On the 28th of June, the European Commission published a new package on the regulatory framework for payments and e-money services through a regulation and a directive (PSD3/PSR). This new package is likely to have a material impact on the existing regulatory framework as a whole and the players subject to it, both from a legal and operational perspective.

The ABBL together with A&O Luxembourg, are delighted to invite you to a joint conference on the 26th of September at 11:00 am where we will discuss the new requirements and key changes contemplated in the PSD3/PSR proposals as well as their impact on the EU payments ecosystem.

You will have the opportunity to get insights into the policy objectives underpinning the payments package proposal in a keynote interview with Mr Eric Ducoulombier, Head of Unit, DG FISMA at European Commission. Furthermore, a panel comprised of the following institutional and industry expert will share views on this new package.

Practical info

• Tuesday 26 September 2023, 11:00
• Allen & Overy 5 avenue J.F. Kennedy, L-1855 Luxembourg Auditorium -1
• Parking Place de l’Europe Level -2

Speakers

• Eric Ducoulombier, Head of Unit, DG FISMA at European Commission
• Karen O'Sullivan Head of the CSSF’s Innovation, Payments, Market Infrastructures and Governance Department
• Emilie Mathieu VP and Deputy General Counsel, Regulatory at Checkout.com
• Serge Wagener VP & Head of Busines Unit Payments at Spuerkees
• Mia Dassas Partner at Allen & Overy Paris

The event will be hosted and coordinated by:

• Ananda Kautz Head of Innovation Payments & Digital, Member of the Management Board at ABBL
• Baptiste Aubry Head of Finance Regulatory at Allen & Overy Luxembourg
• Andrei Costica Senior Associate at Allen & Overy Luxembourg

Welcome to the ABBL!

Have you recently joined the ABBL as a member? We are pleased to invite you and all our new members to a welcome reception on Wednesday 27 September at 18:00.

Please join us with up to two representatives from your organisation.

Legal notice regarding the taking of pictures

Please note that photographs will be taken in the course of the meeting and the walking lunch. Pictures of participants may be published online or in publications released by the ABBL for the purpose of promoting the event and/or related activities of the ABBL. Should you disagree to possible publication of your picture, please write to secretariat@abbl.lu

On 24 May 2023, the European Commission published its much-awaited proposal for a retail investment strategy (RIS). This text is an omnibus Directive amending several pieces of existing legislations (MiFID, IDD, UCITS, AIFMD) with the ambition to improve the conditions for greater participation of retail investors in capital markets. The Directive includes some controversial proposals (e.g. inducements or value for money) which are shaking the market and will affect distributors of investment products (e.g. Banks, Wealth Managers) as well as their manufacturers (e.g. Asset Managers).

In this context, our webcast event aims at uncovering the significant impacts the RIS could have on the business and revenue models of investment firms while exploring their possible responses from a strategic and operational perspective.

Speakers

• Marilyn Rinck, Financial Markets Adviser, ABBL
• Benjamin Accadia, Partner, EMEIA FSO Business Consulting, EY Luxembourg
• Dorian Rigaud, Partner, Banking and Capital Markets Leader, EY Luxembourg

Practical info

• Thursday 12 October - 11:00
• About 45 minutes
• Online

Séminaire organisé par l’UIA avec l’aide de Bonn & Schmitt et le soutien des Barreaux de Luxembourg, Bruxelles et Strasbourg, l’Institut de Droit Européen des Barreaux – I.D.E.B, la Commission Européenne, la Cour de Justice de l’Union européenne, le Conseil de l’Europe, l’Université de Luxembourg, la Luxembourg House of Financial Technology (LHoFT), la Commission nationale pour la protection des données (CNPD).

Certains pans du droit ne sont pas harmonisés en Europe notamment le droit des contrats et plus largement, le droit des obligations, de la responsabilité et de la prescription, amenant des problématiques spécifiques comme la compétitivité législative. Où en sommes-nous concernant l’harmonisation plus poussée dans ces domaines en Europe ? Quelles sont les conséquences de cette absence d’harmonisation ? Comment la communauté économique internationale a su s’adapter ? Quels sont les moyens d’y remédier, par le biais des principes d’UNIDROIT ou par l’insertion de clauses contractuelles dans les contrats internationaux ? Quels sont les autres palliatifs?

Face au développement croissant du numérique (la fintech, la regtech, blockchain, cryptoassets, intelligence artificielle, robotique, plateformes, etc.), les remèdes aux solutions contractuelles sont insuffisants pour encadrer ces changements et les réformes législatives sont des plus nécessaires. En outre, l’accroissement technologique soulève des questions en matière de droits humains et d’éthiques mis en exergue par les initiatives du Conseil de l’Europe.

Dans cette perspective, la Commission Européenne a lancé toute une réforme législative ambitieuse venant réglementer l’économie numérique, complétant les dispositions du RGPD. Ces nouvelles réglementations formant l’ « EU Digital Package » encadrent l’utilisation des TIC et balisent les règles applicables aux acteurs du numérique. Cette réglementation, tendant à une forte sectorialisation comparable à l’approche anglo-saxonne, s’applique aux domaines de la mobilité, de la santé, du travail et de la finance.

L’objectif de ces initiatives européennes est également d’accroitre l’attractivité et la compétitivité de l’UE en matière d’innovation. Quelles seront les principales avancées et les objectifs de ces législations ? Et enfin quel est l’impact de la CJUE sur cette législation à travers sa jurisprudence ?

Un séminaire à ne pas manquer !

Course outline

Now in its 11th annual edition, the ILA 2023 Forum for Directors of Luxembourg Credit Institutions is Luxembourg’s original and leading venue for bank directors and senior executives to discuss pertinent topics for bank boards.

The forum is designed to engage board members and senior executives on corporate governance regulation and the corresponding demands on board transparency, increased director accountability, and increased dialogue with management and regulators. The Board of Directors must have appropriate knowledge, understanding, and professional experience and, collectively, its members must have a thorough understanding of the bank’s strategy, risks, and of the overall industrial, economic, and regulatory environment.

This Forum is an opportunity for directors to receive an update and exchange on latest developments, including an opportunity to discuss the practical implementation of governance frameworks. In previous years, participants and speakers have included Board Chairs, CEOs, regulators, bank directors and control functions.

Topics

The Forum will focus on the below topics:

• Updates with the Luxembourg CSSF & the ECB
• Board Composition & Functioning
• Remuneration Practices
• Latest Regulatory Developments
• Board Evaluations
• Risk Strategies & Management Frameworks
• Digitalisation
• Crisis Management
• Director Skills & Training
• Case Studies

Benefits of the program

• An update on latest regulatory developments
• An ability to assess and score internal governance, board compliance, and structure
• Gap analysis and advice in defining and implementing new processes and effective internal controls
• Valuable training which fulfils ongoing director training requirements

Target audience

• CEO’s and Directors of Credit Institutions
• Authorised Management
• Independent Directors

As you certainly know, the new requirements for Payments Service Providers regarding the transmission and exchange of payment data to fight VAT fraud (aka CESOP) enter into force on the 1st of January 2024. As this is a major topic of interest to ABBL, we are pleased to invite you to a dedicated CESOP event on Friday 10 November starting from 08:00. This workshop will be held in English.

This workshop is organised in collaboration with Luxembourg Indirect Tax Authority (AED) and the Government IT Centre (CTIE).

Information and links to legislative provisions

You will have the opportunity to get insights about reporting requirements and objectives from M. Romain HEINEN, Director of the AED, and M. Serge FABER, Head of Risk Management in charge of CESOP project at the AED. The CTIE experts will provide with a demo of reporting transmission. To conclude the meeting a Q&A session will be held.

Agenda

• 08:00: Welcome breakfast
• 09:00: Introduction by the ABBL
• 09:10: Opening remarks by M. Romain HEINEN
• 09:20: AED presentation and CTIE demo
• 10:20: Break
• 10:35: Q&A session
• 11:00: Closing remarks

Speakers

• Romain Heinen - AED - General Director
• Serge Faber - AED - Head of Risk Management
• Etienne Dauby - CTIE - Project Management
• Pierre Clausse - CTIE - Chef de Service MyGuichet
• Vincent Nicolas - CTIE - Chef de Division
• Henri Moxhon - Aubay - Project Manager
• Nelson Nogueira - CTIE - Service MyGuichet
• Camille Seillès - ABBL - Secretary General - Member of the Management Board
• Galina Miroshnichenko - ABBL - Advisor Payments & Digital

Do not hesitate to share this invitation with your colleagues.

We look forward to seeing you at this special event!

Private Banking is one of the pillars of the Luxembourg financial centre and the ever growing complexity of this business requires that a private banker possesses a solid knowledge of the financial instruments and their use as investment vehicles.

In order to provide this background the House of Training has developed a 6-day foundation course focusing on the following aspects:

• The use of financial instruments in investment portfolios
• The taking of investment decisions based on the aspects of risk and return
• The understanding of the concept of market efficiency in portfolio management
• The integration of efficient financial vehicles in investment solutions

Programme

The 6-day foundation course covers the following topics:

• E-Learning course "International Financial Markets" (+/- 20 hours)
• Risk measurement & management
• Foreign exchange and Money Markets
• Bonds and Equities
• Options and Futures
• Structured Products
• Portfolio management
• Investment funds and alternative investments

Target Public

The training programme is designed for junior private bankers, Family Offices’ staff or persons having worked for a few years in a banking environment and wishing to reorientate their career in private banking.

Exams

The course includes a written examination, based on all covered topics.