Financial Sector Professionals (PSF) in Luxembourg - At the heart of regulatory and tax environments | Whitepaper |
Given the sustained growth of Financial Sector Professionals ('PSF'), and despite the advent of the crisis, we thought it appropriate to share with you our understanding of the highly specific PSF environment.
New prospects are emerging for the industry. The most burning issue right now for PSF is the broadening of the scope of oversight of services provided by auxiliary PSF, who are now required to assess the risks to which the financial sector is exposed as the result of the PSF’s actions. CSSF circular 12/544 defines the new risk-based approach and aims to reaffirm the quality of the financial services of Luxembourg providers.
The implementation last year of the Payment Services Directive saw a large number of payment and electronic money establishments flourish in Luxembourg. Much thinking went into creating a Family Office as a wholly regulated entity and creating a new classification of ‘professional custodian of assets other than financial instruments’ following the AIFMD Directive.
This second booklet aims to provide you with a fairly detailed view of this environment.
In the first chapter, we address the essential aspects of the legal and regulatory framework.
We primarily cover the authorisation and licensing procedure, but also the supervision resources of the Commission de Surveillance du Secteur Financier, the supervisory authority, and the role played by réviseurs d’entreprises agréés who contribute to that supervision.
Chapter two sets out the tax environment of PSF and the main areas liable to impact PSF.
Lastly, we present a profile analysis of PSF together with individual fast-reference sheets for each PSF setting out the most significant characteristics.
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Financial Sector Professionals (PSF) in Luxembourg - At the heart of regulatory and tax environments
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This whitepaper is also available in French.