The use of technology to address regulatory challenges has been around for decades. Nevertheless, like FinTech, RegTech appears to be a new industry.
Regtech has become an important area of focus for Luxembourg’s financial centre.
Commercial, craft and industrial activities, as well as some liberal professions, are subject to a business permit (autorisation d'établissement or autorisation de commerce).
This permit is granted to businesses (the professional operating under his/her own name or the company) within a 3-month deadline, which may be extended by another month under some conditions, if:
- the person responsible for the operation or management of the business satisfies the required legal conditions of qualification and professional integrity for the activity concerned;
- and the business has a fixed physical establishment in Luxembourg (no so- called 'letterbox companies').
Costs : around EUR 2,000
- 3 regtechs – regulatory reporting
- 1 regtech – risk management
- 1 regtechs – identify management & control
- 6 regtechs – compliance
- 3 regtechs – transaction monitoring