Professionals of the Financial Sector (PSF) in Luxembourg
2017 - Outlook and future of a strong and changing sector
The Luxembourg marketplace reasserts its leading role in the global financial sector each year. The country's reputation for its quality services among clients coming to Luxembourg is built on the expertise and know-how of its Professionals of the Financial Sector.
The Professionals of the Financial Sector (PSF) industry in Luxembourg numbered 304 entities in 2016, compared to 308 for 2015. In terms of jobs, the sector has employed more than 15,000 people over the last few years. PSF is still a strong market, with an increase in employment despite the stable number of companies.
Competitiveness is inherent in all markets. In a constantly evolving regulatory and technological environment, it is important to focus the company on its core business and adapt to the needs and changes of tomorrow. We are noticing an adaptation of some structures’ licences, which reflects a better understanding of licensing requirements according to the services provided. Through our detailed analysis of the PSF market, we present the key trends and development of this industry in a changing environment.
Integrating the latest PSF figures plus explanations, our brochure analyses changes in PSF and demonstrates their dynamic nature. It is enhanced with interviews with key people in the marketplace and articles on topical issues, written by industry dedicated professionals.
The report provides an overview of PSF and illustrates the various existing types and their developments. It confirms the industry's importance in the Luxembourg economy.
The regulatory developments are numerous: on the eve of the entry into force of MiFID II, players in the sector must adapt to many changes such as the entry into force of the European data protection regulation “GDPR”, changes to IT subcontracting and discussions underway at the time of writing this document as regards Bill 7024 and Article 41 thereof.