Liberation Day, the Festa della Liberazione, celebrates the end of Nazi occupation during World War II, and the end of Fascist rule in Italy. It’s an important national holiday in Rome and in Italy.
The main event is the solemn tribute to the tomb of the unknown soldier in the Vittoriano by the President of the Italian Republic and the highest offices of the State that takes place in the morning.
The President lays a laurel wreath on the altar in memory of the fallen and missing Italians in the wars.
Being a national holiday, schools, banks and shops are closed (clearly the shops within the touristic area are open).
No tourist sites are closed. The Vatican is not part of Italy, and is open.