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ARTICLE · 26 APRIL 2019

Luxembourg Draft Law In Relation To Brexit

KPMG Luxembourg
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On 20 March 2019, a draft law was deposited with the Luxembourg Parliament. The draft law aims at ensuring the stability of the financial markets and preserving the interests of the investors

LuxembourgGovernment, Public Sector
Gabrielle Jaminon
Gabrielle Jaminon
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On 20 March 2019, a draft law was deposited with the Luxembourg Parliament. The draft law aims at ensuring the stability of the financial markets and preserving the interests of the investors by providing specific rules relative to the investment policies and investment restrictions of Luxembourg UCITS, Part II funds and SIFs in the context of Brexit.

Following the departure of the UK from the EU, those funds may be exposed to non-voluntary breaches in their investment policies and in their investment restrictions as some of the assets or issuers may no longer meet the eligibility requirements. The draft law proposes to grant those funds a maximum 12 months grace period to regularize any breach. To be noted that the grace period only applies to investments made before brexit and only for breaches that are a direct consequence of this event.

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