Banking Regulation - Authorisation
3.1 What licences are required to provide banking
services in your jurisdiction? What activities do they
cover?
No person established under Luxembourg law can carry out the
business of a credit institution without holding a written
authorisation from the minister of finance. Entities authorised as
a credit institution in Luxembourg hold a so-called 'universal
banking licence'.
Credit institutions are authorised to:
- perform the following banking activities:
- acceptance of deposits and other repayable funds;
- lending;
- financial leasing;
- provision of payment services;
- provision of guarantees and commitments;
- trading for own account or for account of customers in money
market instruments, foreign exchange, financial futures and
options, exchange and interest-rate instruments and transferable
securities;
