Professionals of the Financial Sector (PFS)

Set-up / licencing

The first step to enter the PFS world.

PFS are key actors of the Luxembourg framework of the financial sector and can have various types of licences granted under the overall PFS name (from support PFS to specialised PFS to investment firms). Entering into regulated work can be a real challenge when facing the constantly evolving regulatory environment. 

The Commission de Surveillance du Secteur Financier (CSSF) is the local authority responsible for PFS. Any application file will be approved by the CSSF. We strongly recommend new players to meet the CSSF prior to filing an application. Indeed, this is the best way to create a contact and understand also adequately all the steps for filing an application file. It is also key to be accompanied by professionals to enable you to have a smooth process for the application file. Our experts have the regulatory experience as well as market and regulator’s expectation to enable you to obtain your licence in a timely manner. Being regulated brings also a set of regulatory constraints that are important to be understood by applicants.

Discover more

IT governance and outsourcing

The IT framework, particularly IT governance, is experiencing rapid evolution. The recent enactment of the European Digital and Operational Resilience Act (DORA) in 2023, scheduled to be  implemented as from January 2025, represents a significant change and a key regulatory focus.

Additional requirements will come in the future (i.e. NIS 2), being prepared means also less burden and challenges from the regulator and external auditors!

As key players of the financial sector, PFS have to comply with those regulations as well as with the outsourcing matters as highlighted by the CSSF in its 2022 annual report.

Find out more:

IT Regulatory & Outsourcing Services

Digital Operational Resilience Act (DORA)

Hybrid ways of working

Since the COVID outbreak, new ways of working have emerged including the surge of remote work adoption. In countries like Luxembourg, this shift raises several considerations concerning tax regulations across different jurisdictions and regulatory compliance to ensure adherence to diverse laws and regulations.

It’s not only about the situation of your employees who are living and working abroad, but also a matter of importance for the Company itself. Indeed, depending on the job description and responsibilities of employees working abroad as well as the importance of the hours worked from outside Luxembourg, a permanent establishment in a foreign country may be detected by foreign tax authorities which would impact the taxation of the Company itself.

Have a look at our latest flash news to find out more

Anti-Money Laundering (AML), Counter Terrorist Financing (CTF) and Counter Proliferation Financing (CPF)

Following the Financial Action Task Force (FATF) visit in Luxembourg and its subsequent mutual report, the Focus on Anti-Money Laundering (AML)/Counter Terrorist Financing (CTF) /Counter Proliferation Financing (CPF) matters remains intense in Luxembourg. The continuous increase of the on-site and off-site inspections by the local regulator keeps on  putting pressure on the regulated entities that need to swiftly adopt and implement the rapidly evolving regulations.

Find out more

Cybersecurity and Privacy

In a cyber world, the pace of evolution is extremely high, it is almost impossible to keep up with the technology evolution, let alone with the cyber threats coming at us. It is key today that financial services sector entities spread their defence strategy over different axes such as prevention, detection and response. The majority of the efforts, either in terms of budget or resources, go into prevention. This approach was efficient most of the time, but with the rise in volume and the complexity of cyberattacks, companies require better detection capabilities. On average, it takes more than 100 days before a successful infiltration is detected. The time between infiltration and detection is far too high to create a safe and sound environment. Future success depends on how fast one can detect and react correctly and in a coordinated manner.

Find out more

Other key topics

While we selected what we believe are the most important topics for PFS at the moment, we have listed below a few other topics that should be on your radar according to us.

Find out more:

Investment firms directive and regulation (IFD & IFR)

Digital Transformation

Continuous upskilling & regulatory trainings