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ARTICLE · 10 APRIL 2019

Financial Services: Latest Brexit-Related Developments In Luxembourg Concerning The Fund Sector

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Like many other countries, Luxembourg is preparing for the withdrawal of the United Kingdom from the European Union without the conclusion of a withdrawal agreement based on Article 50 (2)

European UnionFinance and Banking

Like many other countries, Luxembourg is preparing for the withdrawal of the United Kingdom from the European Union without the conclusion of a withdrawal agreement based on Article 50 (2) of the Treaty on European Union (Hard Brexit). In uncertain times, where the final solution is put off week by week, the Luxembourg government is trying to provide certainty, foresight and stability to its residents and the financial industry. For that purpose, several legislative proposals are being discussed currently and will be voted on in the coming days or weeks. Two of the proposals are of specific importance for the investment fund industry.

Bill 74011 aims, in the case of a Hard Brexit only, to confer to the Luxembourg financial sector regulator (Commission de Surveillance du Secteur Financier – CSSF) and the insurance regulator (Commissariat aux Assurances – CAA) the power to treat companies and institutions, which have existing relations with counterparties

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