On 25 January 2019, the CSSF published a Press Release 19/05 on the delegation of
investment management/portfolio management and/or risk management
activities to undertakings in the United Kingdom
("UK") and the temporary permissions
regime in the UK.
Delegation of management activities to undertakings in the
UK
In its press release, the CSSF confirms that it will endeavour
to have the required cooperation between the Financial Conduct
Authority ("FCA") and the CSSF in place
on 29 March 2019 in the event of a "no-deal" Brexit. On
this basis, the delegation of investment management/portfolio
management and/or risk management to UK undertakings will continue
to be possible without any disruption post-Brexit, provided that
the UK undertaking continues to fulfil all applicable delegation
requirements.
