How UK FinTechs (And InsurtTechs) May Operate In Italy After Brexit?

1. The temporary operation introduced by the "Milleproroghe" Decree

On the verge of the end of the Brexit transition period envisaged under the EU-UK Withdrawal Agreement dated 31 January 2020, the Italian Government issued some provisions (namely, Article 22 of Law Decree no. 183 of 31 December 2020 (the so-called "Milleproroghe" Decree; hereinafter, the "Decree")), which apply to UK banks, investment firms, insurance companies and money electronic institutions, including FinTechs and InsurTechs (hereinafter, the "UK Intermediaries") in relation to the withdrawal of UK from the EU.

Indeed, the latter affects the operational regime in Italy of the UK Intermediaries, since they can no longer rely on the EU passport regime and must apply for a prior authorisation with the Italian competent authorities (namely, the Bank of Italy, Consob or IVASS, as the case may be) pursuant to the national provisions applicable to third-country firms, which are contained in