Ethics and governance in the European Financial centers

As I already explained last year, the CSSF in Luxembourg is not transparent enough on dysfunctions and does not sanction professionals in a credible way.

The only public information relating to sanctions is provided by the annual report in its 9th chapter.

Let’s see is stated in the 2007 report that was released this week.
First of all, the 2007 report is currently only available in French. Reports were available in English the previous years.
Chapter 9 describes the disciplinary actions undertaken by the CSSF in 2007.
It can be summarised in one word: nothing, except for 7 professional that were not authorised to do business.

Does that mean that the CSSF is doing nothing? Definitely not, but the way it does its duty is not strict enough to clean the financial center and make the requirement of professional standing and qualification a reality.