Communications on a no-deal Brexit - no longer relevant or applicable

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The Bank of Italy urges financial intermediaries and other stakeholders to be prepared in the event of the United Kingdom's withdrawal from the European Union (Brexit) without an agreement. The Bank of Italy also calls the attention of intermediaries to the obligations set out in Decree Law 22/2019, particularly concerning disclosure to customers, and announces that it has signed a Memorandum of Understanding with the UK supervisory authorities.

Following the publication in the Gazzetta Ufficiale of Law 41 of 20 May 2019, which converted Decree Law 22 of 25 March 2019 (English translation available here), the Bank of Italy has published updated instructions for Italian intermediaries operating in the UK and for UK intermediaries operating in Italy, respectively.