The Act introduces a legal framework for the activities of family officers, which include the provision of professional services and advice of a patrimonial nature to natural persons, families or entities belonging to natural persons or families.
Further, it states that to fall under the scope of the Family Office Act, a family officer must provide services to more than one family, natural person or entities having more than a single person as the ultimate economic beneficiary.
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Certain categories of Luxembourg-based professional who will be allowed to act as family officer includes credit institutions; investment advisers; asset managers; corporate domiciliation agents; professionals providing company formation and management services; attorneys at law and European lawyers practicing under their home country’s professional title; notaries; auditors; and chartered accountants.
For the purpose of exercising family office activities, the professionals are not subject to additional professional obligations or specific license requirements.
A new category of professional has also been created under the Act, called ‘specialized financial sector professional approved for family office’, who are authorized to exercise family office activities, subject to compliance with the new Article 28-6 of the Financial Sector Act.
The illegal exercise of family office activity will amount to a criminal offence under the Family Office Act.
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By GlobalDataThe Act states that any entity exercising family office activities must comply with its provisions within six months of the date on which it became effective January 1 2013.
