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Professionals of the Financial Sector (PSF) in Luxembourg - At the heart of regulatory and tax environments | Whitepaper


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Given the sustained growth of Professionals of the Financial Sector (PSF) and despite the continuing crisis, we thought it is appropriate to share with you our understanding of the highly specific PSF environment. 

Huge developments have taken place in the PSF industry in 2013. The most important one right now for PSF is the first step on the way to a consolidated regulatory collection in respect of central administration, internal governance and risk management for investment firms. 

While the majority of the provisions in CSSF circular 12/552 are not new per se, there is a strong emphasis on further formalisation needs to document internal governance arrangements and the way internal control activities are conducted. 

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 AIFM Directive as well as a new license for a ‘central account agent’. 

The next step is the creation of another new type of provider, the ‘dematerialisation and conservation provider’, in the scope of the electronic archiving reform. 

This third 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 from a direct corporate tax and VAT perspective. This chapter further highlights some hot tax topics applicable to PSF such as FATCA or transfer pricing developments and gives an overview of tax incentives relevant for the PSF industry. 

Lastly, we present a profile analysis of PSF together with individual fast-reference sheets for each PSF setting out the most significant characteristics.

This whitepaper is also available in French.

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