Even if they are controlled by a foreign entity, the trading and post-trading management companies remain fully responsible for all operating processes. They are supervised at the domestic level by the Bank of Italy and Consob. Indeed, unlike banks, markets and market infrastructure are supervised at the solo level, rather than on a consolidated basis.
Controlling shareholders can be located outside the EU provided they meet the requirements of integrity and capital adequacy. When the UK leaves the EU, the Bank of Italy and Consob will need to have closer contacts with controlling shareholders.