Financial Sector Professionals (PSF) in Luxembourg - 2012 Overview and outlook of a fast-growing sector | Brochure
For the third year running, and after the success of our previous brochures, we have the pleasure of presenting you the 2012 edition of our analysis of Financial Sector Professionals (PSF) in Luxembourg.
This brochure, which also contains interviews and articles on trends and issues, offers an overview of PSF. It reveals the importance of this industry to the Luxembourg economy and illustrates the different existing categories and their development.
Luxembourg's political, regulatory and social stability has helped stimulate the PSF sector. Its financial industry, one of the most competitive in the world and ranked among the top financial centres around the globe, offers a wide range of financial services and expertise to satisfy all market demands.
Although the financial sector is still dealing with a state of crisis and the regulatory environment is tightening, the number of PSF never ceases to grow and licensing applications continue to flood in.
New prospects are emerging for this industry. The most burning issue 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. The CSSF circular 12/544 defines the new risk-based approach and aims at reaffirming 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 brochure is also available in French and German.
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