From 1 January to 30 June 2021, UK banks, financial intermediaries and electronic money institutions with a branch in Italy, which have applied for an authorisation either to operate in Italy cross-borderly as non-EU firms or to set up an Italian subsidiary, must limit their activities in our country only to the management of existing relationships.
They must also ensure that (a) their clients are adequately informed about the consequences of Brexit thereon, and what compensation system is responsible for protecting their savings, as well as (b) adhere to the Italian alternative dispute resolution systems and (c) return cash, goods and financial instruments to their clients, in the event that the requested authorisation is refused (even partially) by the Italian competent authorities.
http://www.consob.it/web/area-pubblica/brexit-2-comunicati-stampa
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