On 26 March 2018, the ABBL organised an ABBL Meets Members devoted to “On-site investigations of Luxembourg, European and foreign authorities in the financial sector” in the presence of 130 participants.
Members received the guidelines drafted by the ABBL in English and French on on-site investigations of Luxembourg, European and foreign authorities in the financial sector, as well as practical guidance from the Luxembourg supervisory authorities in two particularly relevant areas, namely competition law and data protection. Dawn raids were also specifically addressed.
Current events confirm the relevance of this issue. The European Commission and the national competition authorities have recently carried out investigations on the premises of certain financial institutions and the professional banking associations in Poland and the Netherlands, and the number of investigations by other authorities is clearly on the rise.
The ABBL guidelines provide a summary of the work done by the ABBL’s “Dawn Raids” working group. Given the variety of authorities that may carry out investigations and their respective powers, the working group has drawn up a summary table setting out the various cases in which investigations (announced or unannounced) may take place.
The guidelines describe in general terms those cases in which Luxembourg credit institutions and financial sector professionals may be faced with an on-site investigation, and draw attention to the important points needing to be taken into consideration in order to prepare effectively for such an investigation.
The guidelines present the summary table, provide general information concerning the course that an investigation may take and set out practical recommendations in the event of an investigation. Those recommendations may form the basis of an internal procedure to be adopted by members so as to be properly prepared in the event of an on-site investigation.