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By Thierry GODART, EY Luxembourg Partner, Internal Audit Services Mariama BALDE, EY Luxembourg Manager, Risk Consulting
Over the past decades, Luxembourg has strengthened its position as a central pillar of the European fund industry. In an environment marked by constant regulatory evolution, new asset classes and an increasing push for supervisory convergence across the EU, the depositary function remains fundamental to investor protection and market integrity. The combination of recent regulatory developments and ongoing CSSF supervisory expectations signals that the depositary model is entering a new phase that calls for more robust and structured governance, stronger documentation practices, and a greater ability to demonstrate challenge,...
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