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CMS with Aberdeen for registration in the Register of Third Countries' Firms authorised to operate in Italy following Brexit

CMS, among the top ten international law firms, assisted Aberdeen Asset Managers Limited, a British investment company of the Standard Life Aberdeen Group, in obtaining the Consob authorisation to be registered in the Register of Third Countries ‘Firms authorised to provide investment services in Italy without a branch.

The Consob authorisation became necessary following the definitive exit of the United Kingdom from the European Union, to the effect that from 31.12.2020 British operators can no longer use the so-called European Passport, which allows intermediaries that are established in a Member State to operate in European Union countries through a simple notification procedure.

This authorisation, issued at the end of a complex process governed by the Italian Consolidated  Finance Law and its implementing provisions, was in fact only applied for the first time following Brexit, as demonstrated by the fact that to date the few intermediaries who have obtained authorisation to be registered in the Registers of Third Countries’ Firms are all British, 18 operating in Italy without a branch, and 3 with a branch.

CMS assisted Aberdeen Asset Managers Limited with a team composed by Paolo Bonolis and Maria Giovanna Pisani, respectively Partner and Counsel of the Banking & Finance Department.

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Portrait of Paolo Bonolis
Paolo Bonolis
Portrait of Maria Giovanna Pisani
Maria Giovanna Pisani