Italy Gives U.K. Finance Firms Brexit Grace Period Until June 30

(Bloomberg) — Italy is giving U.K. finance firms a six-month post-Brexit grace period in which they can await authorization to do business in the country as non-European Union companies, the Italian market regulator said Saturday.

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The extra time applies to financial intermediaries that applied before the end of 2020 for permission to keep operating in Italy, Consob said in a statement.

“British banks and investment firms may carry on their activities until such time as the authorization is either granted or refused by the Italian competent authorities, in any case no later than 30 June 2021,” the market regulator said.

“During such period the operation is limited to the activities for which an authorization is sought and to the outstanding contractual relationships,” the statement said.

While the EU and U.K. reached a trade deal at the end of 2020 that outlined the terms of the British exit, businesses have pleaded for grace periods to comply with the changes.

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