Dear Compliance Officers, dear friends,
Mifid II on top of a wave of regulatory changes of an unknown magnitude has come into force. The big bang did not happen: Mifid II softly become a reality. It witnesses a new world that we, as Compliance Officers, need to manage: in Europe, the transposition of the directive in the national legislation has followed a bumpy road, in content and timing; NCAs have not digested this unprecedented complexity yet and practical guidance is often missing.
Moreover the interdependencies between regulations have never been as large with a lot of different players (markets, issuers, information providers...). It creates a world of uncertainty where we crucially need guidance for all of us. ALCO has a key role in that and we, Compliance Officers, have never felt the necessity as much as today to gather information through ALCO, ABBL, ALFI working groups, private exchange groups or multiple bilateral talks to define what a proper interpretation or attitude is. Since last year, the newly elected Board has taken new initiatives to give you additional support. They are plenty of working groups or events where you can challenge your positions with the ones of your peers. Do not hesitate to apply or provide ideas for new groups or new discussion channels.
In the meantime, new challenges have knocked at our door: GDPR is also becoming a new reality. The technicality of our job has significantly increased these last years due to the upcoming technologies and cryptocurrencies.
Hopefully you will find some answers to your questions in the following pages.
Marie Bourlond – Laurent Moser – Vincent Salzinger
Présidents de l’ALCO
She has been Chief Compliance Officer of the Banque Internationale à Luxembourg S.A. since May 2012. Before she held various positions in BIL group, notably in Internal Audit, Risk Management and Wealth Management.
She was appointed co-chairman of the Association of Luxembourg Compliance Officers in March 2017.
Since April 2011, Laurent Moser has held the position of Head of Compliance & Conducting Officer at Pictet Asset Management (Europe) S.A.. He was previously working for Pictet & Cie (Europe) S.A. as Fund Accountant and Head of the Transfer Agency department.
He was appointed co-chairman of the Association of Luxembourg Compliance Officers in March 2017.
After a first experience in the steel industry and having spent 3 years at Deloitte as Senior External Auditor, Vincent Salzinger joined KBL European Private Bankers, where he held various positions (Internal Audit, M&A and then Compliance).
Since November 2007, he has been the bank’s Group Chief Compliance Offer.
He has been a director of the Association of Luxembourg Compliance Officers since 2008 and was appointed co-chairman of the association in March 2017.