Press release 19/34, dated 15 July 2019, follows up on Commission de Surveillance du Secteur Financier (CSSF) press release 19/18 regarding the publication of the Laws of 8 April 2019 on Brexit.
Current UK Alternative Investment Fund Managers (AIFMs), duly authorised by the UK authorities to manage Luxembourg Alternative Investment Funds (AIFs) will be required to notify the CSSF no later than by 15 September 2019 of their intention and way forward to continue to provide services in Luxembourg after the occurrence of a Brexit without a withdrawal agreement (a “Hard Brexit”). A dedicated notification portal will be opened on the CSSF website in the coming weeks. The CSSF will inform the public in due course.
UK AIFMs will then be required to submit to the CSSF, as soon as possible but no later than by 31 October 2019, an application for authorisation, or, as the case may be, a notification or information on any action taken otherwise, depending on the nature of the activities they intend to pursue after the occurrence of a Hard Brexit, and/or steps undertaken to address the loss of European passporting rights.
On the basis of the information submitted, the CSSF may, on a case-by-case basis, allow impacted UK AIFMs to continue their activities in Luxembourg during a transitional period of 12 months following the date of a Hard Brexit.
The above Brexit notification and subsequent application(s) and/or notification(s) procedures shall apply to Undertakings for Collective Investments (UCIs) and/or their managers established in the UK that are currently authorised entities under Directive 2009/65/EC (“UCITS Directive”) and/or Directive 2011/61/EU (“AIFM Directive”), respectively.
Entities that have already submitted an application for authorisation with the CSSF in anticipation of a Hard Brexit are required to submit a Brexit notification to the CSSF.
For any other information or queries, please contact Me Renaud Le Squeren or Virginie Leroy (Solicitor)