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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 Italian Securities Commission asks banks and investment firms in Italy and the UK to inform customers of Brexit consequences promptly.

By Isabella Porchia

On 12 March 2019, the Italian Securities Commission (CONSOB) issued a warning notice to UK and Italian banks and investment firms providing investment services and activities in Italy and the UK, respectively, requesting that they inform their clients of Brexit consequences as a matter of urgency, especially in case of a “no deal”. CONSOB stressed that a no deal could lead to the loss of the European passport for the provision of investment services throughout the European Union.