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Following the press release 19/18 regarding the publication of the laws of 8 April 2019 on Brexit (the “Brexit Laws”), the CSSF would like to remind that firms that are currently authorised under CRD, MiFID II, PSD 2 or EMD in the UK (“UK firms”) will be considered as “third-country firms” and will lose the benefit from their existing passporting rights under the relevant EU Directives from the date the UK leaves the EU without concluding a withdrawal agreement based on Article 50(2) of the Treaty on European Union (“hard Brexit”). The CSSF would like to stress that the provision of regulated services in Luxembourg without a proper authorisation is illegal and thus subject to sanctions.
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