The President’s message

Dear Alco Members,
I would like to take this opportunity, as we near the end of January, to extend to you my very best wishes for 2013, both on a personal level, for you and your family, and professionally. I wish you a successful and rewarding year in 2013.

2012 was particularly rich in new regulations for all financial market players in Luxembourg. The circulars providing a more comprehensive definition of internal governance and the regulation reinforcing the approach to combating money laundering and terrorist financing concern all financial institutions. New laws on Family Offices, investment advisors and the transposition of the AIFM directives will have an impact in terms of circulars during 2013. The ICMA charter has stimulated considerable debate.

Compliance Officers do not always have the necessary hindsight to deal with this constant proliferation of new regulatory obligations. To help you find a suitable response to the questions they raise and to enable you to provide your managers with constructive advice, we have requested a member of the CSSF management to make a presentation to explain the whys and wherefores of these regulatory changes, and in particular your role, as conceived by the CSSF. Mr Claude Simon will therefore speak at our general assembly and will address openly the points and uncertainties raised.

You are therefore specially invited to this event, at the end of the day on 26 March.

Allow me to reiterate my best wishes for 2013…

Kind regards

Jean Noël Lequeue

/ Bulletin 24/ Newsletter 24

Article

La répression pénale du blanchiment au Grand Duché de Luxembourg
La protection des données à caractère personnel au Luxembourg

Résumés de table ronde

Fatca & it's implications on Compliance

Questions de membres

ALCO in brief

Fight against laundering of money of criminal origin and against terrorism financing; integrity of financial markets, respect for ethical principles, all these are now important part of the financial sector today and that influences its activities widely.

The Compliance Officer function has appeared among credit institutions, PSFs, insurance companies. The Compliance Officer role is to make sure that these institutions comply with the current legislative, statutory and ethical standards.

Today, the Compliance function in the financial sector is officially recognised, on an international level by the Committee of Basel, and locally in Luxembourg by the CSSF. This function becomes compulsory in all the institutions of the financial sector in Luxembourg.

The "Association of Luxemburg Compliance Officers" for the Financial Sector was created as of 20 December 2000.