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, the Commission de Surveillance du Secteur Financier ("the CSSF").
Define and build a three year business plan based on your assumptions.*
Drafting and review of the description of the IT set-up taking into account the specific Luxembourg requirements relating to outsourcing to third party or related party service providers.*
Draft or review your draft AML procedure to ensure compliance with Luxembourg laws and regulations.*
Selection from middle to top management* positions including CEO, Deputy CEO, Compliance Manager, Sales, etc., 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
Olivier Carré
Deputy Managing Partner, Technology & Transformation Leader, PwC Luxembourg
Tel: +352 49 48 48 4174
Isabelle Melcion-Richard
Advisory Managing Director, Regulatory & Compliance, PwC Luxembourg
Tel: +352 49 48 48 2469