STIFA Activity Reports

Staff
STIFA’s staff at the end of 2016 consisted of the Head of the Division its Deputy and a Legal Officer.

Activity
At the beginning of 2016, 1’286 common-benefit foundations and 18 private-benefit foundations were subject to STIFA supervision. By the end of 2016, the figures had risen to 1’323 common-benefit foundations, 19 private-benefit foundations and four common-benefit establishments. The court applies an independend audit authority for every common-benefit foundation or establishment. This audit authority has to report to the STIFA within 9 months after the end of the accounting year. On January 1st, 2017 there was an outstanding of 103 reports.

STIFA may exempt common-benefit foundations and establishments from this obligation to appoint an audit authority and then STIFA exercises the inspection in its own discretion at three-yearly intervals. As of 31 December 2016, 162 common-benefit foundations were exempt from the obligation to appoint an audit authority.

Activity Report 2016_new

The focus was on carrying out STIFA audits of the exempt foundations (art. 552 § 29 para. 3 PGR), the processing of reports by audit authorities with objections concerning the management and/or appropriation of foundation assets. The STIFA applied to the court in 20 cases (2015: 15; 2014: 24, 2013: 23) for supervisory measures.

In sample verifications STIFA inspected the accuracy of the deposited notifications of formation and amendment in the case of private-benefit foundations (art. 552 § 21 PGR).

With short lectures and presentations e.g. at lunch meetings, STIFA sought dialogue with the market participants. STIFA actively aimed for the exchange of experience with:

  • the Liechtenstein Association of non-profit foundations;
  • the Association of Auditors;
  • the Tax Authority;
  • the European Foundation Center;
  • the Association of Foundation Supervision Authorities of East Switzerland.

Recent STIFA Participation Activities and Events:

  • an advanced training course with German foundation supervisors;
  • the general meeting of the Swiss Cantonal Foundation supervising authorities;
  • one meeting with some European Foundation Supervisors regarding cross boarder supervision and the combating of financing terrorism;
  • two speeches in training courses with the Association of Auditors;
  • two speeches at the University of Liechtenstein;
  • Working groups (arbitration, national risk assessment, register on beneficial ownership, EU supra national risk assessment).

2015

Staff
STIFA’s staff at the end of 2015 consisted of the Head of the Division its Deputy and a Legal Officer.

Activity
At the beginning of 2015, 1,239 common-benefit foundations and 15 private-benefit foundations were subject to STIFA supervision. By the end of 2015, the figures had risen to 1,286 common-benefit and 18 private-benefit foundations. On application, STIFA may exempt common-benefit foundations from the obligation to appoint an audit authority and then STIFA exercises the right of inspection according to its discretion. As of 31 December 2014, 164 of the 1,286 common-benefit foundations were exempt from the obligation to appoint an audit authority.

Tätigkeitsbericht Statistik 2015

The focus was on carrying out STIFA audits of the exempt foundations (§ 29(3) StiftG), the processing of reports by audit authorities with objections concerning the management and/or appropriation of foundation assets as well as the verification of the accuracy of the deposited notifications of formation and amend-ment in the case of private-benefit foundations (§ 21 StiftG). The STIFA applied to the court in 15 (2014: 24, 2013: 23) cases for supervisory measures.

With short lectures and presentations e.g. at lunch meetings, STIFA sought dialogue with the market participants. STIFA actively aimed for the exchange of experience with:

  • the Liechtenstein Association of non-profit foundations;
  • the Association of Auditors;
  • the Tax Authority;
  • the European Foundation Center;
  • the Association of Foundation Supervision Authorities of East Switzerland.

Recent STIFA Participation Activities and Events:

  • an advanced training course with German foundation supervisors;
  • the general meeting of the Swiss Kantonal Foundation supervising authorities;
  • one meeting with some European Foundation Supervisors regarding cross boarder supervision and the combating of financing terrorism;
  • two speeches in training courses with the Association of Auditors;
  • Working groups (arbitration, national risk assessment, register on beneficial ownership, EU supra national risk assessment).

2014

Staff
STIFA’s staff at the end of 2014 consisted of the Head of the Division and two part-time Legal Officers (50 % each).

Activity
At the beginning of 2014, 1,199 common-benefit foundations and ten private-benefit foundations were subject to STIFA supervision. By the end of 2014, the figures had risen to 1,239 common-benefit and 15 private-benefit foundations. On application, STIFA may exempt common-benefit foundations from the obligation to appoint an audit authority and then STIFA exercises the right of inspection accourding to its discretion. As of 31 December 2014, 166 of the 1,239 common-benefit foundations were exempt from the obligation to appoint an audit authority.

Stifa Activity Report 2015_V2

The focus was on carrying out STIFA audits of the exempt foundations (§ 29(3) StiftG), the processing of reports by audit authorities with objections concerning the management and/or appropriation of foundation assets as well as the verification of the accuracy of the deposited notifications of formation and amendment in the case of private-benefit foundations (§ 21 StiftG). The STIFA applied to the court in 24 (2013: 17) cases for supervisory measures.

With short lectures and presentations e.g. at lunch meetings, STIFA sought dialogue with the market participants. STIFA actively aimed for the exchange of experience with:

  • the Liechtenstein Association of non-profit foundations;
  • the Association of Auditors;
  • the Tax Authority;
  • the European Foundation Center;
  • the Association of Foundation Supervision Authorities of East Switzerland.

Recent STIFA Participation Activities and Events:

  • an advanced training course with German foundation supervisors;
  • the general meeting of the Swiss Kantonal Foundation supervising authorities;
  • two meetings with some European Foundation Supervisors regarding cross boarder supervision and the combating of financing terrorism;
  • a one day lecture on the supervision of common-benefit foundations at the LL.M. course on company, foundation and trust law at the Liechtenstein University;
  • a speech on supervision at the 7th Foundation’s day at the University of Liechtenstein;
  • two speeches in training courses with the Association of Auditors.

The data managing project „StiCH“ (STIFA Case Handling), a due dilligence follow up instrument.

2013

Staff
STIFA’s staff at the end of 2013 consisted of the Head of Division, two part-time Legal Officers (50% each), and one Administrator/Secretary (80%).

Activity
At the beginning of 2013, 1,169 common-benefit foundations and ten private-benefit foundations were subject to STIFA supervision. By the end of 2013, the figures had risen to 1,199 common-benefit and ten private-benefit foundations. On application, STIFA may exempt common-benefit foundations from the obligation to appoint an audit authority and then as a rule itself exercises the right of inspection. As of 31 December 2013, 187 of the 1,199 common-benefit foundations were exempt from the obligation to appoint an audit authority.

The focus was on carrying out STIFA audits of the exempt foundations (§ 29(3) StiftG), processing of reports by audit authorities with objections concerning the management and/or appropriation of foundation assets as well as the verification of the accuracy of the deposited notifications of formation and amendment in the case of private-benefit foundations (§ 21 StiftG). The STIFA applied to the court in 17 cases for supervisory measures.

With short lectures and presentations e.g. at lunch meetings STIFA seeked dialogue with the market participants. STIFA actively aimed for the exchange of experience with the Association of Auditors, the Chair of Company, Foundation and Trust Law at the University of Liechtenstein, the Tax Authority as well as the Liechtenstein Association of non-profit foundations and the European Foundation Center. The Liechtenstein supervision regime on common-benefit foundations was presented to the Swiss kantonal foundation supervising authorities on occasion of their annual general meeting. STIFA has a newly designed internet homepage: www.stifa.li which is now available in english, too. There is a special place on the STIFA site for philanthropie. The data base of the STIFA has been renewed.

2012

Staff
STIFA’s staff at the end of 2012 consisted of the Head of Division, two part-time Legal Officers (50% each), and one Administrator/Secretary (80%).

Activity
At the beginning of 2012, 1,137 common-benefit foundations and seven private-benefit foundations were subject to STIFA supervision. By the end of 2012, the figures had risen to 1,169 common-benefit and ten private-benefit foundations. On application, STIFA may exempt common-benefit foundations from the obligation to appoint an audit authority and then as a rule itself exercises the right of inspection. As of 31 December 2012, 207 of the 1,169 common-benefit foundations were exempt from the obligation to appoint an audit authority.

The focus was on carrying out STIFA audits of the exempt foundations (§ 29(3) StiftG), processing of reports by audit authorities with objections concerning the management and/or appropriation of foundation assets as well as the verification of the accuracy of the deposited notifications of formation and amendment in the case of private-benefit foundations (§ 21 StiftG).

With short lectures and presentations e.g. at lunch meetings STIFA seeked the dialogue with the market participants. STIFA actively aimed for the exchange of experience with the Association of Auditors, the Chair of Company, Foundation and Trust Law at the University of Liechtenstein, the Tax Authority as well as the Liechtenstein Association of non-profit foundations. After all various opportunities have been used to establish new and to deepen existing contacts to foreign supervisory authorities.

2011

Staff
The staff at the end of 2011 consisted of the Head of Division, one part-time Legal Officer (50%), and one Administrator/Secretariat (80%).

Activity
At the beginning of 2011, 1,003 common-benefit foundations and six private-benefit foundations were subject to STIFA supervision. By the end of 2011, the figures had risen to 1,137 common-benefit and seven private-benefit foundations. On application, STIFA may exempt common-benefit foundations from the obligation to appoint an audit authority and then as a rule itself exercises the right of inspection. As of 31 December 2011, 215 of the 1,137 common-benefit foundations were exempt from the obligation to appoint an audit authority.

The focus was on carrying out STIFA audits of the exempt foundations (§ 29(3) StiftG), processing of reports by audit authorities with objections concerning the management and/or appropriation of foundation assets, and verification of the accuracy of the deposited notifications of formation and amendment in the case of private-benefit foundations (§ 21 StiftG).

2010

Staff
The staff at the end of 2010 consisted of two part-time Legal Officers (each 50%) and one Administrator/Secretariat (80%). The division continued to be headed ad interim by the Director of the Office.

Activity
At the beginning of 2010, 460 common-benefit foundations and one private-benefit foundation were subject to STIFA supervision. By the end of 2010, the figures had risen to 1,003 common-benefit and six private-benefit foundations. The focus continued to be on defining processes and responding to enquiries by the financial centre participants affected by practical implementation of the new foundation law.

On application, STIFA may exempt common-benefit foundations from the obligation to appoint an audit authority. As of 31 December 2010, 174 of the 1,003 common-benefit foundations were exempt from the obligation. For these exempt foundations, STIFA as a rule itself exercises the right of inspection.

2009

Staff
The staff consisted of 2 part-time Legal Officers (each 50%). Of the total of 3 positions approved by Parliament for STIFA, only one full-time equivalent position had therefore been filled.

Activity
STIFA officially began its work on 1 April 2009. In the first few months, the focus was on defining processes and responding to enquiries by the financial centre participants affected by practical implementation of the new foundation law. For this purpose, information and numerous fact sheets on the new Law on Foundations were drawn up, and the website of the Office of Land and Public Registration was updated accordingly. The further activities of the authority focused on drafting various implementing guidelines for the Foundation Law Ordinance. In its first year, the Foundation Supervisory Authority also participated actively in several events concerned with foundation law, and it already established first contacts with foreign supervisory authorities.

At the end of 2009 – primarily on the basis of the reports to be submitted pursuant to article 1(4) of the transitional provisions, Liechtenstein Law Gazette (LGBl.) 2008 No. 220 – 460 common-benefit foundations and one private-benefit foundation were subject to supervision by STIFA. Accordingly, numerous submissions were made to the Court of Justice in connection with the appointment of audit authorities.

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