Survey: Luxembourg Market Access
The Luxembourg supervisory authority CSSF is in the process of liberalising market access to third-country providers offering financial services to per-se professional clients and to eligible counterparties.
The CSSF granted recognition of equivalence to the Swiss supervisory regime (CSSF Circular 20/743 dd 1.7.2020 and the Ordinance 20-02 dd 29.6.2020).
The agreement on cooperation among the supervisory authorities CSSF and FINMA needs to be amended.
Interested providers intending to offer financial services on a cross-border basis to per-se professional clients and to eligible counterparties in Luxembourg merely have to submit a license application and provide certain documentation. They no longer have to create a branch / permanent establishment on Luxembourg soil.
Please complete the survey until 10 August 2020.
The FINMA and the State Secretariat for International Finance SIF wishes to understand the urgency of amending the agreement on cooperation and therefore invites financial intermediaries to inform on their interest to offer financial services on a cross-border basis. It appears that the FINMA and the SIF are willing to undertake the necessary steps but would like to understand the urgency from the Swiss financial sector.
Please let us know, if your bank would be interested / intends to apply for exemption as per above to be able to offer financial services on a cross-border basis to per-se professional clients and to eligible counterparties in Luxembourg.
Your comments and questions:
We will collect your comments, anonymise, aggregate and submit to the Swiss Bankers' Association State Secretariat for International Finance SIF. The latter will coordinate next steps.
Thank you for your participation.