Brexit
Luxembourg watchdog urges financial services firms to prepare for 'no deal' Brexit
CSSF calls on supervised institutions to assess risks, obtain licences, inform clients as UK prepares to depart EU
Luxembourg's financial regulator has urged financial services firms to take concrete measures and prepare their businesses for a 'no deal' Brexit scenario.
In a statement released on Tuesday, the Commission de Surveillance du Secteur Financier (CSSF) called on Luxembourg-based credit institutions, investment firms, payment institutions, electronic money institutions, as well as lenders and credit intermediaries, to prepare for a case where "no ratified withdrawal agreement would be in place by 30 March 2019" between the UK and the remaining 27 EU member states.
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