Deloitte

Luxembourg management companies are drawing attention to the increasing reporting burden that often lands on their shoulders when European level regulation, such as the cross-border fund distribution directive, is passed. These requirements, they argue, often simply serve to placate national authorities over their lost jurisdiction. “It’s creating an additional burden on the investment fund manager,” said Chloé Piquet, a senior manager in regulatory services at Deloitte.

PwC Luxembourg has named Baptiste Guionnet as partner. Guionnet will support CEOs, CFOs and other C-level executives on all financial, performance and transformation matters of the finance function.

Until recently he served as partner at Deloitte Luxembourg where he worked for more than six years in the CFO advisory practice. Before joining Deloitte, he worked at Societe Generale and Natixis.

Communication technology continues its rapid development, but it’s inevitably affected by the world that it serves, so it must contend with concerns about sustainability and the impact of the economic situation, as well as the legal context. The emergence of ChatGPT as a new form of artificial intelligence might promise much, but it may misuse others’ content, Deloitte argues in its outlook for Telecoms, Media and Technology, or TMT.

So which part of the financial services sector in Luxembourg contributes most in terms of added value to the grand duchy’s economy? It’s the banks, not the investment funds, says a new study published this week by Luxembourg For Finance and Deloitte.

In 2021, the banking sector remained responsible for the most significant contribution, representing over half of the financial services industry’s added value, with the fund industry following at just under 31 percent, the study said.

The four leading international consultancy firms, known as the Big Four, have joined a growing list of companies that this week decided to cut their ties with operations in Russia because of the invasion of Ukraine.

PWC, KPMG, Deloitte and Ernst & Young collectively employ some 14.000 staff in Russia. The companies said ties with its Russian business will be severed, letting these operation continue but no longer as part of their networks.

Substantial governance-reform targets have been set for banks and investment firms by the CSSF. Some quick changes are required, but otherwise the regulator’s circular letter 20/759 seeks to drive long-term culture change on boards of directors regarding risk, diversity, and sustainability.