CSSF opens online portal for mandatory notifications in relation to Brexit

On 2 August 2019, the Luxembourg Supervisory Authority of the Financial Sector (CSSF) published press release 19/41 in respect of the opening of its online portal, eDesk, for the purpose of mandatory notifications in the context of Brexit.

In its previous press releases (19/33 and 19/34), the CSSF announced that:

• firms licensed in the UK under CRD IV, MiFID II, PSD 2, EMD and
• undertakings for collective investment and their managers

which wish to benefit from the 12-month transitional regime of the Luxembourg Brexit laws[1] are required to notify the CSSF no later than 15 September 2019.

Relevant "Brexit Notification" forms are now available (in English) for all firms and investment funds through the eDesk portal accessible here.

Any date indicated in the "Brexit Notification" forms is based on the assumption of a withdrawal of the United Kingdom from the European Union without the conclusion of a withdrawal agreement (no-deal Brexit) occurring on 31 October 2019.

Entities that have not submitted a notification through the eDesk portal by 15 September 2019 will not be entitled to benefit from the transitional regime and will have to cease all business as of the date of a no-deal Brexit.

Should you have any further questions, please contact Ogier in Luxembourg.

[1] The Luxembourg law of 8 April 2019 on the measures to be taken in relation to the financial sector in the event of the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the Luxembourg law of 8 April 2019 on the measures to be taken in relation to the financial sector in the event of the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and amending (i) the Luxembourg law of 13 February 2007 relating to specialised investment funds, as amended and the Luxembourg law of 17 December 2010 relating to undertakings for collective investment, as amended.

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This client briefing has been prepared for clients and professional associates of Ogier. The information and expressions of opinion which it contains are not intended to be a comprehensive study or to provide legal advice and should not be treated as a substitute for specific advice concerning individual situations.

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