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Consob and Brexit. Instructions to British investment firms providing investment services and activities in Italy

The National Authority on Listed Companies and the Stock Market (Consob) has published the instructions to British investment firms providing investment services and activities in Italy that wish to continue operating in the country after the end of the transition period, scheduled for 31 December 2020, due to the withdrawal agreement of the UK from the EU.

Consob essentially identified two main scenarios depending on the nature of the firm and on how it wishes to continue operating in Italy. For each scenario, a different kind of authorisation is required.

1. Firms that will continue operating in Italy as third-country firms;
2. Firms that will continue operating by transferring their business to special-purpose intermediaries (the so-called “Società di Intermediazione Mobiliare” - SIM).

Telos A&S drafted an in-depth Analysis, on the required procedures to follow for each specific scenario. The Analysis is accompanied by all relevant Consob documentation in English as well.

If you are interested to know more please contact Telos A&S at telos@telosaes.it

You may download Telos A&S’ Analysis, in English, below.