We advise and support several companies that do publicly offer Security Tokens, i.e. tokens which, due to their design and investor rights linked to them, qualify as securities in the meaning of European financial markets regulation, specifically the EC Prospectus Directive.
In order to be allowed to offer a security token in Liechtenstein, in the EEA and, as a general rule, also in countries outside the EEA, certain formal requirements have to be met. Within the EEA, a securities prospectus in compliance with the Prospectus Directive has to be drawn up and filed for approval with the Liechtenstein Financial Markets Authority (FMA).
We advise and support companies on an ongoing basis with regard to the preparation of such securities prospectuses until their final approval by the FMA. In particular, we had the pleasure to draft the first securities prospectus on the public offer of Security Token that has been approved by the FMA in Liechtenstein in August 2018. As far as we can see this was not only the first Security Token Prospectus formally approved in Liechtenstein but the first Security Token Prospectus approved by a financial markets authority european-wide.