Financial Sector Professionals in Luxembourg (Luxembourg PSF)
Hot Topics for Financial Sector Professionals (“PSF”)
- Family Offices
- ISAE 3402 / SSAE 16 (replaces SAS 70)
- FATCA (Foreign Account Tax Compliance Act)
- CSSF circular 12/544 on Auxiliary PSF: Risk-based approach
- CSSF Circular 12/552 on Central administration, Internal governance and Risk Management
Luxembourg’s PSF industry has been thriving thanks to a political, legal and social stability. One of the most competitive economies worldwide and ranked among top financial centres in the world, Luxembourg’s financial industry provides a wide range of services and financial expertise to satisfy every client’s wish.
Luxembourg, your gateway to Europe
Ideally situated in the heart of Europe, Luxembourg is highly international, in terms of origin of PSF, clients, workforce and functions as a hub for european activities.
Its skilled multicultural and multilingual workforce lies at the heart of Luxembourg’s success and contribute to making Luxembourg the gateway to Europe for companies from all over the world.
Our multidisciplinary teams bring together specialists in the PSF industry to devise bespoke workable and innovative solutions to exactly match your needs.
Banks are not the only entities in Luxembourg which have access to finance activities. Access to financial sector professional activities is regulated by the financial sector law of 5 April 1993 as amended (“the Law”).
The Law has grouped numerous players together under the term Financial Sector Professionals ("PSF"). PSF, duly supervised by the Commission de Surveillance du Secteur Financier (CSSF), the financial supervisory authority, enjoy privileged access to the market for finance activities and are part of the highly sought after sphere of professional secrecy within the banking industry.
This privileged access does however have consequences in terms of governance, organisation, risk management and prudential oversight.
PSF are defined as regulated entities offering financial services, excluding the receipt of public deposits, which is strictly reserved for credit institutions. As such, PSF encompass a very wide range of financial and non-financial services. Indeed, in view of the requirements resulting from professional secrecy for the banking industry, many non-financial players have taken the steps needed to be PSF-accredited, authorising them to serve other players within the financial sector.
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