According to the Law of 5 April 1993 on the financial sector - Law-5-April-FR-version.pdf (867 KB) / Law-5-April-EN-version.pdf (819 KB), as amended, all Luxembourg natural and legal persons professionally exercising an activity of the financial sector are subject to the regulation and supervision by the financial supervisory authority, the Commission de surveillance du secteur financier (hereafter “CSSF”). Especially the adaptation of the legal framework in 2007 by the transposition of the Markets in Financial Instruments Directive (MiFID) into national law contributed to an increasing specialization and flexibility, adding opportunities to the financial marketplace which is reflected in the development of the PSF industry - Development-psf-industry.pdf (105 KB).
- 2. Miscellaneous PSFs other than investment firms (“Specialised PSFs”) - Articles 25 to 28-10-FR-version.pdf (867 KB) / Articles 25 to 28-10.pdf-EN-version (819 KB).
Defined by default, i.e. those which are neither investment undertakings nor auxiliary PSFs (e.g. domiciliation agents, provision of company formation and management services). They exercise financial activities without benefiting from a European passport.
Your challenges
Compliance with local and international legal and regulatory restrictions are main pillars of the Luxembourg financial market-place to ensure market trust and to respond to the increasing competitive international environment. Especially,
- ensuring an adequate risk management is one of the main issues, financial institutions have to focus on;
- upcoming changes in the regulatory environment in the aftermath of the financial crisis but also the incorporation of ESMA (European Securities and Markets Authority) and increasing demanding and complex rules require efficient solutions;
- building personal relationships with clients being able to flexibly respond to changing environmental conditions and adding value by offering customised services;
- changes in the business models and in the strategic direction to maintain profitability put the players in the financial sector under pressure (e.g. wealth management), but at the same time offer opportunities.
- We build up a long-term experience and understand the developments on the PSF sector.
- We can contribute to your business by identifying your specific needs.
- We offer tailor made, integrated and multi-disciplinary solutions with a dedicated team of experienced professionals encompassing audit and audit related services, tax and advisory.
- Our teams are composed of interdisciplinary experts on a local as well as on an international level.
- We act independently and focus on client centricity.
- We practice a “no-surprise-fee” policy.
- We create value beyond your expectations in order to develop lasting relationships based on mutual trust and respect.