Fintech (2nd Edition)

1. What are the sources of payments law in your jurisdiction?

The sources of payments law in Luxembourg include, amongst others, the following:

• Law of 10 November 2009 on payment services, on the activity of electronic money institution and settlement finality in payment and securities settlement systems, as amended (the "2009 Law");
• CSSF Circular 19/714 update of CSSF Circular 17/654 on IT outsourcing relying on a cloud computing infrastructure;
• CSSF Circular 19/713 regarding the guidelines of EBA on the security measures for operational and security risks of payment service providers;
• CSSF Circular 17/656 regarding administrative and accounting organisation; IT outsourcing, repealing Circular 05/178;