The Commission de Surveillance du Secteur Financier (CSSF) issued a press release on 15 July 2019: businesses that are currently authorised under CRD, MiFID II, PSD 2 or EMD in the UK will be considered “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 emphasise that the provision of regulated services in Luxembourg without a proper authorisation is illegal and thus subject to sanctions.

UK firms that intend to continue their business and conclude new contracts in Luxembourg following a hard Brexit are required to submit an application for an authorisation to the CSSF as soon as possible.

The CSSF has decided to set the transitional period at 12 months following the date of a hard Brexit. UK firms that are planning to continue to serve existing contracts in Luxembourg under the transitional regime will be required to notify the CSSF accordingly. A notification portal will be opened on the CSSF website in the coming weeks. The CSSF will inform the public in due course. Notifications will have to be made no later than 15 September 2019.

The press release can be found here.