[Newsflash n. 60]
On 19 February 2019 the Bank of Italy published a Call on British financial institutions (banks, payment institutions and e-money institutions) that currently provide services in Italy via branches, under the freedom to provide services, or through distributors to send to their Italian clients a detailed, personalized and clear information about the impact of Brexit and to publish the same information on their website, at least in Italian and English.
Such information shall be given in plain language and shall include:
- the effects on existing contracts, even in cases where termination of activities is expected;
- the consequences of any potential corporate restructuring related to Brexit, having particular regard to any planned transfer and/or sale of businesses in whole or in part;
- the possibility of making recourse to an alternative dispute resolution mechanism;
- the effects on deposit insurance guarantee schemes coverage, where appropriate.
Among the contractual obligations and regulatory requirements that apply to the provision of services in Italy, financial institutions shall pay attention to those related to contract termination, switching of payment services, proposals for unilateral contract amendments, and transfer of business.
In addition, when material disruption for contract continuity or customers’ rights are envisaged, British financial institutions shall promptly inform the Bank of Italy.
Please do not hesitate to contact us should you need any further clarification on the above and any related matter.
Contacts:
Vito Vittore
Partner
Elena Pagnoni
Partner
Marina Mirabella
Partner
Roberta Talone
Associate
Camillo Campli
Associate
Chiara Zema
Associate
