WHAT WE MEAN BY… GDPR: The EU’s General Data Protection Regulation sets guidelines and data protection and privacy for all individuals within the EU. It has huge implications for any organisation that collects or handles the data of EU citizens in any way and came into effect on 25 May 2018. PSD2: A revision of the payment services directive implemented in 2007, it enables bank customers, both consumers and businesses, to use third-party providers to manage their finances, meaning that banks no longer just compete with other banks, but may other players too. ABBL: Founded in 1939, it is the “professional association representing the majority of financial institutions as well as regulated financial intermediaries and other professionals established in Luxembourg,” according to its website. icon_website www.abbl.lu
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CSSF: “The public institution which supervises the professionals and products of the Luxembourg financial sector. It supervises, regulates, authorises, informs, and, where appropriate, carries out on-site inspections and issues sanctions,” says its website. icon_website www.cssf.lu
June 2018