TGI AG Achieves Partial Success in Appeal Proceedings Against FMA Order
TGI AG has achieved an initial partial success in the appeal proceedings against the decision of the Liechtenstein Financial Market Authority dated May 26, 2026. The immediate enforceability of the so-called repatriation order has been lifted. The suspensive effect of the appeal therefore applies once again to this point. The appeal proceedings are continuing.
What was the Appeals Commission's decision?
The Appeals Commission of the Liechtenstein Financial Market Authority has upheld one point of TGI AG’s appeal. Specifically, the immediate enforceability of the so-called repatriation order has been lifted. The suspensive effect of the appeal now applies to this point.
What does this decision mean for TGI AG?
For the time being, TGI AG is not required to return the customer funds affected by the restitution order or to rescind the underlying contracts as long as the appeal proceedings are ongoing. The Appeals Commission did not find sufficient urgency to warrant the immediate enforcement of this order.
What are TGI AG's next steps?
The main proceedings before the FMA Appeals Commission are still pending. The partial decision that has now been issued concerns solely the immediate enforceability of the so-called repatriation order. A final decision on TGI AG’s appeal against the FMA’s order of May 26, 2026, is still pending.
Statement
In its partial decision of August 12, 2026 (FMA-BK 2026/08), the Appeals Commission of the Liechtenstein Financial Market Authority (FMA-BK) upheld one aspect of the appeal filed by TGI AG against the decision of the Financial Market Authority (FMA) dated May 26, 2026.
No Immediate Return of Customer Funds
At the heart of the decision is the suspension of the immediate enforceability of the so-called repatriation order. The FMA had ordered that TGI AG may no longer hold the customer funds received in connection with the “Customer Basic 2%,” “Sales Premium,” and “Sofortrabatt” products within four months of the order’s service—and must therefore return them. Without this decision, that order would have had to be implemented immediately, even before the conclusion of the appeal proceedings.
The Appeals Commission did not find sufficient urgency to warrant the immediate enforcement of this specific order. It noted that customerscan already reclaim their invested capital at any time under the existing terms of the contract, and that TGI AG’s mere temporary retention of the funds does not , in and of itself, pose a threat to the public interest that would require immediate enforcement. The publication of the notice, which had already been ordered, was sufficient to provisionally safeguard the interests of the customers during the ongoing proceedings.
As a result, TGI AG is not required, for the time being, to return the affected customer funds or to rescind the underlying contracts as long as the appeal proceedings are ongoing. The suspensive effect of the appeal now applies to this matter.
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