With the coming into force of the Withdrawal Agreement on 1 February 2020, the UK is no longer part of the EU. The Transition Period provided for in the Withdrawal Agreement will last until 31 December 2020 (unless an extension is agreed). During the Transition Period, EU law will continue to apply to the UK, including with regard to financial market access.
Once the Transition Period has ended, the Italian licensing regime for third-country intermediaries will apply to UK intermediaries. The Bank of Italy has published a Communication that summarises the relevant features of the Italian third-country licensing regime and urges all UK intermediaries operating in Italy to duly inform their clients about the actions they have taken in relation to Brexit and its consequences for existing contractual relationships.