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Article 22 of Law Decree No. 183 of 31 December 2020 (the so-called “Milleproroghe Decree”) allows certain regulated firms based in the United Kingdom to continue operating in Italy for six months post-Brexit to a limited extent and provided that certain conditions are met.
The Milleproroghe Decree entered into force on 1 January 2021 and shall be converted into law within the following 60 days. The Milleproroghe Decree provides for a domestic transition period of six months, starting from 1 January 2021, during which the following UK entities:
i.UK banks;
ii.UK e-money institutions with a branch in Italy; and