Gilles Pierre

After completing a similar transition last year for the supervision of investment fund managers, Luxembourg’s financial supervisors, in close cooperation with bank sector representatives, now have adopted a major modernisation of its banking supervision by overhauling what is known as the Long Form Report. Both banks and supervisors see the new approach as a major step forward. 

The cost of implementing banking sector regulations has risen by an annual average of 16% since 2015 says a recent study by the the Luxembourg Bankers Association (ABBL) and major accounting firm EY.