www.pwc.

lu/professionals-financial-sector

Meeting
the deadlines
Professionals of the
Financial Sector

Professionals of the
Financial Sector
April 2013
Categories of other Professionals of the
Financial Sector in Luxembourg (PFS)
1 Investment firms
Art. 24 Art. 24-1 Art. 24-2 Art. 24-3
Investment advisers Brokers in financial Commission agents Private portfolio managers
instruments
EUR 50,000 EUR 125,000 EUR 125,000
EUR 50,000

Art. 24-4 Art. 24-5 Art. 24-6 Art. 24-7

Professionals acting for Market makers Underwriters of financial Distributors of units/shares
their own account instruments of UCIs
EUR 730,000
EUR 730,000 Placements with firm Accepting payments:
commitment: EUR 125,000
Art. 24-8 Art. 24-9 EUR 730,000
Not accepting payments:
Financial intermediation Investment firms operating No placements with firm EUR 50,000
firms a MTF in Luxembourg commitment:
EUR 125,000
EUR 125,000 EUR 730,000

2 Specialised PFS
Art. 25 Art. 26 Art. 26-1* Art. 27
Registrar agents Professional custodians of Professional custodians of Operators of a regulated
financial instruments assets other than financial market authorised in
EUR 125,000 instruments Luxembourg
EUR 730,000
EUR 500,000 EUR 730,000

Art. 28-2 Art. 28-3 Art. 28-4 Art. 28-5

Persons carrying out foreign Debt recovery Professionals carrying on Professionals carrying
exchange cash operations lending operations on securities lending
EUR 50,000 operations
EUR 50,000 EUR 730,000
EUR 730,000

Art. 28-6 Art. 28-7 Art. 28-8 Art. 28-9

Family offices Mutual savings fund Managers of non- Corporate domiciliation
EUR 50,000 administrators coordinated UCIs agents
EUR 125,000 EUR 125,000 EUR 125,000

Art. 28-10
Professionals providing company formation and management
services
EUR 125,000 * Draft Law / Article 28-8 Managers of non-coordinated UCIs will be
abrogated with effect as at 22/07/2014

3 Support PFS
Art. 29-1 Art. 29-2 Art. 29-3 Art. 29-4
Client communication Financial sector Primary IT systems Secondary IT systems and
agents administrative agents operators of the financial communication networks
sector operators of the financial
EUR 50,000 EUR 125,000 sector
EUR 370,000
EUR 50,000

Two new categories of Support PFS are subject to the draft law n6543: Operators offering digital records dematerialisation and Operators
offering digital records conservation
Amounts in EUR correspond to the minimum share capital
 Main regulations/circulars applicable to PFS
Applicable to
Regulation/circular # Content support
all investment specialised PFS
PFS firms only PFS only
only
Organisation and control environment

93/102 Organisation and internal control of courtier and commissionnaire

95/118 Customer complaints

95/120 Central administration

96/126 Administrative and accounting organisation

98/143 Internal control

05/178, 06/240 IT function and IT outsourcing

06/257, 07/280 Market abuse

07/307 MiFID

Branches of Luxembourg investment firms and freedom of provision

07/326, 10/442
of services in the EU

08/350 Prudential regulatory procedures for support PFS

09/392 Acquisitions and increases in holdings in the financial sector

Optimisation of the supervision exercised on the support PFS by a

12/544
risk-based approach

12/552 Central administration, internal governance and risk management

Evolution of the usage and control of the tools for managing information
13/554
technology resources and the management access to these resources
Remuneration requirements

10/437 Guidelines concerning the remuneration policies in the financial sector

10/497 Implementation of CRD III remuneration requirements

11/505 Proportionality principle

Prevention of money laundering and terrorist financing

12/02 Regulation on the fight against money laundering and terrorist financing

13/556, 11/528 Measures to combat money laundering and terrorist financing

Risk analysis regarding the fight against money laundering and
11/529
terrorist financing
Compliance with limits and ratios
07/290, 10/451, 10/483, 10/497
Capital adequacy and large exposure ratios; stress testing
07/301, 11/506
Company administration services

01/28, 01/29, 01/47, 02/65 Company administration services (Domiciliation)

Supervision on a consolidated basis

00/22 Supervision on consolidated basis by the CSSF

Reporting and disclosure requirements

96/124, 05/187, 08/344, 08/369, 10/433 Prudential reporting to the CSSF

07/302, 07/306, 08/334, 08/365 Transactions reporting (TAF reporting)

11/504 Reporting of external computer attacks

08/364 Financial statistics for support PFS

External audit requirements

03/113 Long Form Report of investment firms

1
Only applicable to specialised PFS
2
Not applicable to distributors of UCIs shares which do not hold money for clients, commission agents, and investment advisers
3
Only applicable to PFS which perform domiciliation activities
Meeting the deadlines2
Regulatory and legal deadlines
Q4 Q1 Q2 Final balance sheet + Profit Q3
Profit & Loss Profit & Loss Profit & Loss & Loss of the previous year + Profit & Loss
Reporting Ad-hoc Statistics Ad-hoc Statistics Ad-hoc Statistics Management report on internal Ad-hoc Statistics
Off B/S Off B/S Off B/S control status5+ ICAAP report + Off B/S
CSSF

Number of employees Number of employees Number of employees Confirmation by the authorised Number of employees
management of compliance
with circular CSSF 12/552 as
Long form report amended: Max 2 months after
Emmanuelle Henniaux
(1 month after AGM) AGM, Ultimate deadline 31/08
Regulatory Partner
emmanuelle.henniaux@lu.pwc.com Dec B/S Jan B/S Feb B/S Mar B/S Apr B/S May B/S Jun B/S Jul B/S Aug B/S Sep B/S Oct B/S Nov B/S
20/01 20/02 20/03 20/04 20/05 20/06 20/07 20/08 20/09 20/10 20/11 20/12

AGM up to 6
months after year
Commercial

Preparation of annual accounts: end Identify new accounting regulatory requirements

Appropriation of Outline the timetale of closing calendar
Compilation of annual accounts Preparation of the accounts closing
Law

the result of the

GAAP to GAAP conversion Electronic filing of Follow appropriate trainings according to the latest regulations
year
Compilation of branches accounts annual accounts
Preparation of
Group consolidation Approbation of annual accounts to the RCS (max.
other corporate Measure the efficiency of the accounting organisation
by the Board of Directors (min. 1 1 month after the
Anne-Sophie Preudhomme secretariat Identify any needs for assistance for specific accounting
month before the AGM) AGM)
Accounting Partner formalities issues
anne.sophie.preudhomme@lu.pwc.com
Identify any needs in human ressources
Internal and external audit deadlines
Long form report: section 4 Management Report Annual review of AML
(1 month after AGM) on Internal Control matters
Final Internal Annual Internal Audit Summary Report status
Internal
Audit

Audit works
3-year Internal Audit Planning First Internal Audit
design/update engagements

Pierre-Franois Wry
Governance, Risk and
Controls Leader
pierre-francois.wery@lu.pwc.com
External

Board of Directors: Audited Annual

Audit

Approval of the Accounts

Final audit current year accounts (15 days before AGM) Long form report Kick-off meeting
Appointment of (1 month after the AGM) Interim audit (N+1)
Cyril Lamorlette
PFS Leader the auditor for AGM: Approval Report on compliance
cyril.lamorlette@lu.pwc.com next year of the annual with CSSF circulars4
accounts Management letter (if any)
Tax deadlines1
NWT/MBT advance NWT/MBT advance NWT/MBT advance NWT/MBT advance
Corporate Tax

payment (1st) payment (2nd) payment (3rd) payment (4th)

WHT payment on
Relibi law Annual corporate Tax Return of
the previous year
CIT advance payment (1st) CIT advance payment (2nd) CIT advance payment (3rd) CIT advance payment (4th)
31/05
Murielle Filipucci
Tax Partner
10/02 10/03 20/03 10/05 10/06 10/08 10/09 10/11 10/12
murielle.filipucci@lu.pwc.com

Dec ESL Jan ESL Feb ESL Mar ESL Apr ESL May ESL Jun ESL Jul ESL Aug ESL Sep ESL Oct ESL Nov ESL

24/01 24/02 24/03 24/04 24/05 24/06 24/07 24/08 24/09 24/10 24/11 24/12
14/01 14/02 14/03 14/04 14/05 14/06 14/07 14/08 14/09 14/10 14/11 14/12
Dec VAT return Jan VAT return 28/02 Feb VAT return Mar VAT return 30/04 Apr VAT return May VAT return Jun VAT return Jul VAT return Aug VAT return Sep VAT return Oct VAT return Nov VAT return
VAT

Simplified or
single annual
Annual VAT return
VAT return of the
Laurent Grenon previous year (recapitulative)
Q4 VAT return previous year Q1 VAT return Q2 VAT return Q3 VAT return
VAT Partner
laurent.grencon@lu.pwc.com Q4 ESL Q1 ESL Q2 ESL Q3 ESL

Operational and financial risk management deadlines

Management

CAD ratio Initiate ICAAP CAD ratio ICAAP report Long form report: section 9 CAD ratio
submission to (1 month after the AGM)
Financial

Large Update Large Large exposures

exposures exposures CSSF AGM
Risk

Thierry Lpez
Governance, Risk and
Controls Partner
thierry.lopez@lu.pwc.com
Management
Operational

31/03
Risk

Annual Risk Report (ARR Y-1)3 Ongoing risk monitoring Design and adjustment of the risk Performance of Definition of
(3 months after year end) management framework and the risk analysis mitigation plan
procedures
31/07 Annual Descriptive Report (DR Y-1)3
Guy Brandenbourger (7 months after year end)
Governance, Risk and
Controls Partner
guy.brandenbourger@lu.pwc.com

Human Resources and IT deadlines

Resources
Human

Objectives Variable remuneration payment Ongoing recruitments training Semi-annual review Review of remuneration policy Individual appraisal
setting Vocational Training Report to INFPC Succession planning CSR Agenda HR budget setting (reward, training, recruitment, etc). salary benchmark
Training plan Engagement survey High potential and low performance adjustment

Christian Scharff
Advisory Partner
christian.scharff@lu.pwc.com

Review of new Internal client Renewal Annual External Security IT cost allocation, Review of
IT

IT regulatory satisfaction of existing recertification of assessment and budgeting process existing supplier
requirements survey accreditiations logical access Penetration test and IT portfiolio & maintenance
Annual test
and certifications rights management contracts
Vincent Villers of Business
Governance, Risk and
Controls Partner
Continuity Plan
vincent.villers@lu.pwc.com

Anti-Money Laundering deadlines

Countries risk Blacklist/PEP Annual AML Compliance Review of the AML Long form Due Annual review of Update risk rating of Annual Review Annual risk analysis
assessment screening and Training Report procedures and report: diligence on risky clients and the clients (ongoing by Internal Audit Person responsible for the AML/
transaction the risk based section 8 intermediaries review of non- basis when new CTF control: Regular reporting to the
AML

monitoring: approach (1 month risky clients at information becomes senior management and board of
Ongoing basis defined intervals available) directors (at least annually)
after the
AGM)

Roxane Haas
Anti-Money Laundering Partner
roxane.haas@lu.pwc.com

Notes: All the deadlines are applicable to PFS where financial year ends as at 31 December I CSSF: Commission de Surveillance du Secteur Financier I B/S: Balance Sheet I Q: Quarter I WHT: Withholding Tax I NWT: Net Wealth Tax I CIT: Corporate Income Tax I MBT: Municipal Business Tax
CAD: Capital Adequacy Ratio I ESL: European Sales Listing (concerns listing for goods and/or services supplied). Monthly listings are only possible electronically (24th of the month following the period as shown on the time line) and quarterly listing possible electonically or in paper (14th of the month following the
period) (if made electronically, the deadline is postponed with ten days) I ICAAP: Internal Capital Adequacy Assessment Process I INFPC: Institut National pour le dveloppement de la Formation Professionnelle Continue I 1 excluding chamber of commerce I 2 Regulatory, legal and business practice deadlines
I 3 First reports to be communicated in 2013 I 4 All PFS except investment firms I 5 Up to 31/12/2012 for investment firms I 6 As from 01/01/2013 for investment firms
Orange: applicable to investment firms only
Grey: applicable to support PFS only
For further information or assistance, please contact us or visit our website
www.pwc.lu
 How we can help you?
Considering the continuous changes in regulation and in associated CSSF circulars, PFS decision makers need to be regularly
informed on the deadlines that concern their specific activities, whether already established in Luxembourg or about to set up new
activities. The main purpose of this publication is to inform PFS (Investment firms, Specialised PFS, Support PFS) about the main
reporting and regulatory deadlines to meet. This practical tool, created by our PFS dedicated team with the support of experts
from our three main competencies (i.e. Audit, Advisory and Tax), presents all the relevant deadlines in the form of a thematic
calendar.
Our PFS dedicated team is able to provide you with tailored solutions:
in the regulatory area by determining the regulatory requirements applicable to specific PFS licences and activities, or ensuring
that your reporting to the CSSF complies with regulatory requirements;
in accounting by the preparation of accounting manual or by assisting for the accounting and the preparation of financial
statements;
in internal audit, by acting as the internal auditor of your company or by providing occasional assistance to your permanent
internal auditor;
in external audit, by providing assurance on financial figures and on compliance with legal and regulatory requirements;
in corporate tax by establishing/reviewing tax returns and optimising the overall tax charge but also by proposing VAT
compliance solutions, preparing returns and listing reviews, consisting in e-VAT filing and providing full VAT compliance
outsourcing;
in Risk Management, by designing and implementing your Risk Management framework (methodology, organisation,
procedures, tools) or by outsourcing your Risk Management function;
in Governance, by helping the organisations to implement sound principles of corporate governance;
in IT by reviewing infrastructures and projects to ensure compliance with applicable regulation as well as assisting our clients
to achieve the defined objectives of their IT projects;
in HR area by reviewing remuneration package with an objective to tax-optimise/make them more cost efficient or designing
and setting up incentive schemes;
in the AML/CTF area by designing or reviewing your internal framework, performing counterparty and country due diligences
or by optimising your IT monitoring tools.

Your contacts
Cyril Lamorlette +352 49 48 48 5851 cyril.lamorlette@lu.pwc.com
PFS Leader

Guy Brandenbourger +352 49 48 48 5809 guy.brandenbourger@lu.pwc.com

Governance, Risk and Controls Partner

Emmanuelle Caruel-Henniaux +352 49 48 48 2549 emmanuelle.henniaux@lu.pwc.com

Regulatory Partner Advisory Services

Murielle Filipucci +352 49 48 48 5725 murielle.filipucci@lu.pwc.com

Tax Partner

Laurent Grenon +352 49 48 48 5769 laurent.grencon@lu.pwc.com

VAT Partner

Roxane Haas +352 49 48 48 5786 roxane.haas@lu.pwc.com

Anti-Money Laundering Partner

Thierry Lpez +352 49 48 48 4141 thierry.lopez@lu.pwc.com

Governance, Risk and Controls Partner

Anne-Sophie Preudhomme +352 49 48 48 5788 anne.sophie.preudhomme@lu.pwc.com

Accounting Partner

Christian Scharff +352 49 48 48 2599 christian.scharff@lu.pwc.com

Advisory Partner

Vincent Villers +352 49 48 48 2628 vincent.villers@lu.pwc.com

Governance, Risk and Controls Partner

Pierre-Franois Wry +352 49 48 48 6087 pierre-francois.wery@lu.pwc.com

Governance, Risk and Controls Leader

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