Brexit: Important Clarifications Published By The CSSF

The CSSF has published on 15 July 2019 two press releases concerning mandatory notifications for UK firms as well as for UCIs and their managers in the context of Brexit.

1. Mandatory CSSF notification for UK firms in the context of Brexit

On 15 July 2019, the CSSF issued a press release 19/33 regarding mandatory notification requirements applying to UK firms in the context of the withdrawal of the United Kingdom from the European Union.

The CSSF reminds that firms that are currently authorised under the CRD, MiFID II, PSD 2 or EMD in the UK ("UK firms") will be considered as "third-country firms" and will lose the benefit from their existing passporting rights under the relevant EU Directives from the date the UK leaves the EU without concluding a withdrawal agreement ("hard Brexit"). The CSSF thus addresses this reminder to credit institutions / banks operating under EU Directive 2013/36/EU on access to the activity of credit institutions and the prudential