Brexit Draft Law 7401 for Luxembourg Financial Services Adopted

In a no-deal Brexit scenario, this law entrusts the Commission de Surveillance du Secteur Financier (CSSF) and the Commissariat aux Assurances (CAA), the power to grant a maximum of 21 months grandfathering period post-Brexit for services provided to Luxembourg funds and clients by UK financial services providers. This law will come into force as of the date the UK leave the EU in a “No-deal” Brexit scenario.

As this law only provides a general framework, the CSSF and the CAA is expected to provide specific guidance.

For more information please see our previous article on the draft law 7401.