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Update on the Luxembourg third country firms regime

In the framework of the third country firms regime applicable in Luxembourg in relation to investment services, Regulation CSSF N° 20-02 establishing a list of third countries deemed equivalent to Luxembourg law regarding the provision of investment services has been amended by Regulation CSSF N° 20-09, published 23 December 2020, to include the United Kingdom of Great Britain and Northern Ireland.

Regulation CSSF N° 20-09 is due to enter into force on 1 January 2021.

It must also be noted that a grand-ducal regulation amending the grand-ducal regulation of 21 December 2017 on the fees to be levied by the CSSF was also published on 23 December 2020. Pursuant to these amendments, third country firms applying for a licence under the Luxembourg third country firms regime have to pay a flat fee of EUR2,500 for the assessment of their application by the CSSF and, afterwards, once the licence is obtained, a lump sum of EUR2,000 each year.

If you would like to know more about the Luxembourg third country firms regime, please refer to our previous eAlerts on this topic:

Get in touch with your usual A&O contacts for more information on this topic.

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