Presentation of the Luxembourg regulatory framework applicable to specialised PFS

The Luxembourg Professionals of the Financial Sector (PFS) play a key role in Luxembourg financial area. Luxembourg counts nearly 100 specialised PFS. These figures have rapidly grown over the last decade and have supported the growth of the Luxembourg financial sector. Directly supervised by the CSSF, these professionals are subject to specific corporate and prudential rules and obligations, comparable to those applicable to banks and investment firms.

This training gives learners an overview of the Luxembourg regulatory landscape applicable to specialised PFS, including the main obligations and rules to which they are bound.

This training focuses on:

• explaining the key characteristics of specialised PFS and the main differences between these statuses;
• describing the main laws and CSSF circulars applicable to specialised PFS;
• detailing the main prudential requirements applicable to specialised PFS;
• describing the internal governance requirements and organisation framework (internal control functions, allocation of tasks between the Board and the authorised management, etc.);
• providing an overview of the AML requirements applicable to specialised PFS;
• presenting the market practices needed to comply with the regulator expectations.

By the end of this training, participants will be able to:

• understand the specificities of the specialised PFS;
• understand how the CSSF exercises its prudential supervision;
• identify the regulation applicable to specialised PFS and the main impacts on their organisation;
• understand the internal governance mechanisms;
• know the Luxembourg standards and market practices.

• Specialised PFS statuses and underlying activities
• Regulatory framework applicable to specialised PFS
• Main prudential requirements
• Applicable requirements in terms of internal governance and internal control framework
• Key AML requirements applicable to specialised PFS
• Outcomes of the CSSF on-site visits and discussion on the regulator's expectations

The course can also be tailored on demand giving the nature of your services offering (subject to the clearance of independence requirements).

Certificat de présence

This training is coordinated by Nicolas Grillot and Isabelle Melcion, Partners at PwC luxembourg.

Nicolas has over 18 years of experience in financial institutions, Professionals of the Financial Sector (“PSF”), and management companies' audit. He was able to acquire a strong technical knowledge in various topics, which enabled him to provide high quality services to his clients. Moreover, he used to deal with particular accounting frameworks thanks to his involvement in the audit of European institutions.

Nicolas also has strong communication and managerial skills, which were developed in major assignments he has been involved in previously.

Nicolas is also leading the PFS practice within our firm and also represents our interests at the IRE Commission for PFS.

Isabelle is a member of the “Association Luxembourgeoise des Compliance Officers” (ALCO) and of the “Association Luxembourgeoise des Juristes de Banques” (ALJB).

She has more than 25 years of experience in the financial sector in Luxembourg and her areas of expertise include: banks, investment firms, specialised PFS, support PFS, Electronic Money (“EMI”) and Payment Institutions (“PI”), Luxembourg banking regulations, internal governance requirements, licencing and notifications.