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Claude Marx
Director General
Luxembourg Financial Services Regulator (CSSF)
Mr Marx started his career as a lawyer admitted to the Luxembourg bar (Allen & Overy). He then worked in the tax division of Arthur Andersen, before joining the Safra Republic Group taken over in 2000 by HSBC. He stayed 17 years with HSBC, amongst others as Deputy CEO of HSBC Private Bank. In 2012, Mr Marx joined Lombard International Assurance where he became CEO. In 2016 he was appointed by the Luxembourg government Director General of the Luxembourg Financial Services Commission CSSF. Mr Marx is a member of the Supervisory Board of ESMA, of the General Board of AMLA, and has recently been appointed as Financial Literacy Ambassador by the EU Commission.
Speaking at SFF 2026
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2:30–3:00pmThu 19 NovPolicy StageHall 3, Singapore EXPOOpen
Policy Rewiring
When Agents Direct Agents: Who Do You Actually Regulate?
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Claude MarxDirector GeneralLuxembourg Financial Services Regulator (CSSF)
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Daniela StoffelState SecretaryState Secretariat for International Finance (SIF)
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Kenneth GayChief FinTech OfficerMonetary Authority of Singapore
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Mahesh UttamchandaniRegional Practice Director for Digital & AI, East Asia & Pacific & South AsiaWorld Bank
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Jonah CraneHead of Global Regulatory & Policy StrategyStripeModerator
About this session
Financial regulation has always assumed that decisions can be traced through a clear chain of human accountability. But as AI agents begin directing other agents, that assumption starts to break down. Agentic AI won't just automate tasks—it has the potential to reshape how financial institutions are organised. Decision-making may shift between people and AI systems, reporting lines become more fluid, and the traditional structures underpinning governance, accountability and supervision begin to evolve. In that world, who is ultimately responsible for a decision? What exactly is a regulator supervising?
Bringing together senior policymakers and regulators, this session explores how supervisory frameworks—from senior manager accountability regimes to board oversight and the three lines of defence—need to adapt for organisations where humans increasingly govern systems that, in turn, govern other systems. The discussion will examine how institutions can demonstrate accountability, maintain effective oversight, and provide regulators with meaningful traceability in increasingly agent-driven operating models. Rather than focusing on individual AI decisions, the panel asks a broader question: how should governance evolve when the organisation itself becomes dynamic? -
