On 31 January 2020, the CSSF published press release 20/03 in the context of Brexit (the “Press Release”). It refers to the CSSF’s press releases issued in 2019 on Brexit as well as the Luxembourg Laws of 8 April 2019 published in the context of the United Kingdom leaving the European Union without a withdrawal agreement (the “Hard Brexit Laws”). The purpose of the Hard Brexit Laws was to establish a transitional framework ensuring that the entities from the United Kingdom providing financial services in Luxembourg under the EU passport would be able to continue their activities for a limited period in the event of a hard Brexit.
Following a formal adoption of the withdrawal agreement relating to the withdrawal of the United Kingdom from the European Union on 31 January 2020, EU Law will continue to apply in the United Kingdom until 31 December 2020. The assumption of a hard Brexit is therefore no longer relevant and the CSSF’s Press Release provided that the individual decisions granting a 12-month transitional regime to the UK entities and all notifications made in that context through the eDesk portal were lapsing. Moreover, sections of the eDesk portal dedicated to Brexit notifications were closed effective immediately.
The Press Release also pointed out that notwithstanding the current political situation, impacted entities should continue to take all necessary steps to anticipate the end of the transition period on 31 December 2020. Preparations should include contingency planning as well as provision of adequate information to investors and customers.
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