The Italian Ministry of Economy and Finance (MEF) has ruled that UK regulated companies will be allowed to continue operating within Italy at least until the end of 2020.
Prior to the release of ‘Communication 19’, mutual recognition was due to come to an end on 31st January 2020 when the UK officially left the European Union, leaving many firms with Italian operations in limbo.
However, while the UK and the EU will now work towards an exit deal, UK regulated companies such as banks, MiFID firms, managers of financial markets infrastructures and other financial intermediaries will be able to continue providing services in Italy throughout ongoing transition period.
Martin Neason, Head of Global at FE fundinfo, said:
“The announcement by the Italian Ministry is welcome and goes some way into alleviating the immediate uncertainty of UK firms operating in Italy. Nonetheless, the extension is just that; it does not provide finality, nor does it provide a long-term solution for firms with Italian clients and customers. Unless a deal is reached, we will face the same uncertainty in 12 months’ time, so it is in everyone’s best interests that equivalency can be found. Ultimately much of the post-Brexit landscape is yet to be decided, so it is vital that firms with Italian interests monitor developments and prepare accordingly.”
For more information, please visit: www.fe-fundinfo.com
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