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  1. Home
  2. Single Rulebook Q&A
  3. 2025_7299 Definition of ancillary services undertaking under Article 4(1)(18)
Question ID
2025_7299
Legal act
Regulation (EU) No 575/2013 (CRR)
Topic
Other issues
Article
4
Paragraph
1
Subparagraph
18
COM Delegated or Implementing Acts/RTS/ITS/GLs/Recommendations
Not applicable
Article/Paragraph
N/A
Name of institution / submitter
FMA Liechtenstein
Country of incorporation / residence
Liechtenstein
Type of submitter
Competent authority
Subject matter
Definition of ancillary services undertaking under Article 4(1)(18)
Question

Does the definition of ancillary services undertaking under Article 4(1)(18) CRR include trust companies under Liechtenstein law?

Background on the question

As per Regulation (EU) No 575/2013 (CRR), Article 4(1)(18) – “ancillary services undertaking” means an undertaking the principal activity of which, whether provided to undertakings inside the group or to clients outside the group, consists of any of the following:

(a) a direct extension of banking;

(b) operational leasing, the ownership or management of property, the provision of data processing services or any other activity insofar as those activities are ancillary to banking;

(c) any other activity considered similar by EBA to those referred to in points (a) and (b).

In Liechtenstein, trust companies carry out the following activities (according to Art. 2 Trustee Act):

a) Establishment of legal entities, companies and trusteeships for third parties, in the licence holder’s own name and for the account of third parties and related contact and correspondence with courts and administrative authorities; 

b) Acceptance of board mandates in accordance with Art. 180a of the Liechtenstein Law on Persons and Companies and acceptance of trusteeships; 

c) Financial and business consultancy; 

d) Tax consultancy; 

e) Bookkeeping and audit review, provided this activity is not reserved for auditors and auditing companies.

There are credit institutions in Liechtenstein that hold such trust companies as subsidiaries. Do these companies fall under the definition of “ancillary services undertaking” and are therefore part of the scope of prudential consolidation?

Submission date
09/01/2025
Rejected publishing date
21/01/2025
Rationale for rejection

This question has been rejected because the issue it raises is beyond the remit of the Q&A process and as such it cannot be addressed via a Q&A, but it will be addressed within the guidelines that will be developed by EBA in accordance with Article 4(5) of Regulation (EU) 2024/1623. 

The Single Rule Book Q&A tool has been established to provide explanations and non-binding interpretations on questions relating to the practical application or implementation of the provisions of legislative acts referred to in Article 1(2) of the EBA’s founding Regulation, as well as associated delegated and implementing acts, and guidelines and recommendations, adopted under these legislative acts. The Q&A process cannot, for example, consider issues which would require changes to the regulatory framework.

For further information on the purpose of this tool and on how to submit questions, please see “Additional background and guidance for asking questions”.

Status
Rejected question

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