Luxembourg

The Loi du 5 avril 1993 relative au secteur financier ("LSF") ("the 1993 Law"), which is sometimes known as the "1993 Law" or "LSF," is the structural foundation stone of the country's financial regulatory system, serving as the foundation that outlines all the licensing, operations, and control procedures in the financial sector. This law is introduced with the primary goal of transposing several important European Union banking and investment services directives into national legislation and giving the Commission de Surveillance du Secteur Financier ("CSSF") the mandate to strictly regulate credit institutions and a wide range of specialized Professionals of the Financial Sector ("PFS" / "PSF"). Apart from defining detailed criteria for the authorization of companies—including capital adequacy requirements, information about shareholders, and sound corporate governance principles it also specifically guarantees strict professional secrecy according to its Article 41. It is available online on the CSSF website or through the legislative gazette Legilux in its consolidated form. In addition, this regulation is constantly amended and updated to reflect the changing financial environment by taking into account new EU data and prudential requirements, including the recently passed 2026 amendments.