Measures adopted by the Bank of Italy pursuant to Article 10(5), of Legislative Decree 210/2001, and subsequent amendments

To manage the legal effects of Brexit in terms of the finality of transfer orders carried out by Italian intermediaries in payment and settlement systems located in the United Kingdom, the Bank of Italy has adopted, in the implementation of Article 10, paragraph 5, of Legislative Decree 210/2001 (implementing the 'Settlement Finality Directive' 98/26 /EC), the following measures, which are aimed at preserving the current conditions for the participation of Italian institutions in payment and securities settlement systems governed by English law:

  • Bank of Italy Measure of 27 October 2020, published in the Official Gazette of 13 November 2020, concerning 'Application to Italian institutions participating in the multi-currency interbank payments system known as the Continuous Linked Settlement (CLS), governed by English law, of the provisions of Legislative Decree 210/2001, as amended, pursuant to Article 10(5) of the same legislative decree'; and
  • Bank of Italy Measure of 24 November 2020, adopted in agreement with Consob and published in the Official Gazette of 9 December 2020, concerning 'Application to Italian institutions participating in the systems managed by the central counterparties LCH Limited and ICE Clear Europe Limited, governed by English law, of the provisions of Legislative Decree 210/2001, as amended, pursuant to Article 10(5) of the same legislative decree'.