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Italy sets up no-deal Brexit measures for financial institutions

Italy sets up no-deal Brexit measures for financial institutions
Storm clouds are seen above the Canary Wharf financial district in London, Britain, August 3, 2010. REUTERS/Greg Bos/File Photo   -   Copyright  Greg Bos(Reuters)
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ROME (Reuters) – Italy has readied measures to ensure that financial markets and institutions can continue to operate without disruption if Britain leaves the European Union without a deal, the economy ministry said on Thursday.

Britain is expected to leave the EU on March 29.

“The government will likely adopt the measures with an emergency decree if needed,” the ministry said in a statement.

British banks, brokers, insurance and pension funds will be allowed to operate in Italy according to current legislation for “a congruous transitional period”. The same will apply to Italian entities operating in Britain.

The government will decide later the ground rules for the various financial entities once the transitional period ends, in order to define a clear framework for all.

Similar provisions will affect the markets, with particular reference to trading venues, the ministry said.

(Reporting by Giselda Vagnoni, editing by Valentina Za and Crispian Balmer)

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