British intermediaries operating in Italy and Italian intermediaries operating in the United Kingdom must provide all their customers, including retail ones, with timely and complete information on the effects that the pending event of Brexit may have on the relationships for the provision of investment services. This in the case of a definite leave of the European Union (EU) by the United Kingdom (Brexit) in the absence of both a bilateral agreement (so-called "no deal") and of transitional measures adopted at the national level.

This is the sense of the warning (no. 3/2019) which has been released today by Consob for the protection of investors and in consideration both of the uncertainty characterizing at present the negotiations and of the approaching of the date of withdrawal from European Union. Intermediaries, banks and investment firms are required to adopt appropriate safety measures to manage the event of a "no deal" Brexit. This could lead, in fact, to the loss of the "European passport" as an enabling condition for the provision of investment services throughout the EU.

More specifically, intermediaries must guarantee that customers, both professional and retail ones, receive both clear and understandable information on the investment services rendered as well on the future of existing relationships, including the methods and timing requested by any conclusion of the relationships themselves.