Law on 21-month grandfathering period in a "hard Brexit" scenario

Parliament has adopted legislation that will allow UK financial service providers to continue rendering certain services in Luxembourg for a period of up to 21 months after any date when the UK withdraws from the EU without a deal. This will allow UK-based AIFMs or UCITS management companies to continue to directly manage their existing Luxembourg funds following a "hard Brexit" during this transitional period.

Read: The bill (in French)

Read: Our OnPoint

Law on relief for Brexit-related investment breaches and marketing for UK UCITS

Parliament has adopted legislation that will provide for a 12-month grace period to mitigate Brexit-caused breaches of investment restrictions. The law also provides clarifications on the use of the passport of UK UCITS during the 12-month grace period. Unlike the law on the 21-month grandfathering period, provisions of this law will also become effective if a deal is agreed between the UK and the EU.

Read: The bill (in French)

CSSF publishes update to Circular on cloud computing infrastructure

The CSSF has published Circular 19/714, which will include an update of Circular CSSF 17/654 on IT outsourcing relying on a cloud computing infrastructure. They will additionally publish an FAQ and guidance.

Read: The Circular 

Read: The FAQ on the Circular 

Read: The FAQ on the assessment of IT outsourcing materiality

CSSF regulatory fees updated

A Grand-Ducal Regulation was published amending the fees due to the CSSF.

Read: The Circular 

CSSF publishes new forms for authorization of funds 

The CSSF has published new application forms for (i) UCITS and (ii) SIFs, SICARs and Part II funds.

Review: The UCITS form 

Review: The SIF, SICAR and UCI Part II form and the EMIR questionnaire