Set-up process - Focus on the licensing procedure
Applicants that wish to incorporate a Luxembourg banking legal entity or to set up a branch of a non-EU head office have to obtain prior authorisation from the Luxembourg authorities and have to follow a licence application procedure described hereafter.
Should you intend to set-up a bank in Luxembourg, you would need to apply to the Ministry of Finance. The authorisation will be granted after seeking advice from the Luxembourg regulator of the financial sector, the Commission de Surveillance du Secteur Financier ("the CSSF") and the European Central Bank (ECB).
* For subsidiary set-up only
Defining a business plan for at least the first three business years, including calculations for own funds, liquidity and leverage requirements
Description of the IT infrastructure: systems, hosting arrangements, structure, strategy, governance, business continuity, security and controls in place.
Drafting or reviewing of the anti-money laundering and counter-financing procedure to ensure compliance with Luxembourg laws and regulations.
Drafting or reviewing of frameworks and policies including risk management, credit and lending, concentration, trading book, conflicts of interest, complaints handling, remuneration, etc. to ensure compliance with Luxembourg regulations.
Drafting or reviewing of the recovery plan
Selection of key positions as CEO, Deputy CEO, Chief Compliance Officer, Chief Risk Officer, Chief Internal Auditor.., through a combination of the following channels:
PwC disposes of a permanently updated database of profiles in varied areas such as Finance, Risk Management, HR, Accounting, Compliance, including Independent Administrators.
Managing the project (coordinate the project with you and all PwC teams): establishing timeline with milestones, organising meetings, etc.
* Mandatory item to be included in the application file
A Professional of the Financial Sector ("PSF") is a legal person that has been granted authorisation to perform, as a regular occupation, an activity of the financial sector (whether direct, connected or complementary) in accordance with article 13 of the law of 5 April 1993 on the financial sector, as amended ("the Law").
In practice, PSF is a generic label which embraces various and heterogeneous types of legal license (or “status”): from traditional actors of the financial sector (such as investment firms) to highly technical service providers (such as IT service providers, regulated as Support PSF). Depending on their activity and the risks they are likely to face, the intensity of the rules applicable to them will vary.
Should you intend to set-up a Professional of the Financial Sector in Luxembourg, you would need to apply to the Ministry of Finance. The authorisation will be granted after seeking advice from the Luxembourg regulator of the financial sector, the Commission de Surveillance du Secteur Financier ("the CSSF").
Defining a business plan for at least the first three business years, including calculations for own funds, liquidity and leverage requirements.
Description of the IT infrastructure: systems, hosting arrangements, structure, strategy, governance, business continuity, security and controls in place.
Drafting or reviewing of the anti-money laundering and counter-financing procedure to ensure compliance with Luxembourg laws and regulations.
Selection of key positions as CEO, Deputy CEO, Chief Compliance Officer, Chief Risk Officer, Chief Internal Auditor.., through a combination of the following channels:
PwC disposes of a permanently updated database of profiles in varied areas such as Finance, Risk Management, HR, Accounting, Compliance, including Independent Administrators.
Managing the project (coordinate the project with you and all PwC teams): establishing timeline with milestones, organising meetings, etc.
* Mandatory item to be included in the application file