ABBL’s Post

More than 460 finance professionals attended today's record-breaking webinar on the changes introduced by the CRR3 / CRD6 banking package, organised jointly by the ABBL and the Commission de Surveillance du Secteur Financier (CSSF). We covered three key topics: 📌 The Output Floor 📌 The standardised approach and the IRB approach to credit risk 📌 Credit risk mitigation In particular, it has been made clear that 𝗯𝗮𝗻𝗸𝘀 𝘄𝗶𝗹𝗹 𝗳𝗮𝗰𝗲 𝘀𝗶𝗴𝗻𝗶𝗳𝗶𝗰𝗮𝗻𝘁 𝗰𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀 𝘁𝗼 𝗯𝗲 𝗿𝗲𝗮𝗱𝘆 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗶𝗺𝗽𝗹𝗲𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗖𝗥𝗥𝟯/𝗖𝗥𝗗𝟲. The new approaches to credit risk, in particular real estate exposures, exposures to unrated institutions and uncommitted cancellable commitments, represent substantial changes. In addition, the implementation of CRR3/CRD6 will require banks to collect additional data and conduct a more thorough assessment of their internal procedures. The quality of our supervisory dialogue with the CSSF continues to bring immense value to the Luxembourg financial community and beyond. 🤝 Thank you to the speakers for the quality of the conference: Gilles Pierre, Alexandra Merlino, Davy Reinard and Mehdi Mabrouki, FRM! 👉 Don't miss the second part of the webinar, this Thursday! 🗓️ 𝗗𝗮𝘆 𝟮: 𝗔𝗱𝘃𝗮𝗻𝗰𝗲𝗱 𝗽𝗲𝗿𝘀𝗽𝗲𝗰𝘁𝗶𝘃𝗲𝘀 𝗼𝗻 𝗖𝗥𝗥𝟯 / 𝗖𝗥𝗗𝟲 📅 Date: Thursday, July 4, 2024 🕙 Time: 10:00 - 12:00 📍 Location: Online 🔗 It is still possible to register! Register now: https://lnkd.in/evDrYDzT 𝑃𝑙𝑒𝑎𝑠𝑒 𝑛𝑜𝑡𝑒 𝑡ℎ𝑎𝑡 𝑡ℎ𝑖𝑠 𝑒𝑣𝑒𝑛𝑡 𝑖𝑠 𝑟𝑒𝑠𝑒𝑟𝑣𝑒𝑑 𝑓𝑜𝑟 𝐴𝐵𝐵𝐿 𝑚𝑒𝑚𝑏𝑒𝑟𝑠. We will be looking at : ✔️ Operational risk ✔️ Market risk ✔️ CVA risk ✔️ ESG risk ✔️ Governance / Fit and Proper Assessment Programme: 10:00 - 10:05: Welcome address by Gilles Pierre 10:05 - 11:00: CSSF presentation on Operational Risk, Market Risk, CVA Risk, ESG Risk and Fit and Proper - with Nicolas Bernon, Xavier Sans and Natalia Katilova 11:00 - 12:00: Q&A session with ABBL and CSSF experts We look forward to welcoming you!

📣 The ABBL, ACA and ALFI are recruiting a Trainee EU Affairs Adviser to strengthen our Team. The Trainee EU Affairs Adviser is to support the public affairs team of our Brussels based EU Representative Office in matters related to the process of financial services legislation. 📌 The ABBL (Association des Banques et Banquiers Luxembourg) is the Luxembourg Bankers' Association, the representative organisation of a major European and international banking centre. 📌 ALFI - Association of the Luxembourg Fund Industry is the leading European investment fund centre in assets under management. 📌 ACA Luxembourg is the Luxembourg Association of Insurance Companies, a major international insurance centre in Europe. All three are not-for-profit associations. We represent the interests of our members at national and international level. At the EU level, we are permanently established through our joint EU representation office in Brussels, which interacts constantly with standards developers and policymakers in the EU institutions. 🇪🇺 At our associations, we value efficiency in our work, but also team spirit, good interpersonal relations between colleagues and the variety of our cultural backgrounds. 🤝 𝗬𝗼𝘂𝗿 𝗺𝗶𝘀𝘀𝗶𝗼𝗻: ✦ Legislative monitoring ✦ Analysis of policy documents ✦ Attend and report from meetings, public hearings and events ✦ Research on stakeholders and files for the drafting of background materials ✦ Organisational support The successful candidate will: ✔️ Hold a recent university degree (Master) in European Public Affairs and be familiar with the workings of the EU institutions, specifically in the area of financial services. ✔️ Possess developed communication skills in particular in writing and drafting. ✔️ Have sharp analytical and proven organisational skills. ✔️ Demonstrate a good spoken and written command of English. Other languages, in particular French, Luxembourgish, and German, are considered an asset. This is a unique opportunity to represent the interests of our members at national and international level! Starting date: 2 September 2024 Please send relevant applications with cover letter and CVs to [email protected] by Sunday 21st July 2024 at the latest. Successful candidates will be invited to conduct an interview. 👉 More info: https://lnkd.in/gC38WSvG Antoine Kremer | Myriam Sibenaler

We are thrilled to share the results of the latest ABBL survey on the adoption of Generative Artificial Intelligence (GenAI) in the Luxembourg financial sector! In collaboration with Societe Generale Luxembourg, this second edition of the survey provides valuable insights into current perceptions, trends and future plans for GenAI. 🇱🇺🤖 🔍 Key highlights: ✅ 𝗢𝗽𝘁𝗶𝗺𝗶𝘀𝗺 𝗮𝗯𝗼𝘂𝘁 𝗔𝗜: 94% of respondents now see AI as an opportunity, up from 76% in 2023. ✅ 𝗜𝗺𝗽𝗹𝗲𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻 𝗽𝗹𝗮𝗻𝘀: 81% of entities surveyed plan to implement GenAI for specific use cases. ✅ 𝗞𝗲𝘆 𝗯𝗲𝗻𝗲𝗳𝗶𝘁𝘀: Increased efficiency and productivity (87%), reduced costs (59%) and improved decision-making (57%). Our survey also explores myths and misconceptions about AI, the importance of robust oversight and the balance between local and head office-led initiatives. The ABBL is committed to fostering a collaborative environment for AI adoption, addressing challenges and ensuring the technology benefits all stakeholders. We also emphasise the need for continuous upskilling and robust internal governance to navigate the complexities of GenAI. 🦾 📊 Explore our detailed findings in the carousel below and join the conversation about the future of AI in the financial sector!👇 Ananda Kautz | Andrey Martovoy | Laurent Marochini #ABBL #GenerativeAI #Fintech #Innovation #Luxembourg #AI #DigitalTransformation #SurveyResults

Day two of Nexus2050 is on! - Join the ABBL for more ideas and innovations! 🤩 Yesterday was an incredible start, and today is shaping up to be even more promising. The ABBL is proud to share the highlights of the first day, and invites you to join us for more today! But first, a quick look back at the highlights of Day 1! 🌟 ❶ 𝗧𝗵𝗲 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗹𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲 𝗼𝗳 𝟮𝟬𝟯𝟱 𝗮𝗻𝗱 𝗵𝗼𝘄 𝘁𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 𝘄𝗶𝗹𝗹 𝗴𝗲𝘁 𝘂𝘀 𝘁𝗵𝗲𝗿𝗲 Our CEO, Jerry Grbic, delved into how emerging technologies such as AI, tokenisation and sustainable finance are transforming Luxembourg's financial services. Key learnings included the importance of AI adoption for efficiency, the need to collaborate with third-party providers (hence the importance of an event such as Nexus2050) and the importance of retraining and upskilling in the industry. By the way, have you seen the latest ABBL GenAI study? 👉 https://lnkd.in/e56QzUWF. 🤖 Moderator: Nasir Zubairi, LHoFT Other panellists: Claude Marx (CSSF), Serge Weyland (ALFI), Marc Hengen (ACA), Stéphane Pesch (LPEA) ❷ 𝗢𝗽𝗲𝗻 𝗳𝗶𝗻𝗮𝗻𝗰𝗲: 𝗪𝗵𝗮𝘁'𝘀 𝗶𝗻 𝗳𝗼𝗿 𝗟𝘂𝘅𝗲𝗺𝗯𝗼𝘂𝗿𝗴? Ananda Kautz, Head of Innovation, Payments and Sustainability  at the ABBL, led a discussion on the potential of open finance to offer personalised financial products and services. The panel explored the regulatory framework, use cases and Banking-as-a-Service models, highlighting Luxembourg's unique position as a diversified financial centre. Panellists: Geoffrey Dezoppy (Avaloq Luxembourg), Roger Kraemer (Spuerkeess), Nick Ashton (HSBC Luxembourg) ❸ 𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻 𝗮𝗻𝗱 𝘀𝘂𝘀𝘁𝗮𝗶𝗻𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗶𝗻 𝘁𝗵𝗲 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝘀𝗲𝗰𝘁𝗼𝗿 Julien Froumouth highlighted how fintech innovation can lead to sustainable economic transformation. The discussion highlighted the potential for collaboration between fintechs and traditional financial institutions to meet regulatory requirements and improve service quality. Moderator: Nicoletta Centofanti (LSFI) Panellists : Anne Calteux (European Commission), Tiago Freire de Andrade (Lynxai). 👋 Join us today at the ABBL stand and at Supercomputing Day! Visit the ABBL stand in the Finance District to find out more about our latest initiatives and our memberships, and how we are spearheading digital transformation in the financial sector. Our team of experts will answer your questions! Another not-to-be-missed event today is Supercomputing Day 2024, until 16:15. Find out how high-performance computing can drive innovation in a variety of fields. Ananda Kautz will be speaking at the event. Jerry Grbic | Ananda Kautz | Julien Froumouth | Andrey Martovoy | Sarah Guillermet-Odru | Kamel Amroune | Mike Koedinger | Paperjam | The Dots Luxembourg #Nexus2050 #TechEvent #Innovation #Surability #Cybersecurity #FinTech #Network #ABBL #Luxembourg #Supercomputing

How are top financial firms tackling DORA? Many of you came to listen to the frontline feedback, and to discover first-hand the results of the ABBL DORA Readiness Survey 2024. Here is a summary of the key findings shared at the event: 🔍 𝗞𝗲𝘆 𝗶𝗻𝘀𝗶𝗴𝗵𝘁𝘀 𝗳𝗿𝗼𝗺 𝗼𝘂𝗿 𝘀𝘂𝗿𝘃𝗲𝘆: 📌 𝗖𝗼𝗻𝗳𝗶𝗱𝗲𝗻𝗰𝗲 𝗹𝗲𝘃𝗲𝗹𝘀: the survey found that nearly 80% of credit institutions are confident to meet DORA compliance deadlines, although these are very challenging. 📌 𝗦𝘁𝗮𝗴𝗲𝘀 𝗼𝗳 𝗽𝗿𝗲𝗽𝗮𝗿𝗮𝘁𝗶𝗼𝗻: 25% of respondents are in the planning stages and 25% have started to implement their project. The majority is in the gap analysis phase. 📌 𝗠𝗮𝗶𝗻 𝗰𝗵𝗮𝗹𝗹𝗲𝗻𝗴𝗲𝘀 : The most significant challenges identified include ICT risk management, business continuity planning and oversight of third-party service providers. 💡 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀 𝗼𝗳 𝘁𝗵𝗲 𝗲𝘃𝗲𝗻𝘁: ➤ Introduction and overview: Laurent Moscetti from EY Luxembourg set the ball rolling with an overview of DORA's impact on the financial sector. ➤ Results of the ABBL DORA survey: Ananda Kautz presented the results of our comprehensive survey, highlighting the levels of preparedness and the main challenges faced by our members. ➤ Expert views from EY: ⚬ The 8 design principles for a successful DORA programme: Borja Bosch provided useful information for designing effective DORA programmes. ⚬ Anticipated administrative sanctions: Laurence Chatenier discussed potential sanctions in the event of non-compliance, underlining the importance of timely preparation. ➤ Panel discussion: A dynamic panel made up of leaders from banking, insurance, fintech and industry. Panelists included Franck BEDELL (Baloise LU), Nejib Zaouali (Clearstream), and Borja Bosch (EY Belgium). 🥂 The event concluded with a productive networking session, allowing participants to exchange ideas and strategies. 🤝 𝗞𝗲𝘆 𝘁𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀: ✅ Preparation is key: Start early and ensure full planning and implementation. Do not wait to collect the information on the ICT third-party arrangements. ✅ Collaboration: Leverage on peers and professional associations, and headquarters if relevant. ✅ Training: Start trainings at different levels, especially given the governance duty including active involvement from the management body to achieve awareness, visibility and compliance. 👉 Read more: https://lnkd.in/g7Gwc-Su Thank you to all the speakers and participants for making this event a success! Let's continue working together to turn regulatory challenges into competitive advantages. Ananda Kautz | Andrey Martovoy | Laurent Moscetti | #BorjaBosch | Laurence Chatenier | Guillaume Carballo | Karim Bouaissi | Franck BEDELL | #NejibZaouali #DORACompliance #OperationalResilience #FinancialSector #ABBL #EYLuxembourg

🇱🇺 NATIONALFEIERDAG 🇱🇺 | E schéinen Nationalfeierdag! 🎆✨ 🇱🇺 Celebrating National Day in Luxembourg 🇱🇺 Today, we come together to celebrate the Grand Duchy of Luxembourg's National Day. This day is a testament to our rich #history, vibrant #culture, and the #unity of our people. Happy National Day! 🎆✨ #NationalDay #Luxembourg #Unity #Celebration #Innovation

🤝 Excellent discussions in Luxembourg 🇱🇺 with our colleagues and friends from Germany 🇩🇪, Switzerland 🇨🇭, Austria 🇦🇹 and Liechtenstein 🇱🇮 on common priorities and how our respective associations can contribute to develop a shared and coherent vision to boost European #competitiveness and #resilience at a pivotal time for our continent. 🔍 𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀: 🔹 the development of European #capitalmarkets 🔹 the #competitiveness of the European banking sector 🔹 the #green and #digital transition The discussion was complemented by a fruitful exchange of views with representatives from the Ministry of Finance, Luxembourg on key items on the European regulatory agenda. Association of German Banks (BdB) I Verband österreichischer Banken und Bankiers I Swiss Banking - Schweizerische Bankiervereinigung I Liechtenstein Bankers Association I Heiner Herkenhoff I Roman Studer I Gerald Resch I Simon T. I Kolja Gabriel I Michael Ernegger I Stephanie K. Wickihalder I Jerry Grbic I Camille Seillès I Bettina Helling I Marilyn Rinck I Thomas Collin I Perrine Lenne-Schuler I Paul Wilwertz

What are the main barriers to innovation for banks? ⛔ Ananda Kautz, Head of Innovation, Payments and Sustainability at the ABBL, discusses the culture of innovation with Ian Atkinson, CEO of Governance.com. She identifies 2 main sticking points: ❶ The need for 𝗶𝗻𝘁𝗲𝗿𝗻𝗮𝗹 𝗮𝗹𝗶𝗴𝗻𝗺𝗲𝗻𝘁 within the financial institution to ensure that the project is carried out. A commitment from senior management is required, right from the start of the project. 👉 The ABBL has set up an annual event called "CEO's meet FinTechs", which shows the importance of good internal communication. ❷ 𝗖𝗵𝗮𝗻𝗴𝗲 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁: mistakes, trial and error, back and forth... are to be expected when innovating. Watch the interview! 🎬 👇 #Innovation #Banking #FinTech #DigitalTransformation #CustomerExperience #ABBL

Marilène Marques, Deputy Head of Business Unit Legal Governance, Spuerkeess, and Nenad Ilic, CFA, Financial Services Tax Leader, PwC Luxembourg, who are closely involved in the ABBL's tax workstreams, share their expert views on the new FASTER Directive, which aims to streamline withholding tax procedures across the EU. 🚩 However, the implementation comes with its challenges, especially for financial institutions that must meet strict compliance obligations and manage significant workloads. Key highlights: 🔹 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗧𝗮𝘅 𝗥𝗲𝘀𝗶𝗱𝗲𝗻𝗰𝗲 𝗖𝗲𝗿𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗲 (𝗲𝗧𝗥𝗖): A standardised, EU-wide certificate issued within 14 days, confirming investors' tax residence. 🔹 𝗙𝗮𝘀𝘁-𝗧𝗿𝗮𝗰𝗸 𝗣𝗿𝗼𝗰𝗲𝗱𝘂𝗿𝗲𝘀: Relief at source and quick refund systems to ensure immediate application of the correct tax rate and timely refunds of excess tax. 🔹 𝗖𝗲𝗿𝘁𝗶𝗳𝗶𝗲𝗱 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗜𝗻𝘁𝗲𝗿𝗺𝗲𝗱𝗶𝗮𝗿𝘆 (𝗖𝗙𝗜): Large financial institutions will need to register as CFIs, complying with new obligations to collect eTRCs and assess investors’ eligibility for reduced rates. 🔗 Read the full article by our experts for an in-depth understanding: https://lnkd.in/emS5cP-M The ABBL is committed to supporting its members in the implementation of this new framework. We look forward to discussing potential challenges and finding solutions with all stakeholders. 🤝 👉 For more information or questions, please contact Laetitia Carroz, Senior Adviser - Tax at the ABBL.