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On 8 April 2019, Luxembourg adopted two laws ("Brexit Laws") on measures to be taken in relation to the financial sector in the event of a hard Brexit, i.e., a withdrawal of the United Kingdom from the European Union in the absence of any negotiated agreement.
The Brexit Laws, which will take effect on the day of occurrence of a hard Brexit, apply to UK regulated fund managers authorised under Directive 2009/65/EC and/or Directive 2011/61/EU and other UK financial and investment institutions as well as UK UCITS marketed in Luxembourg under the UCITS Directive (the "Impacted Entity(ies)"). They introduce transitional measures for the Impacted Entities which would no longer be entitled to benefit from passporting rights under the relevant EU Directives as a result of a...
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