Clifford Chance

Italy provides for post-Brexit temporary regime

26 March 2019

The Italian Council of Ministers has approved a new law decree creating an 18-month temporary regime for UK firms engaging in regulated business in Italy and Italian firms engaging in regulated business in the UK. The temporary regime will become effective, if there is a no-deal Brexit, on the day the UK leaves the EU (for convenience, the 'exit date'). The new regime aims to mitigate the main 'cliff-edge' impacts and disruption that could have ensued under Italian law following the sudden loss of the EU passport rights in a no-deal Brexit.

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