Professionals of the Financial Sector


One of my first PSF clients told me...

When I started my career, one of my first PSF clients told me: "You probably know all the regulations regarding my activities much better than I do, but I’m the only one who can say what matters most to me: my business. So what exactly can you bring to the table?"

I’ll always remember this challenging question and the difficulties I had answering it at the time. If the question came up today, the first thing I would do would be to admit that my client obviously has the best understanding and overview of his own business. But sometimes, not to say often, a second opinion from an industry expert can help get a fresh perspective and find solutions for specific concerns.

At PwC Luxembourg, our mission is to allow you to focus on your business while relying on us for other important matters such as accounting, regulatory and tax compliance as well as operational and financial risk management or strategy consulting.

Today, I would answer this to my client: "You are the entrepreneur, you manage your business. You are the risk-taker, no doubt about it. But we can be your trusted business partner, your single point of entry to all the expertise and experience a firm like us can offer, in Luxembourg and across the world. We can be the team you will rely on to find your way in these challenging times. Let’s meet and discuss."

Cyril Lamorlette
Partner, PSF Leader
 


How we can help you


Our PSF dedicated team is able to provide you with tailored solutions:
  • in the regulatory area by determining the regulatory requirements applicable to specific PSF licences and activities, or by helping you to ensure that your reporting to the CSSF complies with regulatory requirements; Read more.
  • in accounting by the preparation of accounting manual or by assisting for the accounting and the preparation of financial statements; Read more.
  • in internal audit, by acting as the internal auditor of your company or by providing occasional assistance to your permanent internal auditor; Read more.
  • in external audit, by providing reasonable assurance on financial figures and by giving assessment on compliance with regulatory requirements; Read more.
  • in corporate tax by establishing/reviewing tax returns, assessing the overall tax charge, preparing/reviewing the Transfer Pricing policy/documentation but also by proposing VAT compliance solutions, preparing returns and listing reviews, consisting in e-VAT filing and providing full VAT compliance outsourcing; Read more.
  • in Risk Management, by assisting you to design and implement your Risk Management framework (methodology, organisation, procedures, tools) or by outsourcing your Risk Management function under your ultimate responsibility; Read more.
  • in Governance, by helping the organisations to implement sound principles of corporate governance; Read more.
  • in IT by reviewing infrastructures and projects to help you ensure compliance with applicable regulation as well as by assisting you in achieving the defined objectives of your IT projects such as outsourcing; Read more.
  • in HR area by reviewing remuneration package with an objective to tax-optimise/make them more cost efficient or designing and setting up incentive schemes; Read more.
  • in the AML/CTF area by assisting you to design or review your internal framework, performing counterparty and country due diligences or by optimising your IT monitoring tools. Read more

 


Categories of PFS in Luxembourg and corresponding minimum capital requirements

CRR Investment firms
 

Art. 24-4 Professionals acting for their own account EUR 730,000
Art. 24-5 Market makers EUR 730,000
Art. 24-6 Underwriters of financial instruments Placements with firm commitment:
EUR 730,000
Placements without firm commitment:
EUR 125,000
Art. 24-9 Investment firms operating a MTF in Luxembourg EUR 730,000


Other Investment firms*

Art. 24 Investment advisers EUR 50,000
Art. 24-1 Brokers in financial instruments EUR 50,000
Art. 24-2 Commission agents EUR 125,000
Art. 24-3 Private portfolio managers EUR 125,000
Art. 24-7 Distributors of units/shares of UCIs Accepting payments:
EUR 125,000
Not accepting payments:
EUR 50,000
Art. 24-8 Financial Intermediation firms EUR 125,000

* If authorised to provide the ancillary service of safekeeping and administration of financial instruments for the account of clients, they shall to be considered as CRR IF

Art. 25 Registrar agents EUR 125,000
Art. 26 Professional custodians of financial instruments EUR 730,000
Art. 26-1 Professional custodians of assets other than financial instruments EUR 500,000
Art. 27 Operators of a regulated market authorised in Luxembourg EUR 730,000
Art. 28-2 Persons carrying out foreign exchange cash operations EUR 50,000
Art. 28-3 Debt recovery EUR 50,000
Art. 28-4 Professionals carrying on lending operations EUR 730,000
Art. 28-5 Professionals carrying on securities lending operations EUR 730,000
Art. 28-6 Family offices EUR 50,000
Art. 28-7 Mutual savings fund adminiatrators EUR 125,000
Art. 28-9 Corporate domiciliation agents EUR 125,000
Art. 28-10 Professionals providing company incorporation and management services EUR 125,000
Art. 28-11 Central account keepers EUR 730,000
Art. 29-1 Client communication agents EUR 50,000
Art. 29-2 Administrative agents of the financial sector EUR 125,000
Art. 29-3 Primary IT systems operators of the financial sector EUR 370,000
Art. 29-4 Secondary IT systems and communication networks operators of the financial sector EUR 50,000
Art. 29-5 Operators offering digitisation services EUR 50,000
Art. 29-6 Operators offering e-archiving services EUR 125,000

 

Meeting the deadlines

 

Considering the continuous changes in regulation and in associated CSSF circulars, PSF decision makers need to be regularly informed on the deadlines that concern their specific activities, whether already established in Luxembourg or about to set up new activities.

The main purpose of this publication is to inform PSF (Investment firms, Specialised PSF, Support PSF) about the main reporting and regulatory deadlines to meet. This practical information tool, created by our PSF dedicated team with the support of experts from our three main competencies (i.e. Audit, Advisory and Tax), presents all the relevant deadlines in the form of a thematic calendar.

Discover more

 

Contact us

Cyril Lamorlette
Partner, PSF Leader
Tel: +352 49 48 48 2016
Email

Cécile Liégeois
Audit & Regulatory Partner
Tel: +352 49 48 48 2245
Email

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