The financial crisis has, in many countries, pushed governance questions onto the front pages of newspapers and regulators have asked more difficult questions about how boards of directors provide oversight over business models, risk-taking, strategy and long-term business sustainability. Along with the increased visibility of corporate governance, we have witnessed a similar expansion in the range of issues taken up by boards. The Compliance Forum, presented by Bank of Cyprus and organized by IMH and Gold Magazine, is to take place on Wednesday, December 9, and aims to address issues such as regulatory framework and broader compliance, corporate governance, anti-money laundering and the regulation of it, competition law, MiFiD, and market abuse in the sense of illegal use of inside information.
The financial sector in Luxembourg has developed rapidly over the course of the last years, though in stages; foreign banks arrived at different times and usually due to new regulatory measures in their home countries. These banks offered a great contribution to the establishment of Luxembourg’s financial sector. International players from the world of finance continue to be attracted to Luxembourg and they operate in the areas of the financial sector and more specifically in corporate and private banking as well as in payment and electronic transactions. Jean-Marc Goy, Counsel for International Affairs of Commission de Surveillance du Secteur Financier in Luxembourg will discuss Corporate Governance in relation to Entities of the Luxembourg Financial Sector. He will present the legal and regulatory framework that has been issued by the Luxembourg Supervisory Authority of the financial sector, the Commission de Surveillance du Secteur Financier (CSSF), with particular emphasis on requirements relating to the “substance” of the entities and to risk management, internal audit and compliance functions.
