In anticipation of the UK's withdrawal from the EU, the Commission de Surveillance du Secteur Financier provided an update in respect of the status of the transitional period foreseen by the Brexit laws and the mandatory notifications procedure implemented.
Following the decision by the Council of the European Union to adopt the withdrawal agreement on 30 January 2020 and in anticipation of the UK's withdrawal from the EU at midnight (CET) on 31 January 2020, Luxembourg's financial regulator's, the Commission de Surveillance du Secteur Financier (the "CSSF") provided an update in its latest press release1 in respect of the status of the transitional period ("TP") foreseen by the Brexit laws2 and the mandatory notifications procedure implemented to avail of this TP.
This press release follows on from various Brexit related communications issued by the CSSF during the course of 20193. These earlier communications sought to give UK entities, which provide services in Luxembourg under the relevant EU passport regime, certainty in terms of their ability to continue providing services in Luxembourg during a TP in the event of a no-deal Brexit.
In order to benefit from the post-Brexit TP, UK entities were required to notify the CSSF of their intention to continue providing services in Luxembourg and receive confirmation from the CSSF that they may avail of the TP.
In light of recent developments and the ongoing discussions between the EU and the United Kingdom, the CSSF confirmed that its earlier press releases on this subject are no longer relevant as the UK will continue to be subject to EU laws and regulations and UK entities may continue utilising the relevant EU passport regimes for the duration of the TP until 31 December 2020.
As such, any and all decisions granted by the CSSF with respect to the TP and all notifications made in this context via the CSSF's eDesk portal will lapse. In addition, the dedicated Brexit portal within the CSSF's eDesk portal has been closed.
The CSSF also emphasised in its press release that UK entities should continue preparing for the end of the TP and progressing their contingency plans, noting that it would continue to communicate with industry throughout the duration of the TP, if and as necessary.
2. http://www.cssf.lu/fileadmin/files/Lois_reglements/Legislation/Lois/L_080419_Brexit_sectoral_laws_eng.pdf. Law of 8 April 2019 regarding measures to be taken in relation to the financial sector in the event of a withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union.
3. https://maples.com/Knowledge-Centre/Industry-Updates/2019/03/Brexit-Bills-Passed-in-Luxembourg-Parliament and https://maples.com/Knowledge-Centre/Industry-Updates/2019/05/Luxembourg-Update-Brexit-Laws-Published
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