Italy Prepares for Hard Brexit. First View on the Law Decree in Case of No Deal.

Abstract

Italian press has published the Government’s first draft of a law decree to adopt in the event of the United Kingdom's withdrawal from the European Union in the absence of an agreement with the European Council.

Italian approach to Hard Brexit leads to the provision of ‘urgent measures’ and a ‘transitional period’ in order to manage the effects of this ‘no-deal scenario’ on the activities of British banks, investment firms, insurance or reinsurance undertakings and intermediaries with the aim of protecting the financial integration and stability of the Italian system and the rights of Italian savers, investors and clients.