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ARTICLE · 03 JANUARY 2024

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New Financial Services Agreement Between Switzerland And The UK

Lenz & Staehelin
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On December 21st, Switzerland and the United Kingdom entered into an agreement on the mutual recognition of financial services.

SwitzerlandFinance and Banking
François Rayroux
François Rayroux
Laurence Vogt Scholler
Laurence Vogt Scholler
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On December 21st, Switzerland and the United Kingdom entered into an agreement on the mutual recognition of financial services (the Berne Financial Services Agreement). This Agreement is largely based on mutual recognition of the equivalence of national legislations and regulations. It aims at fostering competitiveness and cooperation between these two jurisdictions which, while being both outside of the European Union, constitute major European financial centers.

Context

The negotiation process had been initiated more than two years ago with the signing, on June 30, 2020, of a Joint Statement between the Federal Department of Finance and Her Majesty's Treasury on deepening cooperation in financial services.

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