CSSF Warns UK Firms To Take The Necessary Steps To Avoid The Consequences Of Hard Brexit

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...