Statement by TGI AG regarding the order issued by the Liechtenstein Financial Market Authority (FMA) on May 26, 2026: Three out of four products affected

TGI AG | Vaduz, May 28, 2026

TGI AG has submitted its response to the Liechtenstein Financial Market Authority (FMA) dated May 26, 2026. The FMA alleges that, with three of the four products it offers, the company is conducting deposit-taking business subject to authorization under the Liechtenstein Banking Act, and has ordered the company to cease the sale and public offering of the products “Customer Basic 2%,” “Sales Premium,” and “Sofortrabatt,” and has set a four-month deadline for the settlement of funds received in connection with these products. The suspensive effect of any appeal has been revoked.

TGI AG strongly rejects this allegation. The company sells physical fine gold to its customers—a commercial activity that does not require authorization from the Financial Market Authority in Liechtenstein or anywhere else in the EEA. TGI AG will have the decision reviewed by legal counsel within the appeal period and will pursue the appropriate legal remedies.

It is essential to correctly assess the scope of the order. TGI AG’s business activities were not completely prohibited. The product “Fine Gold Bars – Customer Basic 2% + Loyalty Discount” is not covered by the order and remains available to customers as before.

No deposit-based business – sales contracts for physical gold

According to the clear and unambiguous wording of the contracts, TGI AG’s customers purchase a specific quantity of physical fine gold. In return, TGI AG undertakes to deliver this gold. This is a classic sales contract involving synallagmatic consideration: the customer receives gold, not money that must be repaid. Thus, the central defining characteristic of a deposit transaction is absent.

Nor are the monthly discounts interest or returns; rather—as is common in many industries—they are simply price reductions on a purchase that has already been made. They do not alter the primary purpose of the agreement. The European Banking Authority (EBA) has explicitly stated in its guidelines (EBA/GL/2021/12) that funds received as consideration under a synallagmatic contract do not constitute deposits, provided that the primary purpose of the contract is not the repayment of those funds. Advance payments under purchase agreements are specifically excluded from this definition. The contracts of TGI AG correspond exactly to this scenario.

Key facts no longer cited in the decision

It is noteworthy that the FMA itself expressly states in its letter dated May 13, 2026, that upon expiration of the contractual term, customers will receive “fine gold in the quantity purchased” and that this fine gold will be “delivered to the customers” by TGI AG. In doing so, the FMA confirms in its own letter that the transaction is a gold purchase—and specifically not a deposit transaction.

As a result, just a few days before issuing the order, the FMA itself determined that customers would receive fine gold in the quantity purchased and that TGI would deliver it to the customers. This finding clearly supports the nature of the transaction as a gold purchase and specifically not as a deposit transaction. It is all the more remarkable that the FMA no longer cited this crucial factual element in the current order, even though the factual and legal situation has not changed since May 13, 2026.

The FMA's main concerns relate to customer rights

The FMA’s main concerns relate to customers’ termination options and right of resale. In essence, the FMA argues that the rights granted to customers are what render the arrangement unlawful. From the customers’ perspective, this is naturally difficult to understand: Customers are granted rights here that they can use to their advantage, and it is precisely these rights on which the FMA bases its supervisory assessment. The supervisory rationale for the assumed deposit business thus essentially relates to rights that are contractually granted to customers.

What the ordered reversal means for customers

The FMA’s order affects tens of thousands of customer relationships with satisfied customers who knowingly purchased their gold and have no interest whatsoever in a reversal of the transaction. Since the price of gold has risen by more than 100% at times since July 2024 alone, a forced reversal of the transaction would result in significant financial losses for many customers. They would have to repay any discounts they have already received without being able to benefit from the rise in the gold price that has occurred in the meantime.

However, the FMA itself states in its ruling: “It is up to TGI to determine how it will comply with this request. In doing so, it may repay the funds (“purchase prices”) received from its customers under the affected contract models or reach other agreements with its customers.” This makes it clear that, as part of the implementation, individual and appropriate solutions with the affected customers are also possible.

For TGI AG, customer protection is a top priority. TGI AG will therefore promptly present specific options to its customers with open contracts in order to avoid financial disadvantages wherever possible and to ensure an orderly and customer-oriented implementation. Of course, TGI AG will still offer all affected customers the option to rescind their contracts for the affected products.

New Products in the Works

TGI AG has been working intensively on a new product line for some time now. In this process, the company is taking particular care to thoroughly address regulatory requirements as well as the insights gained in recent weeks through discussions with the relevant authorities. The goal is to continue offering customers attractive and legally compliant options for purchasing physical fine gold.

Legal Remedies and Cooperation

TGI AG will have the decision reviewed by legal counsel within the appeal period and will pursue the appropriate legal remedies. The FMA’s regulatory concerns essentially relate to specific ancillary rights in the affected contract models and, in the company’s view, can be constructively addressed within the framework of the ongoing dialogue. TGI AG remains committed to acting in compliance with the law and to exhausting all legal means and avenues to provide its customers with the promised services in full.

Message to Our Customers

TGI AG would like to thank its customers for the trust they have placed in the company. It will provide transparent information on every further step in the process and is available to answer questions through the usual channels. According to the FMA’s findings, customers who have already received gold are not affected by the order. Customers with active contracts will be contacted promptly and informed of the options available to them.

Legal action against false and defamatory allegations

TGI AG reserves the right to take all legally available measures against reporting that damages its reputation, as well as against the dissemination of false or misleading factual claims—including actions under media law and civil law against publications, platforms, and individuals.

Further statements will be issued in due course.