On 15 July 2019, the CSSF ("regulator") published two press releases, urging UK firms to step up their no-deal Brexit preparations.
In the context of a hard Brexit, all UK companies who wish to continue their business or serve new contracts in Luxembourg must apply for a CSSF authorization "as soon as possible" or face sanctions. According to the regulator, "UK firms should by now have taken the necessary steps to prepare and anticipate the consequences of a possible hard Brexit".
UK UCITS and their managers must notify the regulator of their hard Brexit plans regarding selling services in Luxembourg. The CSSF will set up a dedicated platform on its website where UK companies must submit their notifications "no later than by 15 September 2019". Alongside this, entities that wish to continue their business in Luxembourg must also apply for the necessary CSSF authorization by 31 October 2019.
The CSSF has set up a 12-month transitional period after the hard Brexit date. Nevertheless, they will only grant this time, "under the condition that the Brexit notification and the subsequent application(s) and/or notification(s) have been submitted within the established timeframe". Even entities that have already applied for authorization in Luxembourg are still required to submit their Brexit notifications to the CSSF "no later than by 15 September 2019".
The CSSF Press release 19/33 is available under the following link.
The CSSF Press release 19/34 can be found at the following link.
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