Professionals of the Financial Sector (PSF) in Luxembourg
2016 - Overview and outlook of a promising sector
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 centers in the world, Luxembourg’s financial industry provides a wide range of services and financial expertise.
Luxembourg, PSF’s 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 contributes 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 cater for your needs.
Banks are not the only entities in Luxembourg that 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 Professionals of the Financial Sector (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 regulated entities offering financial services, excluding the receipt of public deposits that is strictly reserved for credit institutions. As such, PSF encompass a 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.