This month the Commission de Surveillance du Secteur
Financier issued two press releases in relation to
Brexit.
On 15 July 2019, Luxembourg's financial regulator, the
Commission de Surveillance du Secteur Financier ("CSSF"),
issued two press releases, in relation to Brexit. These press
releases follow on from the earlier CSSF press release 19/18 and
the adoption of the laws of 8 April 2019 regarding measures to be
taken in relation to the financial sector in the event of a
withdrawal of the United Kingdom of Great Britain and Northern
Ireland from the European Union (the "Brexit Laws")1.
In the press releases, the CSSF reiterated that in the event
that the UK leaves the EU without a withdrawal agreement ("a
hard Brexit"), affected UK entities will be considered
'third-country entities' and will lose the benefit of their
current passporting rights.
