Following CSSF press release 19/33 concerning firms licensed in the UK under CRD IV, MiFID II, PSD 2, EMD and CSSF press release 19/34 concerning undertakings for collective investment and their managers, the CSSF’s portal for mandatory notifications is now open within the CSSF’s eDesk: https://edesk.apps.cssf.lu/edesk-dashboard/dashboard
To benefit from the 12-month transitional period set by the CSSF under the law of 8 April 2019 on Brexit (the “Brexit Law”), UK firms are required to notify the CSSF by filling in the present notification form no later than 15 September 2019. UK firms that have not submitted a notification will not be entitled to benefit from the 12-month transitional period and will have to cease all business as of the date of a no-deal Brexit.
Please also note that notification does not provide firms with an automatic right to benefit from the transitional regime. The CSSF will assess each notification received and inform UK firms individually as to whether they can benefit or not from the transitional regime. For the purpose of the assessment, the CSSF will verify that the conditions of the Brexit Law are met, in particular, that a UK firm has duly passported its services to Luxembourg in the past and that the information provided below on their activities is coherent and sufficiently detailed.
Firms that have correctly notified by the deadline of 15 September will be permitted to continue to serve clients under contracts concluded before a no-deal Brexit (existing contracts) as well as contracts concluded after a no-deal Brexit with a close link to existing contracts (closely-related contracts).
Once firms have successfully notified, they should commence preparations for CSSF authorisation or make any structuring changes necessary to allow them to continue their activities in Luxembourg following the transitional period.
Points to note:
The portal includes separate forms for investment vehicles and managers, credit institutions, investment firms and payment institutions/electronic money institutions.
The forms are relatively short, and require basic identification and contact information and also that the firm or fund to select its pre-Brexit authorisation status from a list of options
For UK AIFMs, additional information is required in terms of the types of passporting relied upon under AIFMD.
For credit institutions and investment firms, a notification of whether or not you plan to continue business in Luxembourg after the 12-month transitional period on the assumption that authorisation will be sought from the CSSF for this.
The forms for credit institutions, investment firms and payment institutions/electronic money institutions include tick box undertakings that the firm has to make, depending on whether the firm intends to continue to serve clients following the 12-month transitional period (and by which mechanism), and also depending on whether the firm has commenced its application to do so.
A text box is included to provide any additional information relevant to substantiate responses given in the form. For the form for investment vehicles and their managers, further information is required on the extent you wish to pursue activities outside Luxembourg within the EU and also on any no-deal Brexit planning by the entity, including any action taken or applications or submissions to the CSSF.
While the forms are relatively straightforward, if you have any queries in relation to your submission(s) on the Brexit portal then please do not hesitate to get in touch with a member of Wildgen’s Investment Funds or Banking & Finance practice groups. Furthermore, we would be delighted to assist with CSSF authorisations or advise on structuring in light of the UK’s departure from the EU.