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Luxembourg proposes a transition period in case of hard Brexit
13 February 2019
The Luxembourg parliament has proposed a Draft Bill (7401), dated 31st January 2019, regarding the measures to be taken in case of a hard Brexit. This legislation would allow UK financial service providers to continue rendering certain services in Luxembourg for a period of up to 21 months after the 30thMarch – date when the UK withdraws from the EU – . This 21 months transitional period would apply to UK firms passported in Luxembourg. The Draft Bill aims to allow the CSSF and the CAA to take temporary actions to limit the risks that might be caused by a hard Brexit.