UK

On 31 December 2020, the transitional period, during which the law of the European Union continued to apply in the United Kingdom, expired. With this, the UK became a third country according to European financial supervisory law, meaning that UK fund managers now have to comply with stricter regulation regarding the distribution of their funds within Germany and the rest of the EU.

The purpose of this note is to provide some guidance on the urgent measures adopted by the Italian Government in order to ensure the financial stability in the event of the withdrawal of the United Kingdom from the European Union in a no-deal scenario. In particular, this note outlines the provisions of Italian Decree No 22 dated 25 March 2019 ("Italian Brexit Decree") concerning the rules applicable to the UK payment service providers operating in Italy at the date of the withdrawal