A sector specific to the Grand Duchy of Luxembourg.
Known for its banking sector, the Grand Duchy of Luxembourg also offers companies wishing to play a role in the financial sector to apply for specific authorization(s) allowing them to become other Professionals of the Financial Sector ("PFS" for short).
These entities, under the supervision of the Commission de Surveillance du Secteur Financier (the so-called “CSSF”) in the same way as banks and investment funds, can offer many financial and non-financial services with the exception of the taking of deposits or other repayable funds from the public, strictly reserved to banks.
PFS, which are governed by the amended law of April 5, 1993 on the financial sector and a number of circulars and other regulations specific to the financial sector, are divided into three categories:
- Investment companies;
- Specialized PFS;
- Support PFS.
Due to their unique positioning within the financial sector, PFS are subject to specific obligations in terms of reporting, audit of annual accounts, internal audit and other compliance or risk management functions.
The Mazars Luxembourg PFS team offers a wide range of services dedicated to PFS, among which:
- External audit services (which include specific report on regulatory aspects, i.e. a long-form report for investment companies or a compliance report for specialized and support PFS;
- Internal audit services;
- Regulation and compliance services;
- Risk Management Services;
- Tax services.