On Friday 25 January, the Luxembourg Supervisory Authority of
the Financial Sector (Commission de Surveillance du Secteur
Financier, CSSF) issued a press release on delegation of investment
management/portfolio management and/or risk management activities
to undertakings in the United Kingdom (UK), as well as on the
temporary permissions regime in the UK, both in relation to a
potential no-deal Brexit scenario.
As the UK might soon be considered as a country outside of the
European Union (third country), the CSSF has focussed
attention on the existing provisions of relevant Luxembourg
legislation which allow delegation of investment
management/portfolio management and/or risk management activities
to undertakings in third countries, under the following conditions:
(i) those undertakings have to be authorised or registered for
asset management purposes; (ii) they have to be subject to
prudential supervision; and (iii) the cooperation between the
supervisory
