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."
Partner, PSF Leader
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:
Placements without firm commitment:
|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:
Not accepting payments:
|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 administrators||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|
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.
Partner, PSF Leader, PwC Luxembourg
Tel: +352 49 48 48 2016
Audit & Regulatory Partner, PwC Luxembourg
Tel: +352 49 48 48 2245