Deloitte granted its first PSF status
19 October 2016
Deloitte launches Deloitte Solutions, a support PSF entity. With the slogan Focus on your core business, Deloitte Solutions will offer extensive reporting services and other functions.
Deloitte Solutions is the latest addition to the Deloitte family in Luxembourg. The company was incorporated earlier this year and recently obtained the status as a support PSF entity. The company will be regulated by the CSSF.
“This is a highly strategic move for the firm,” explains Eric Centi, Tax Partner at Deloitte Luxembourg and one of the Conducting Officers of Deloitte Solutions. “The PSF status is a quality stamp for our strict standards of confidentiality and data security and we are proud to hold it.”
The Deloitte Solutions team currently consists of 33 people and is located in a dedicated area at Deloitte Luxembourg. In a first phase, the company will offer reporting services such as tax reporting, regulatory reporting including FATCA and CRS, as well as EMIR transactional reporting, tax reclaim services and AML/KYC services.
Multiplication of regulations
Increased levels of regulation coupled with greater focus on data and reporting, have led to a rise in the resources required for financial services industry players to be compliant with all applicable rules. Some regulations imply seasonal peaks on organizations, others require thorough knowledge of reporting requirements, deadlines and procedures. This is the context for Deloitte’s new strategic move, where regulatory and technical expertise are combined with the view to mutualise costs associated with these multiple regulations and generate synergies.
“Operational challenges require strategic solutions. To keep up with new regulations, companies spend more and more time on reporting and other non-core activities. We launched Deloitte Solutions to help companies free up internal resources and focus on their core business,” comments Vincent Gouverneur, Partner and Clients and Markets Leader at Deloitte Luxembourg. “Companies are searching for scalable cross-border solutions to meet the new transparency requirements and better handle the growing regulatory complexity, all while they focus on developing their real business.”
Deloitte Solutions is fully owned by Deloitte Tax & Consulting. Deloitte Solutions obtained two PSF licenses, agent de communication à la clientèle (or client communication agent (art. 29-1)) and agent administratif du secteur financier (or administrative agents of the financial sector (art 29-2)).
Deloitte celebrated the launch of Deloitte Solutions with selected clients on Tuesday 18 October.
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About Deloitte in Luxembourg
In Luxembourg, Deloitte consists of 90 partners and over 1,800 employees and is amongst the leading professional service providers on the market. For over 65 years, Deloitte has delivered high added-value services to national and international clients. Our multidisciplinary teams consist of specialists from different sectors and guarantee harmonized quality services to our clients in their field. Deloitte General Services, société à responsabilité limitée, is an affiliate of the Luxembourg member firm of Deloitte Touche Tohmatsu Limited, one of the world’s leading networks of professional services firms.
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