Banks From January 1st, 2021, UK banks will qualify as non-EU banks and relative provisions will apply. Accordingly, UK banks shall be authorized by the Bank of Italy to operate in Italy, through a branch or on a cross-border basis. In addition, UK banks may also be authorized to provide investment services (Bank of Italy having consulted Consob): towards retail and professional on request clients, only if a branch is established; towards eligible counterparties and per se professional clients, also on a cross border basis. If...

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The CSSF issued a press release on 7 December 2020 on the management of Luxembourg AIFs by UK AIFMs and the marketing of UK UCITS and AIFs in Luxembourg. UK AIFMs or impacted funds must take certain actions by 31 December 2020 at the latest to the extent no action has been taken so far. Luxembourg investment funds managed by a UK AIFM should appoint an EU-27 manager in order to maintain the EU passporting rights. Under limited circumstances Luxembourg AIFs...

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Part of a virtual workshop held on 21 September 2020; and previously published in the Institute of European & Comparative Law at Oxford University | Introduction As a result of Brexit, the UK has ceased to be a member of the European Union (EU) competition law regime. The consequences are already being felt, and will become even stronger after the end of this year. The EU-wide competition law regime is unique. The regime includes a one-stop shop for reviewing mergers (a regime...

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Expectations that a Brexit deal would be done by the end of the working week have been dashed after it was reported that the French and British clashed on key elements of the agreement, pushing negotiations into the weekend. The latest optimism for a deal to be struck by today likely originated with Irish Foreign Minister Simon Coveney commenting on Thursday that “there is a good chance that we can get a deal across the line in the next few days”. While...

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