On 15 June 2021, the Luxembourg Financial Sector Supervisory
Authority (the CSSF) updated its FAQs on the
statuses of the Professionals of the Financial Sector
(PSFs) by issuing clarifications on lending
activities falling out of scope of the authorisation requirement,
laid down by article 28-4 of the Law on Financial Sector (the
LFS)1.
As a general rule under article 28-4 of the LFS, professionals
(other than credit institutions) performing lending operations are
those who "engage in the business of granting loans to the
public for their own account".
As the notion of "public" is not legally defined, the
CSSF stated that it will not consider professional lending
activities as public-oriented, should the following conditions be
met:
