The notice details the requirements applicable to UK investment firms operating in Italy, and Italian investment firms operating in the UK.

By Antonio Coletti and Isabella Porchia

On 26 March 2019, the Italian Securities Commission (CONSOB) issued a notice detailing the requirements applicable to UK investment firms operating in Italy and Italian investment firms operating in the UK, further to Brexit Law Decree No. 22 of 25 March 2019. The decree lays down a temporary regime for regulated firms in a no-deal Brexit scenario. (Additional background information is available in this Latham.London post.)

The notice also contains:

  • The application forms that UK-regulated firms will need to file with CONSOB if they intend or are permitted to continue to provide investment services during the transitional regime, as set out in the Brexit Law Decree (Annexes 1 and 2)
  • A notice form that UK-regulated firms will need to file with CONSOB within 15 days of a no-deal withdrawal date, in which they must provide details of their existing contractual relationships with Italian clients that they will be terminating (Annex 3)

Latham & Watkins will continue to monitor and report on developments concerning Italy and Brexit.