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