Italy - Brexit: Webpages of the Italian supervisory Authority on Brexit
15 March 2019
Unless a different decision is taken, the United Kingdom’s withdrawal shall be effective starting from 29 March 2019.
According to the Withdrawal Agreement negotiated between the EU and the UK, following to UK’s exit from the EU, a transition period during which the European Treaties and the EU legislation will continue to apply in the United Kingdom (lasting at least until the end of December 2020) will begin. In the meanwhile, the EU and the UK will continue to negotiate an agreement on future EU-UK relations.
Should the Withdrawal Agreement not be ratified, a cliff-edge scenario in the relationship between EU-UK would take place starting from 29 March. The main consequence for UK-based financial institutions would be that the single passport would cease to apply.
European and Italian authorities and institutions are working to ensure adequate preparation for the Hard Brexit scenario. In this light, the Bank of Italy has set up a webpage
providing information on Brexit for both the public and financial intermediaries.
Same approach has been adopted by:
- IVASS for insurance sector
- CONSOB for financial service sector
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