The exit of the United Kingdom from the European Union, completed on 31 December 2020 with the expiry of the transition period envisaged under the Withdrawal Agreement, has significant implications for the provision of services to European customers by UK financial intermediaries. In view of this, the Italian government has introduced provisions to safeguard the customers of UK intermediaries operating in Italy (see Article 22 of Decree Law 183/2020 – only in Italian). In particular, there are provisions ensuring continuity in the provision of services by intermediaries that had already applied for a new authorization when the Decree Law entered into force, and the orderly management of contractual relations in cases where intermediaries are to cease operations.
The Bank of Italy has published two communications where the content of the above-mentioned provisions is explained, highlighting the aspects of interest, respectively, for UK intermediaries operating in Italy and for their customers.
For further information see: Information on Brexit