In this context, the speakers and panelists of Deloitte’s annual international Trust & Corporate Services conference shared their predictions and views on the sector with an audience of 120 participants at the Mudam last week. Representatives from the Private Equity world also talked about the future of the sector and how it can remain attractive to professional investors going forward.

Over the years, the sector has proven its resilience and ability to adapt to changing market conditions and regulations.

The Trust & Corporate Services sector in Luxembourg generates approximately €560 million of turnover and provides direct employment to about 2,800 people.

Pierre Masset, Advisory & Consulting Partner at Deloitte Luxembourg further explained: “The leading T&CS players are turning into global service providers, able to assist multinational businesses globally across a widening range of services. This trend can be seen in the healthy growth rate enjoyed by the LIMSA members during the 2009-2013 period (+10.1 percent per year on average).”

Going forward, growth will depend on the providers’ agility and ability to adapt their business models to the upcoming changes. Attracting the best talents to support the industry will also be key”.

Common Reporting Standard (CRS) complexities: a new challenge for financial institutions.

Alain Verbeken, Tax Director and Pascal Eber, Advisory & Consulting Partner at Deloitte Luxembourg, presented the main challenges and difficulties in implementing the new CRS requirements. Indeed, some processes implemented for FATCA will need to be amended to fit with CRS requirements. To address the new and forthcoming obligations, it will be possible to capitalise – to a large extent – on efforts that have been made in respect of FATCA implementation, although significant differences will need to be taken into consideration, such as the different definitions of de minimis rules, the differences in fund deemed compliant statuses, the different product and exemption definitions and the fact that CRS reporting will be based on tax residence principles, etc.