Presentation of the Luxembourg regulatory framework applicable to specialised PFS

For Luxembourg specialised PFS only:

• Authorised managers
• Board members
• Persons responsible for the internal control functions

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).

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

• Nicolas Grillot is a partner with over 18 years of experience specializing in the audit of financial institutions, Professionals of the Financial Sector (PFS), and management companies. He has developed strong technical expertise across various accounting frameworks, including International Financial Reporting Standards (IFRS), Luxembourg GAAP, and European Union GAAP, particularly through his work auditing European institutions. Nicolas possesses well-honed communication and managerial skills gained from leading major assignments. He currently leads the PFS practice within the firm and represents its interests at the IRE Commission for PSF, ensuring high-quality service delivery to clients.
• Isabelle Melcion-Richard is a partner at PwC specialising in regulatory assistance for new applicants to Luxembourg’s regulated financial sector, including credit institutions, Professionals of the Financial Sector (PFS), electronic money, and payment institutions. With over 25 years of experience in Luxembourg’s financial sector, she leads regulatory advice and has developed expertise in designing application files, governance manuals, authorisation requests, and notification documents. Isabelle is actively involved in industry associations such as ALCO and ALJB. Her work includes drafting application and notification files, regulatory analysis, compliance manual development, gap analysis, and supporting on-site inspections and remediation plans.