One of the key principles of Luxembourg financial regulation is the obligation of professional secrecy (often referred to as the bank secrecy, the "Professional Secrecy Obligation") laid down in Article 41(1) of the law dated 5 April 1993 on the financial sector, as amended (the "Financial Sector Act"). Outsourcing arrangements and, in particular, IT outsourcing operations which can lead to the disclosure of confidential data and thus to a potential breach of the Professional Secrecy Obligation are subject to rather strict legal conditions. Click here for more.
Location