Talan Luxembourg extends its Financial Sector Professionals (FSP / PSF) licenses in Luxembourg

The banking sector in Luxembourgis regulated by the Commission de Surveillance du Sector Financier (CSSF), a leading player in the heart of Europe and recognised internationally.

Each banking sector professional is subject to a strict legislative and regulatory framework. Banks are not the only entities in Luxembourg to offer financial services. Access to the activities of the professional financial sector is regulated by the amended law of 5 April 1993 on the financial sector (“Law of 5 April 1993 on the financial sector”, the LSF).

Talan Luxembourg obtained its approvalas a support FSP / PSF as an operator of secondary IT systems and communication networks in the financial sector (Article 29-4 of the LSF) in 2017. In addition to credit institution authorisations, more simply referred to as “banks”, the LSF regulates several categories of financial sector professionals depending on the activities. Some of these FSPs / PSF are in the financial sectors and others do not offer financial services.

The ones who do not offer financial services can only operate if they hold a support FSP / PSF licenses so they can provide services to financial institutions. In 2003, the systemic importance of these sub-contractors prompted the legislator to include them in the same legal and supervisory framework as their clients.This sector therefore covers a very wide range of financial and non-financial services.

This approval requires us to comply with regulations that are equivalent to those of banks and other financial professionals and that aim to obtain reliable services for all players in the sector.We are responsible for following strict regulatory procedures in terms of controls, audits, reporting, compliance with CSSF circulars and legal changes. As FSPs / PSF, we are required to comply with professional obligations, prudential rules and conduct such as: 

• Fighting money laundering and terrorist financing,
• A duty to cooperate with the authorities,
• Corporate governance, organisation, risk management and prudential supervision,
• Professional secrecy.

In addition to this accreditation as a secondary support FSP / PSF, Talan Luxembourg has extended its accreditation to that ofoperator of primary IT systems in the financial sector (FSP / PSF Primary IT systems operators of the financial sector, Article 29-3 of the LSF). Talan Luxembourg can alsowork with its clients on IT applications or systems used for accounting and financial management, including core banking applications.

Approval as an operator of primary IT systems in the financial sector consolidates Talan Luxembourg’s position in the Luxembourg market by providing additional guarantees with regards to the various regulations and circulars whileproviding quality support and service. 

Talan has multidisciplinary teams of specialists from the FSP / PSF industry who are able to implement concrete and innovative solutions to meet your specific needs.