On 20 March 2019, the Italian Council of Ministers approved the Law Decree No. 22 of 25 March 2019, which came into force on 26 March
2019 (the “Brexit 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.

Brexit Law, converting into law the Brexit Decree, came into force on 25 May 2019. The Brexit Law establishes a transitional period of 18 months, starting from the date of withdrawal of the UK from the EU, during which continuity of certain banking and financial activities is guaranteed. With respect to financial institutions, however the ability to rely on the Transitional Period is subject to certain conditions precedents.

Our Capital Markets Focus Team analyses the key provisions of the Brexit Law regarding the urgent measures that will apply in case of a no deal Brexit in the document available here.