic in education and training and to actively contribute the university's expertise to practice through knowledge transfer and targeted research.

In his opening presentation Dr. René Deist from ZF Friedrichshafen provided  a fascinating insight into the rapidly advancing field of generative AI. Following the opening presentation, Günter Jäger from PLEXUS Investments shed light on the potential of AI in asset management. Jäger emphasized the dynamic development with the words: “Artificial intelligence in finance is less hype than transformation. And it will significantly change the industry at an increasing pace.”

Assistant Professor Dr. Sebastian Stöckl from the University of Liechtenstein continued the afternoon by emphasizing in his presentation that AI is not just hype, but is already having a transformative effect on industries such as finance and services, while also highlighting the challenges that need to be overcome in order to exploit its full economic potential. Dr. Christopher Krauss from Artellium then gave an exciting presentation on how AI-based stock selection works, focusing in particular on the importance of the human factor.

Finally, Dr. Reto Degen from the Liechtenstein Financial Market Authority discussed the future European regulation of AI and provided an insight into the use of AI among financial intermediaries.

A highlight of the day was the dynamic panel discussion “AI - hype or sustainable transformation”, in which renowned experts such as Dr. Reto Degen, Dr. Christopher Krauss and Ass.-Prof. Dr. Sebastian Stöckl shared their perspectives.

The concluding networking aperitif not only offered participants the opportunity for an informal exchange, but also provided space for further discussions on the fascinating connection between investment and artificial intelligence. Assistant Professor Dr. Sebastian Stöckl from the Liechtenstein Business School was delighted with the outcome: “We are delighted with the positive response to the conference and the great interest in the topic of artificial intelligence, not only in the financial sector. In view of this success, we are pleased to announce that we are already planning next year's conference to continue this exciting format.”

On November 21, 2024, the Chair of Banking and Financial Market Law at the University of Liechtenstein, led by Prof. Dr. Bernhard Burtscher, hosted the "Liechtenstein Banking Law Forum" at the University of Liechtenstein. The conference focused on the upcoming comprehensive reform of Liechtenstein’s financial market law planned for 2025.

The government intends to undertake a sweeping revision of the Liechtenstein legal framework for banking and securities firm supervision in 2025. The goal is to establish a modern, EU-compliant legal framework for financial market participants and to strengthen Liechtenstein’s position as an international financial center.

The morning session focused on the core of the reform: the revision of the Liechtenstein Banking Act. Mag. Peter Jedlicka from the Financial Market Authority Liechtenstein (FMA) presented the background and key elements of the reform—especially the decoupling of banking supervision and securities firm supervision. Prof. Dr. Bernhard Burtscher from the University of Liechtenstein then examined selected questions relating to the new Banking Act. Dr. Alexander Putzer from LGT Bank discussed the implications of the reform on banks’ compliance functions. PD Dr. Thomas Stern concluded the morning with a reflection on the reform and an outlook on the future of European banking regulation.

The lunch break and supporting program provided opportunities for networking and exchange, before the afternoon session turned to capital market law. Dr. Claudia Blasy from the FMA presented the new Securities Firms Act (WPFG), the new Securities Services Act (WPDG), and the new Trading Venue and Stock Exchange Act (HPBG). Florian Ebner, LL.M. (WU) from the University of Liechtenstein addressed fundamental legal questions surrounding the Trading Venue and Stock Exchange Act, which, for the first time, establishes a legal basis for operating a stock exchange in Liechtenstein. Finally, Dr. Christina Delia Preiner, LL.M. from Gasser Partner Attorneys-at-Law discussed selected issues of both the old and new capital market laws.

The University of Liechtenstein extends its sincere thanks to all speakers for their contributions and to all participants for attending and engaging in lively discussions. Following the successful launch event, the Liechtenstein Banking Law Forum is expected to become an annual event at the University of Liechtenstein, providing an ongoing platform for discourse on banking law within the Liechtenstein financial market.

Architecture in Dialogue: A Day with Ondřej Chybík and Our Alumni

On 28 November 2024, the Liechtenstein School of Architecture experienced a special day filled with inspiring events. The morning began with the Pecha-Kucha presentations by students from the Advanced Studio Craft led by Carmen Rist-Stadelmann and Urs Meister. This brief yet intensive presentation format gave the students the opportunity to showcase their projects and gain valuable insights. Present at this session were Ondřej Chybík, co-founder of the internationally renowned Czech architectural firm Chybik + Kristof Architects, as well as our alumnae Hana Pleskačová and Urszula Sedziak, who now hold senior positions at the firm. In the afternoon, all students had the opportunity to receive individual feedback on their projects from the alumnae.

The evening was dedicated to the launch of the new Alumni Lecture Series of the Liechtenstein School of Architecture. Ondřej Chybík delivered an inspiring lecture titled “Creative Reuse of Cities”. With passion, he demonstrated how architecture can be a transformative force, spoke about the creative process in his office, sustainability, and the role of architects in a globalised world. His personal motto – “I'm never satisfied, but always happy” – reflected his philosophy of always striving for innovation while finding joy in the creative process.

The evening was especially meaningful for our alumni community: Urszula Sedziak and Hana Pleskačová, graduates of the Master's programme in Architecture at the University of Liechtenstein, now hold senior roles at Chybik + Kristof Architects. Their successful careers vividly illustrate the strong connections between the University of Liechtenstein and the global architecture scene.

The evening concluded at the student-run bar hosted by the students of the Advanced Studio Sustainable Design, creating a warm and inviting atmosphere.

The event was supported by uni.li Alumni Relations as well as the International Office and marks the beginning of a planned series of alumni lectures that will feature exciting personalities and topics from the fields of architecture and design.

We extend our thanks to Ondřej Chybík, Urszula Sedziak, and Hana Pleskačová for an unforgettable day and look forward to continuing the Alumni Lecture Series in the coming months!

On November 20, 2024, the Chair of Corporate, Foundation, and Trust Law at the University of Liechtenstein hosted the 16th Liechtenstein Foundation Law Day in the university auditorium. Renowned experts from both Liechtenstein and abroad explored various aspects and new developments surrounding the highly relevant topic of “corporate foundations.”

Prof. Dr. Dr. h.c. Helmut Heiss, LL.M., from the University of Zurich, emphasized the significance of the Foundation Law Day in his welcome remarks, noting that the event has become a staple in the calendar of foundation law professionals. In their opening remarks, Prof. Dr. Alexandra Butterstein, LL.M., and Prof. Dr. Francesco Schurr highlighted the value of active dialogue among foundation stakeholders in order to meet new and complex challenges—particularly in cross-border contexts—and to develop innovative solutions.

As per tradition, the day began with a review of recent jurisprudence. Mag. Martina Schöpf-Herberstein provided detailed commentary on selected legal rulings. This was followed by Dr. Albert Kaufmann addressing current issues from the Foundation Supervisory Authority’s perspective. It became clear that the positive trend in charitable foundations in Liechtenstein continues. The day also included discussions on the planned reform of trust law and proposed adjustments to foundation law, as well as an update on recent supervisory decisions.

Prof. Dr. Anne Sanders offered an in-depth overview of the fundamental significance and economic impact of corporate foundations in Germany, particularly focusing on the various ways in which foundations can be connected to business structures. Dr. Daniel Damjanovic, LL.M., presented on the practical aspects of Liechtenstein corporate foundations, using the IKEA Group as a case study to demonstrate how Liechtenstein foundations can preserve business continuity and align with a founder’s values and goals. Prof. Rasmus Feldhusen, LL.M., Ph.D., then examined the Danish business foundation model, showing its broad applicability due to its flexible legal framework. A panel discussion followed, diving deeper into practical legal questions and comparing international foundation laws, emphasizing both legislative and practical designs of corporate foundations.

After the networking lunch, the traditional philanthropy segment of the day took place in cooperation with the Association of Liechtenstein Charitable Foundations and Trusts (VLGST), opened with welcome remarks by Dr. Thomas Zwiefelhofer. Etienne Eichenberger addressed the topic of intergenerational philanthropy, presenting challenges, models, and practical insights. Dr. Cheikh Gueye and Mag. Alice Nägele jointly presented on impact investing for charitable organizations, outlining related risks and opportunities. Notably, the clarification issued by the Liechtenstein Tax Administration on the legal treatment of impact investing was welcomed, as it increases legal certainty and expands options for charitable foundations in Liechtenstein.

In the final segment on opportunities and challenges in the context of corporate foundations, Prof. Dr. Alexandra Butterstein, LL.M., discussed the foundation as a succession planning tool for (family) businesses. She explored multi-dimensional governance and outlined approaches for avoiding family and corporate conflicts through effective governance design. It was demonstrated that foundations, by depersonalizing the enterprise, can offer a flexible and sustainable succession solution. Dr. Bernhard Motal, LL.M., then focused on practical challenges related to corporate foundations, particularly foundation disputes and shareholder rights, emphasizing conflict resolution strategies. Finally, Prof. Dr. Francesco Schurr examined the application of CSR standards to corporate foundations and their impact on foundation governance from a comparative legal perspective. The increasing expectations from European regulators regarding social and environmental responsibility are beginning to influence Liechtenstein’s foundation structures as well.

The event concluded with an open Q&A session and a networking apéro. Overall, the day illustrated how national and international developments are reshaping the foundation landscape while simultaneously opening new opportunities. It also reaffirmed Liechtenstein’s strong and competitive position internationally—both for charitable and private-benefit foundations as well as corporate foundations.