Banking Regulation - Legal Framework

1. Which legislative and regulatory provisions govern the banking sector in your jurisdiction?

The main law governing credit institutions in Luxembourg is the Law of 5 April 1993 on the financial sector, as amended ('Banking Act'), which covers:

• access to professional activities in the financial sector (including the authorisation of credit institutions established under Luxembourg law, and the authorisation for the establishment of branches and freedom to provide services in Luxembourg by credit institutions governed by foreign law);
• professional obligations, prudential rules and rules of conduct in the financial sector;
• prudential supervision of the financial sector;