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.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
