CSSF ‘Brexit licence’ deadline looms
UK fund providers have until 15 September 2019 to submit a ‘Brexit licence’ to the Luxembourg regulator to continue trading in the jurisdiction. But as Luxembourg is the one of the primary markets for UK UCITS funds, there are potentially hundreds if not thousands of funds and managers affected, says Martin Neason (pictured), Director at FE Global Funds Registration.
The Commission de Surveillance du Secteur Financier (CSSF) warned that unless firms submitted a notification to them by the deadline, they would be considered as ‘third-country entities’. This would result in a loss of passporting rights and sanctions, should they continue to pursue regulated activities in Luxembourg following a no-deal Brexit.