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On 31 January 2019, the Luxembourg finance minister introduced a bill (n° 7401) on measures to be taken in relation to the financial sector in the event the United Kingdom (the "UK") leaves the European Union (the "EU") without reaching an agreement on the final terms of its withdrawal (the "Bill"). The Bill is currently pending before the Finance and Budget Committee of the Luxembourg Parliament. In the event of a no deal scenario, it would enter into force on 29 March 2019.
The Bill grants the Luxembourg financial supervisory authority (Commission de surveillance du secteur financier or CSSF) and the Luxembourg insurance supervisory authority (Commissariat aux assurances or CAA) special powers to authorise, on a case-by-case basis, UK-accredited financial, investment...
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