The Italian Council of Ministers has approved a law decree introducing urgent measures in order to manage the potential effects of a “no-deal” Brexit scenario on the activities of UK banks, investment firms, e-money and payment service institutions, insurance companies, insurance and reinsurance intermediaries operating in Italy (the “Brexit Decree”). The Brexit Decree came into force on March 26, 2019.
The effective application of the Brexit Decree is conditional on the UK leaving the EU without a deal. Today, the UK parliament rejected (for the third time) the Withdrawal Agreement and therefore, should no further extension be granted by the European Union, the date of withdrawal of the UK from the EU, with no deal, is 12 April 2019.
The Brexit Decree establishes a transitional period of 18 months (subject to certain qualifications and restrictions) (the “Transitional Period”), starting from the date of withdrawal of the UK from the EU (the “Withdrawal Date”), during which continuity of certain banking and financial activities is guaranteed.
Find here a brief summary of the Brexit Decree.