Professionals of the Financial Sector (PFS) in Luxembourg

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 to the regulator, having annual statutory audit, maintaining adequate system of internal controls; notably internal audit, compliance and risk management functions.

Our approach

At Mazars, we understand the critical importance of navigating regulatory complexities while maintaining operational integrity. Our professionals possess deep expertise in PFS entities, offering tailored solutions that not only ensure compliance with regulatory standards but also enhance internal governance mechanisms.

Through a meticulous examination of your operations and practices, our advisory services provide valuable insights into your compliance with CSSF circulars, regulatory requirements, and prudential supervision directives. We work closely with your team to identify areas of improvement and implement best practices that strengthen your organization's risk management framework.

Our approach is rooted in collaboration and transparency. We believe in fostering open communication and mutual understanding to facilitate a smooth audit process. Our internal audit professionals leverage their extensive experience and knowledge of Luxembourg's financial sector to deliver comprehensive recommendations for enhancing operational efficiency and regulatory compliance.

As your trusted partner, we are committed to delivering high-quality auditing and advisory services that inspire confidence in stakeholders and regulators. With our unwavering dedication to excellence and professionalism, we help PFS entities, including Payment Institutions, Electronic Money Institutions, and Account Information Service Providers (AISP), to navigate the complexities of today's regulatory landscape with confidence and ease.

Partner with us to unlock the full potential of your organization, achieve regulatory compliance, and drive sustainable growth in Luxembourg's dynamic financial sector. Together, let us build a future of trust, transparency, and success.

The Mazars Luxembourg PFS team offers a wide range of services dedicated to Professionals of the Financial Sector, among which:

- External audit services (which include specific report on regulatory aspects, i.e. a long-form report or dedicated reports as per the revised framework of Circular CSSF 24/853 for investment firms or a compliance report for specialised PFS and separate report for support PFS;
- Internal audit services;
- Regulation and compliance services;
- Risk Management Services;
- Tax services.