Luxembourg’s well-known financial secrecy laws are changing. Bill n° 7024 amending inter alia the famous Article 41 of the Financial Sector Act of 5 April 1993 (FSA) in this respect, initially gave rise to much discussion but was ultimately adopted on first reading. Barriers to several financial outsourcing transactions will officially disappear and the (IT) outsourcing landscape will be substantially changed. This newsflash takes a closer look at some of the most important changes which not only deal with the rules on professional secrecy but also clarify several organisational requirements to be complied with in outsourcing transactions.
Source: Agefi - February 2018