The Italian Ministry of Economics and Finance, Mr Giovanni Tria, has officially announced the Anglo-Italian collaboration with the UK Supervisory Authorities, the ‘Information Commissioner’s Office’ (ICO), on 24 January 2019. This collaboration will establish the regulatory factors which will enhance the normal activity of both UK-based Italian companies (with particular regard to the financial institutions, insurance companies, pension funds and MiFID companies) and Italy-based UK companies in the light of a ‘no-deal Brexit’.
Hence, these measures aim to prevent any company’s disruption, protect both investors and small-depositors as well as enable the financial intermediaries to continue operating regularly and lawfully during the pre-Brexit transition period. Particularly, Mr Tria has disclosed information about the opportunity for Italian pension funds to hold their investments in collective investment funds based in the UK after the Brexit takes place. It is, therefore, a crucial collaboration that goes beyond the Italian law restrictions, which would not normally allow so in the absence of a formal agreement.
At the end of his debate, the Ministry has also mentioned that the finalisation of those measures will play a fundamental role in the regulation of the main requirements, which the abovementioned companies will need to possess to lawfully operate should the UK officially leave the European Union.