AGP Executive Report

Trade & Integration: The Senate unanimously ratified the historic Mercosur–EFTA free trade agreement, directly linking Switzerland, Norway, Iceland and Liechtenstein with a 15m-consumer market and reinforcing the region’s push for deeper cross-border trade. Liechtenstein Governance & Finance: Liechtenstein’s Hereditary Prince Alois explained the end of 400 years of male-line succession, shifting to firstborn priority including daughters—an update that also reflects how the family is adapting its role in a modern, small-state economy. Vatican–Liechtenstein Link: Pope Leo XIV appointed Liechtenstein princess Gisela Bergmann to the Vatican’s Council for the Economy, underscoring how wealth management expertise is being pulled into high-level financial oversight. US Drone Policy: The US recalibrated drone rules with streamlined export controls and Section 232 tariffs up to 100% on certain drones and components, effective September 3—an immediate compliance and supply-chain wake-up call for manufacturers and integrators. Iceland–EEA/Industry Stakes: Iceland’s EU referendum on Aug. 29 remains finely balanced, with fisheries and agriculture at the center—directly relevant to the EEA single-market dynamics that include Liechtenstein. Banking Performance: Kaiser Partner Privatbank reported CHF 10.3bn assets under management and record growth, a useful signal for Liechtenstein’s private banking and trust services ecosystem. Life Sciences (EU/EEA Access): The European Commission approved Gilead’s Trodelvy plus Keytruda for first-line metastatic TNBC and Acadia’s DAYBU for Rett syndrome, with access extending to Iceland and Liechtenstein. Digital Identity & Tech: WISeKey named Alexander Hirsch as Group CMO to coordinate global go-to-market across cybersecurity and digital identity, while decentralized identity standards keep moving toward broader cross-border credential verification.

Private Banking & Insurance Strategy: A new debate is emerging in high-net-worth insurance: private banks have the specialists and partners, but the key gap is who actually “owns” the strategy to shape the market, not just participate in it. Energy & Fuel Pricing: UAE petrol prices are set to move again as oil markets stay volatile, with analysts pointing to refinery disruptions and how governments can steer pump prices. Liechtenstein Governance & Finance: Liechtenstein’s hereditary succession rules shift to absolute primogeniture, and the hereditary prince explains the move as both gender-equality and practical readiness for head-of-state duties. Banking Performance: LGT reports a 17% H1 profit rise to SFr281.6m, with assets at a record SFr412.6bn and strong net new money inflows. EU/EEA Cross-Border Policy: Parliament backs EEA Financial Mechanism memoranda (including Bulgaria), while Iceland’s EU referendum keeps fisheries and agriculture at the center of the debate. Health & Pharma Access: EC approvals expand Trodelvy (with Keytruda) and greenlights DAYBU for Rett syndrome—both including Liechtenstein, supporting broader regional access. Trade & Supply Chains: U.S. Section 232 actions add drone tariffs and polysilicon minimum import prices, reshaping costs across the solar and drone supply chain. Digital Identity: Decentralized identity pilots gain momentum as EBSI reaches production readiness across EU plus Norway and Liechtenstein.

Liechtenstein Succession & Finance: Liechtenstein’s Hereditary Prince Alois explains the end of 400 years of male-line succession, shifting to absolute primogeniture. Days later, Princess Gisela Bergmann of Liechtenstein is appointed to Pope Leo XIV’s Council for the Economy to help oversee the Vatican’s finances, drawing on her experience running Industrie-Und Finanzkontor. Banking Momentum: LGT reports a 17% H1 profit rise to CHF 281.6m, with assets under management hitting a record CHF 412.6bn, while Kaiser Partner Privatbank also tops CHF 10.3bn in assets (+5.6%). EEA Funding: A Liechtenstein-linked parliamentary committee backs EEA Financial Mechanism memoranda with Iceland and Norway, including Bulgaria’s EUR 119.3m support package for energy security, water resilience, culture and local development. EU/Industry Watch: The EU expands approvals for Gilead’s Trodelvy (with Keytruda) and Acadia’s DAYBU (Rett syndrome), both covering Liechtenstein alongside Iceland and Norway. Trade & Supply Chains: U.S. drone tariffs and polysilicon minimum import prices move closer to implementation, with downstream solar supply-chain impacts flagged for manufacturers and importers.

Royal Succession Reform: Liechtenstein’s Princely House has amended its house law to end male-line succession after more than 400 years, moving to absolute primogeniture so the firstborn child—daughters included—can inherit the throne. Private Banking Momentum: LGT reported a 17% H1 profit rise to CHF 281.6m, with assets under management hitting a record CHF 412.6bn and net new assets of CHF 12.3bn. EU Health Approvals (Liechtenstein Included): The European Commission cleared Gilead’s Trodelvy plus Keytruda for first-line PD-L1-positive metastatic triple-negative breast cancer, and approved Acadia’s DAYBU (trofinetide) as the first EU treatment for Rett syndrome neurobehavioral symptoms. Cyber & Identity Business: WISeKey appointed Alexander Hirsch as Group CMO to coordinate global marketing across its cybersecurity, digital identity and IoT businesses. Finance & Markets Watch: Germany’s finance minister linked higher bond yields to uncertainty from the Iran conflict, with energy and shipping risks in focus. Trade & Industry Signals: U.S. Section 232 drone tariffs begin ramping on Sept. 3, raising costs for drone makers and supply chains.

Liechtenstein Succession Reform: The Princely House has amended succession rules after 400 years, moving from male primogeniture to absolute primogeniture so the firstborn child—regardless of sex—can inherit the throne. Private Banking Momentum (Liechtenstein): LGT reported a 17% H1 profit rise to SFr281.6m, with assets under management hitting a record SFr412.6bn and net new assets of SFr12.3bn. Local Finance Growth: Kaiser Partner Privatbank also topped CHF 10bn in assets under management, up 5.6% to CHF 10.3bn, alongside higher profit and inflows. Drone Supply-Chain Shock (US): New US Section 232 tariffs will raise costs for unmanned aircraft systems, with 100% duties on larger/thermal drones from Sept 3 and minimum import price rules for polysilicon and derivatives from Dec 4—key signals for European industrial suppliers. EU Medical Approvals (Liechtenstein included): The European Commission cleared Gilead’s Trodelvy plus Keytruda for first-line metastatic TNBC and approved Acadia’s DAYBU for Rett syndrome, both covering Liechtenstein access pathways. Cross-Border Trade: Hong Kong’s FTA with Peru enters into force Sept 1, expanding market access for manufacturers, services, investment and e-commerce. Identity & Compliance Tech: EBSI and bank pilots are pushing decentralized identity standards toward cross-border credential verification, with Liechtenstein named among participating jurisdictions.

Liechtenstein Succession Reform: Liechtenstein has ended male-only primogeniture, switching to absolute primogeniture so the firstborn child—regardless of sex—can inherit the throne, a major constitutional shift for Europe’s last absolute monarchies. Private Banking Momentum: LGT Group reported a 17% rise in H1 profit to SFr281.6m, with net new assets of SFr12.3bn and assets under management hitting a record SFr412.6bn, as expansion steps in Europe, Australia and Asia continue. Life Sciences Access in the Region: The European Commission approved Gilead’s Trodelvy (sacituzumab govitecan) plus Keytruda (pembrolizumab) for first-line metastatic triple-negative breast cancer across PD-L1 status, explicitly including Liechtenstein; Acadia’s DAYBU (trofinetide) also received EU marketing authorization for Rett syndrome, again covering Liechtenstein. Digital Identity & Finance: A decentralized identity push is accelerating across Europe, with EBSI production readiness spanning 27 EU countries plus Norway and Liechtenstein, and major bank pilots testing cross-border verifiable credentials. Trade & Compliance Watch: U.S. Section 232 drone tariffs take effect from Sept. 3, with Liechtenstein listed among countries eligible for a reduced 15% cap if “substantially all” critical components originate from qualifying places—important for Liechtenstein-linked supply chains.

Liechtenstein Succession Update: Liechtenstein has amended its heir rules after 400 years, moving from male primogeniture to absolute primogeniture so the firstborn child—regardless of sex—can inherit the throne. Private Banking Momentum: LGT says H1 2026 profit rose 17% to SFr281.6m, with net new assets of SFr12.3bn and assets under management hitting a record SFr412.6bn. Vatican Finance Appointment: Pope Leo XIV named Princess Gisela Bergmann of Liechtenstein to the Vatican’s Council for the Economy, bringing an engineering and investment-banking background to Holy See financial oversight. Drone Tariffs and Supply Chains: The US is set to impose Section 232 tariffs on imported drones and components from Sept. 3, with 100% duties for larger thermal-imaging systems and 25% for smaller drones—rates that also affect Liechtenstein-linked supply depending on origin rules. EU Drug Approvals (Liechtenstein Included): The European Commission approved Gilead’s Trodelvy plus Keytruda for first-line metastatic PD-L1-positive TNBC and Acadia’s DAYBU for Rett syndrome, with both authorizations explicitly covering Liechtenstein. Trade Compliance Watch: A customs-and-trade roundup flags major forced-labor import ban moves and a large expansion of UFLPA-listed entities, relevant for cross-border compliance teams.

Wealth & Banking: LGT Group posted first-half 2026 profit of SFr281.6m, up 17% year-on-year, as net new assets hit SFr12.3bn and assets under management climbed to a record SFr412.6bn. Wealth & Banking: LLB Group also reported strong momentum: first-half 2026 net profit rose 15.3% to SFr105.0m, with assets under management reaching a record SFr115.0bn and net new money up to SFr2.23bn. Industry & Trade: The U.S. is moving to reshape the solar and semiconductor supply chain with Section 232 minimum import prices for polysilicon and derivatives, plus stacked tariffs effective Dec. 4, 2026. Defense Tech & Trade: A separate U.S. Section 232 drone tariff regime starts Sept. 3, 2026, with duties up to 100% for larger drones and thermal-imaging systems, while some allied markets (including Liechtenstein) face lower caps. Digital Identity & Finance: Liechtenstein is named among production-ready participants in EU blockchain identity infrastructure, with pilots and standards pushing cross-border credential verification. Corporate Appointments: WISeKey appointed Alexander Hirsch as Group Chief Marketing Officer to coordinate global go-to-market across its cybersecurity and digital identity businesses. Policy & Governance: Liechtenstein’s succession rules changed after 400 years, shifting to absolute primogeniture so the firstborn child can take the throne regardless of sex.

UAS Tariffs Hit the Market: The US has set Section 232 duties on unmanned aircraft systems and key components, with 100% rates for selected larger drones (including thermal-imaging models) and docking stations, plus 25% for smaller drones under 25kg; implementation starts Sept. 3, with some component measures delayed to Feb. 9, 2027. Liechtenstein in the Supply Chain: The tariff schedule includes reduced caps for qualifying imports from allied markets, explicitly naming Liechtenstein among those eligible for lower rates if “substantially all” critical hardware/software originates from approved sources. Local Industry Signal: Liechtenstein’s LGT pushed past the 400 billion franc mark in assets under management, reporting strong first-half growth and net new money momentum. Corporate/Health Growth from Liechtenstein: RefluxStop®’s FDA approval and continued European expansion were highlighted in a Liechtenstein-based PR update, alongside Q2 sales growth and a widening clinical network. Governance & Talent: Liechtenstein changed its succession rules to absolute primogeniture, while WISeKey named Alexander Hirsch as Group CMO to coordinate global marketing across cybersecurity and digital identity businesses. Vatican Finance Link: Pope Leo XIV appointed Princess Gisela of Liechtenstein to the Council for the Economy, adding an engineering and finance background to Vatican financial oversight.

Liechtenstein Succession Reform: Liechtenstein has ended male-only primogeniture after 400 years, switching to absolute primogeniture so the firstborn—regardless of sex—can inherit the throne. Private Banking Momentum: LGT pushed past the 400 billion franc mark for assets under management, reporting strong first-half 2026 growth with net new money of 12.3 billion francs and group profit up 17% year on year. Vatican Finance Appointment: Pope Leo XIV named Princess Gisela of Liechtenstein to the Vatican’s Council for the Economy, bringing an engineering and finance background to oversight of the Holy See’s budget and financial practices. Cyber/Identity for Industry: WISeKey appointed Alexander Hirsch as Group Chief Marketing Officer to coordinate global go-to-market efforts across cybersecurity, digital identity and IoT as it expands internationally. Healthcare Manufacturing Watch: RefluxStop® maker reported Q2 2026 sales up 66% and secured FDA PMA approval, with U.S. launch logistics now underway. Drone Tariffs Ripple (Liechtenstein-linked): U.S. Section 232 drone tariffs take effect Sept. 3, with reduced 15% rates for qualifying imports from Liechtenstein (and other allies) tied to “substantially all” origin rules—raising compliance pressure for the supply chain.

Liechtenstein Finance: LGT has crossed the CHF 400 billion mark for assets under management, reporting strong first-half 2026 momentum with net new assets of CHF 12.3bn and group profit up 17%. Liechtenstein Banking: LLB also posted solid H1 2026 results, with net profit up 15.3% to CHF 105m and assets under management reaching a record CHF 115bn, helped by CHF 2.23bn in net new money. Digital Identity & Cybersecurity: WISeKey named Alexander Hirsch as Group Chief Marketing Officer to coordinate global go-to-market across its cybersecurity, digital identity and IoT businesses, as it pushes into post-quantum and satellite-related markets. Healthcare Manufacturing: RefluxStop® maker reported Q2 2026 growth and secured FDA PMA approval, setting up a U.S. launch plus continued expansion of its European Centers of Excellence network. Policy & Trade: The U.S. announced Section 232 tariffs on drones and components starting Sept. 3, with reduced rates for qualifying products from Liechtenstein and other allied markets—an immediate cost signal for Liechtenstein-linked supply chains.

Liechtenstein Succession Update: The Princely House has ended male-only succession by changing the order of inheritance to absolute primogeniture, allowing the firstborn child to take the throne regardless of sex. Wealth & Banking: LGT pushed past the 400 billion franc mark in assets under management, while LLB reported 15.3% higher first-half net profit and strong net new money inflows. Cyber & Identity: WISeKey named Alexander Hirsch as Group Chief Marketing Officer to coordinate global go-to-market efforts across cybersecurity and digital identity, as decentralized identity standards move toward cross-border credential verification (including Liechtenstein in the EU-linked EBSI network). U.S. Drone Tariffs: New U.S. Section 232 duties will raise costs for imported drones and components, with 100% rates for certain high-risk systems and 25% for smaller drones—timed to start Sept. 3, 2026—reshaping supply chains for the broader Liechtenstein-linked European tech and manufacturing ecosystem. Vatican Finance Link: Pope Leo XIV appointed Princess Gisela of Liechtenstein to the Council for the Economy, bringing an engineering-and-investment background into Vatican financial oversight.

UAS Trade Shock: The US is rolling out Section 232 tariffs on unmanned aircraft systems and components, with duties up to 100% for larger drones (over 25kg), thermal-imaging drones, docking stations and key parts, plus 25% for smaller drones; the first rates start Sept. 3, while some component measures land later. Liechtenstein & EEA Angle: Qualifying imports from the EU, Switzerland and Liechtenstein can face lower caps (15%) only if “substantially all” critical hardware/software comes from approved origins—raising compliance pressure for cross-border supply chains. Digital Identity Infrastructure: EU production readiness for EBSI is expanding cross-border verifiable credentials, with Liechtenstein included in the network; major banks (Deutsche Bank, HSBC) are piloting whether blockchain-based identity can streamline onboarding. Finance Sector Watch: LGT pushed past CHF 400bn in assets under management in H1 2026 and LLB also reported solid first-half growth, both underscoring continued momentum in Liechtenstein’s banking and wealth management. Cyber & Data Governance: Liechtenstein’s stance on data breaches remains in focus as broader Europe debates how government data sharing can amplify cyber and privacy risk.

Drone Tariffs Hit UAS Supply Chains: The US will impose Section 232 duties on unmanned aircraft systems and parts starting Sept. 3, with 100% rates for drones over 25kg, thermal-imaging drones, docking stations and key components, and 25% for smaller drones; qualifying imports from the EU, Japan, South Korea, Taiwan, Switzerland, Liechtenstein can face a 15% cap if “substantially all” critical inputs come from approved origins. Solar Input Costs Rise: Separate Section 232 action targets polysilicon and derivatives with minimum import prices kicking in Dec. 4, 2026, plus a 15% tariff on downstream derivative products across the solar supply chain. Liechtenstein Finance Milestone: LGT crossed the 400 billion franc assets mark in H1 2026, while LLB reported 15.3% higher H1 net profit to 105.0m francs and 2.23bn francs in net new money. Liechtenstein Governance Update: The Princely House amended succession rules after 400 years, moving to absolute primogeniture. Cybersecurity & Industry: WISeKey appointed Alexander Hirsch as Group CMO to coordinate global marketing for its cybersecurity and digital identity push. Healthcare Industry Note: Implantica reported interim results for Jan–Jun 2026 and highlighted FDA PMA approval progress for RefluxStop®.

U.S. Trade Policy: The White House issued a Section 232 move on polysilicon and derivatives, setting minimum import prices across the solar supply chain and adding a 15% tariff on downstream derivative products; the price floors and duties start Dec. 4, 2026, stacking on top of existing tariffs and anti-dumping/countervailing measures. UAS & Defence Supply Chains: Trump also signed a Section 232 proclamation for drones, with 100% tariffs on selected higher-risk unmanned aircraft (including thermal-imaging systems and docking stations) and 25% on smaller drones; rates begin Sept. 3, 2026, while some component measures roll in later. Liechtenstein Angle: Liechtenstein is named among the markets eligible for a reduced 15% cap on qualifying drone imports, but only if “substantially all” critical hardware/software/technology comes from approved origins. Finance & Industry: LGT pushed past CHF 400bn in assets under management, reporting 17% first-half profit growth and strong net new assets. Local Governance & Business: Liechtenstein also changed its succession rules after 400 years, moving from male primogeniture to absolute primogeniture.

Liechtenstein Finance: LGT has broken the 400 billion franc mark, lifting first-half 2026 group profit 17% to 281.6m francs and adding 12.3bn francs in organic net new assets, while LLB Group: reported 105.0m francs net profit (+15.3%) and 2.23bn francs net new money in the first half. Royal & Governance: Liechtenstein ended male primogeniture after 400 years, switching to absolute primogeniture, and Pope Leo XIV named Princess Gisela Bergmann of Liechtenstein to the Vatican’s Council for the Economy, adding private-wealth expertise to Holy See finance oversight. Cyber & Data: Liechtenstein said it will not pay ransom after a major breach of its foundations and trusts registry, as officials still assess next steps. US Drone Trade: The US set Section 232 tariffs on imported drones and components starting Sept. 3, with duties up to 100% for larger and thermal-imaging systems; qualifying imports from Liechtenstein and the EU face a lower 15% rate, raising costs and supply-chain pressure for drone makers and users.