Intermonte SIM SpA is an Italian investment firm regulated by CONSOB (the Italian Companies and Exchange Commission) for matters regarding transparency and proper conduct, and by the Bank of Italy for matters regarding the limitation of risk and financial stability; its registered office is in Milan, Italy. Intermonte does not have any branches or offices in the UK. Intermonte provides investment and additional services – predominantly to professional investors and qualified counterparties - from Italy to several EU member countries, including the UK, under the freedom to provide services regime. For this purpose, Intermonte is registered for passporting with the National Competent Authorities (“NCA”) of these Member States, including the UK’s Financial Conduct Authority (“FCA”). In view of Brexit, Intermonte has registered:
- on the FCA’s temporary permissions regime (“TPR”), set up to allow EEA-based firms currently passporting into the UK to continue existing regulated business within the scope of their current permissions in the UK
- with the Italian NCA CONSOB for the provision of investment services and activities in non-EU countries under the freedom to provide services (art. 26 c. 6 of Italian Consolidated Law on Finance and art. 21 of Consob Regulation n. 20307/2018).
Even in the event of a “hard Brexit”, involving the UK leaving the EU without an implementation period, Intermonte does not expect any significant impact that would require adjustments to be made to existing operational procedures with customers, either in the EU or in the UK. There is also no need for the repapering of existing contractual documents, even with UK customers. In any case, Intermonte undertakes to keep its customers informed in the event of any further updates or possible adjustments that will need to be implemented based on political and legal developments. For any questions or clarification, your reference contact at Intermonte will be happy to help.