Adoption of Brexit law

On 8 April 2019, the Luxembourg Parliament adopted a law providing for protective measures for the financial sector in the event of the UK leaving the EU without a withdrawal agreement (“no-deal Brexit”).

In essence, the Law provides for a grandfathering period of 21 months for existing contractual arrangements in the banking, investment services, payment services and insurance sector, on the one hand, and the investment funds and asset management sector, on the other hand, in the case of a no-deal Brexit.

For more details, please see the article dedicated to the relevant Bill of Law in our  February 2019 Newsletter.

For information on further recent measures at EU and national level relating to Brexit, please see the EU law, competition and antitrust and the Asset management and investment funds sections of this Newsletter.