Further to our earlier legal updates on mandatory notifications to Luxembourg's financial regulator, the Commission de Surveillance du Secteur Financier ("CSSF") in the context of Brexit1, the CSSF has issued another press release2 extending its original deadline.
UK entities now have until 15 January 2020 to apply for authorisation to continue providing their services in Luxembourg under the relevant passport regime during the transitional period foreseen by the Brexit Laws3.
The press release also specifically addresses UK entities that
did not apply for the transitional regime in advance of the
original deadline but, nevertheless, wish to make use of it.
These UK entities should submit a notification to the CSSF through its dedicated Brexit portal. Additionally, they should file the corresponding application for authorisation or the corresponding notification / information in relation to the provision of their services in Luxembourg post-Brexit prior to 15 January 2020.
Footnotes
1 https://maples.com/en/Knowledge-Centre/Industry-Updates/2019/07/Lux-CSSF-Mandatory-Notifications-for-UK-Firms-Funds-and-Managers
https://maples.com/Knowledge-Centre/Industry-Updates/2019/10/Luxembourg-CSSF-Mandatory-Notifications-October-2019
2 http://www.cssf.lu/fileadmin/files/Publications/Communiques/Communiques_2019/PR1954_Brexit_notifications_061119.pdf
3 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 content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
