Italy Hands UK Finance Firms 6-Month Operating Extension

Law360, London (January 4, 2021, 11:10 AM GMT) -- Italy's securities regulator has given U.K. finance and insurance companies an extra six months to operate in its markets if they are awaiting authorization to serve Italian customers now that the Brexit transition period has ended.

The Italian watchdog said on Saturday that British financial intermediaries will be allowed to operate in the Italian market to process existing contracts until the end of June. But the authority said the temporary permission does not extend to pursuing new business.

Britain officially left the European Union's regulatory orbit on Jan. 1. The two sides agreed to a divorce deal on Christmas Eve that did...

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