Luxembourg's contingency plans to mitigate the impact of a hard Brexit on the financial sector

Although the full effects of Brexit continue to be unclear, the Luxembourg authorities have expressed their commitment to preserving close business ties between Luxembourg and the UK.   In the eventuality of a hard Brexit, the UK will be classified as a ‘third country' with limited access to EU markets under the AIFMD/Ucits marketing and managing passports and the Markets in Financial Instruments Directive (Mifid II) (to name three of the most important directives). The supervisory authority of the Luxembourg financial sector (the CSSF), has indicated that the delegation of portfolio ...