The United Kingdom will leave the European Union (a process known as “Brexit”) on 1 November 2019 at the latest, but with the possibility of leaving earlier if the Withdrawal Agreement is ratified by both parties before this date. The exact Brexit date remains, however, subject to possible change, and a “no-deal” Brexit is still a possible option. This is the first of a two-part article dealing with certain regulatory and tax implications of Brexit (with or without a deal) for the banking and financial services industry. In this first part, the author considers the consequences of the loss of passporting rights in the event of no-deal Brexit and examines the transitional provisions in both the European Union-United Kingdom Withdrawal Agreement and the emergency Brexit Decree enacted by the Italian government.