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      Legal Environment

      All physical or moral persons that exercise a professional activity as an asset manager, wealth manager or financial adviser must adopt the status of Professional of the Financial Sector (PFS or PSF, to use the French acronym). Like banks, they are subject to authorisation and prudential supervision by the financial sector supervisory authority, the Commission de surveillance du secteur financier (CSSF).

      The conditions for obtaining authorisation and exercising one of these professions are laid down in the law of 5 April 1993 on the financial sector, as modified.

      A legal framework for the activity of "family office" is currently being drafted.