Mandatory notification to the CSSF by UK managers

The law of 8 April 2019, the so-called Brexit Law, has granted power to the Luxembourg supervisory authority (CSSF) to extend the use by UK managers (UK Managers), managing Luxembourg AIFs and/or UCITS (Lux Funds), of the EU passports under the AIFMD and the UCITS Directive in case of a no-deal (hard) Brexit.

In a press release of 15 July 2019, the CSSF has informed UK Managers that want to continue to manage Lux Funds that, as a first step, they will have to notify the CSSF of their intention to do so by 15 September 2019 (an ad hoc notification website is available as of today). As a second step, such UK Managers will have to file with the CSSF either an application for authorization under the relevant directive(s) or a notification or information on the planned next steps in view of a loss of the passporting rights (such as for instance, a change to a manager of another EU country). This application will have to be received by the CSSF not later than 31 October 2019.

Thereupon, the CSSF might allow UK managers, on a case-by-case basis, to continue their activities for a period not exceeding 12 months (i.e., less than the maximum 21 months contemplated by the Brexit Law) after the day on which the no-deal Brexit will happen. Such transitional regime will only be available to UK Managers that have respected the prementioned deadlines of 15 September and 31 October.

Infographic UK Managers

These notifications and/or applications will have to be undertaken with the CSSF regardless of any prior communication with the CSSF on a hard-Brexit plan.

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