{{ languageVal }}
  • English

Industry Updates

Luxembourg Update: CSSF's Brexit Transitional Period Advisory

04 Feb 2020

Following the decision by the Council of the European Union to adopt the withdrawal agreement on 30 January 2020 and in anticipation of the UK's withdrawal from the EU at midnight (CET) on 31 January 2020, Luxembourg's financial regulator's, the Commission de Surveillance du Secteur Financier (the "CSSF") provided an update in its latest press release1 in respect of the status of the transitional period ("TP") foreseen by the Brexit laws2 and the mandatory notifications procedure implemented to avail of this TP.

This press release follows on from various Brexit related communications issued by the CSSF during the course of 20193. These earlier communications sought to give UK entities, which provide services in Luxembourg under the relevant EU passport regime, certainty in terms of their ability to continue providing services in Luxembourg during a TP in the event of a no-deal Brexit.

In order to benefit from the post-Brexit TP, UK entities were required to notify the CSSF of their intention to continue providing services in Luxembourg and receive confirmation from the CSSF that they may avail of the TP.

In light of recent developments and the ongoing discussions between the EU and the United Kingdom, the CSSF confirmed that its earlier press releases on this subject are no longer relevant as the UK will continue to be subject to EU laws and regulations and UK entities may continue utilising the relevant EU passport regimes for the duration of the TP until 31 December 2020.

As such, any and all decisions granted by the CSSF with respect to the TP and all notifications made in this context via the CSSF's eDesk portal will lapse.  In addition, the dedicated Brexit portal within the CSSF's eDesk portal has been closed.

The CSSF also emphasised in its press release that UK entities should continue preparing for the end of the TP and progressing their contingency plans, noting that it would continue to communicate with industry throughout the duration of the TP, if and as necessary.  

1. Commission de Surveillance du Secteur Financier press release

2. Law of 8 April 2019 regarding measures to be taken in relation to the financial sector in the event of a withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union.

3. Brexit Bills Passed in Luxembourg Parliament

Luxembourg Update Brexit Laws Published Lux CSSF Mandatory Notifications for UK Firms Funds and Managers Luxembourg CSSF Mandatory Notifications October 2019

CSSF Mandatory Notifications Deadline Extende

Related Services

Funds & Investment Management

Advising on the laws of the BVI, the Cayman Islands, Ireland, Jersey and Luxembourg, our global Funds & Investment Management team provides expert legal advice on every aspect of the life cycle of an investment fund including set up, management and investment across a broad range of fund structures and management entities.  

Regulatory & Financial Services Advisory 

Our global team of regulatory lawyers provides expert legal advice to BVI, Cayman Islands, Irish, Jersey and Luxembourg entities regarding AML and CTF compliance including development and assessment of AML / CTF and risk management systems, KYC and customer due diligence best practices, conduct of money laundering and fraud proceedings and provision of expert evidence on AML / CTF and regulatory obligations. 


Advising on the laws of the BVI, the Cayman Islands, Ireland, Jersey and Luxembourg, our global Finance team provides expert legal advice on even the most complex financial transactions under intense time pressure. Clients repeatedly return to our qualified finance lawyers to handle a variety of complex matters relating to acquisition and leveraged financing, asset finance, banking, debt capital markets, derivatives, fund finance, insurance linked products, Islamic finance, repackaging and structured finance. 


Advising on the laws of the BVI, the Cayman Islands, Ireland, Jersey and Luxembourg, our global corporate team provides expert legal advice to corporate clients on all corporate commercial matters.  Our clients include major banks, multinationals and institutional investment firms, leading law and accountancy firms and a number of state / government entities across all industry sectors.