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UK fund providers will have until 15th September 2019 to submit a ‘Brexit licence’ to the Luxembourg regulator to continue trading in the jurisdiction. The Commission de Surveillance du Secteur Financier (CSSF) warned that unless firms submitted a notification to them by 15th September, they would be considered as ‘third-country entities’. This would result in a loss of passporting rights and sanctions, should they continue to pursue regulated activities in Luxembourg following a no-deal Brexit.
All UK firms authorised under The Capital Requirements Directive (CRD), Markets in Financial Instruments Directive (MiFID II), Payment Services Directive (PSD2), or the e-money directive (EMD), along with Undertakings for Collective Investment (UCIs) established in the UK under...
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