THE STAR – Italy is giving United Kingdom (UK) finance firms a six-month post-Brexit grace period in which they can await authorisation to do business in the country as non-European Union (EU) companies, the Italian market regulator said on Saturday.
The extra time applies to financial intermediaries that applied before the end of 2020 for permission to keep operating in Italy, Consob said in a statement.
“British banks and investment firms may carry on their activities until such time as the authorisation is either granted or refused by the Italian competent authorities, in any case no later than June 30, 2021, ” the market regulator said.
“During such period the operation is limited to the activities for which an authorisation is sought and to the outstanding contractual relationships, ” the statement said.
While the EU and UK reached a trade deal at the end of 2020 that outlined the terms of the British exit, businesses have pleaded for grace periods to comply with the changes.