On 7 December, the Luxembourg Financial Sector Supervisory
Authority (the CSSF) issued a press release which restates and/or
clarifies some aspects of the end of the post-Brexit transitional
period (31 December 2020).
The key points of the press release are summarised below.
Application of EU law – cessation of passporting
rights
Following the end of the transitional period, EU law will cease
to apply in the UK – current passporting rights of UK
entities under EU legislation will be terminated as of 1 January
2021.
This will especially have an impact on all UK managers managing,
on a cross-border basis, UCITS and AIFs established in Luxembourg,
as well as passporting rights for cross-border marketing in
Luxembourg.
