On 19 November 2020 the Luxembourg supervisory authority for the
financial sector, the CSSF, issued press release 20/23 (the
20/23 Press Release) on a communication from the
United Kingdom (UK) Financial Conduct Authority
(FCA) regarding the post-Brexit temporary
permissions regime in the UK (TPR) (the
FCA Communication).
The FCA has reminded Luxembourg firms and funds passporting into
the UK that the TPR will enable them to keep operating in the UK
from the end of the transition period (ie from 31 December 2020),
if necessary. In order to benefit from the TPR, such Luxembourg
entities are invited to notify the FCA of their intention to do so.
Notifications have to be submitted before 30 December
20201.
