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Brexit: cooperation between Switzerland and the UK in financial services

The United Kingdom (UK) left the EU on 31 January 2020 and entered a transition period until the end of 2020, during which the bilateral agreements between Switzerland and the EU continue to apply to the UK.

As part of its “Mind the Gap” strategy, Switzerland moved at an early stage to conclude a series of new agreements with the UK concerning trade, migration, road and air traffic, and insurance. The strategy aims to safeguard the existing mutual rights and obligations as far as possible. In a second phase, cooperation between Switzerland and the UK is to be stepped up where this is in both countries’ interests. This is referred to as “Mind the Gap Plus”.

The Swiss and UK finance ministers signed a declaration of intent at a digital meeting on 30 June 2020 with regard to deepening relations between the two nations in the area of financial services. The declaration underscores both countries’ desire to reach an agreement enabling cross-border market access for a broad range of financial services encompassing insurance, banking, asset management, and capital market infrastructure. The agreement is to be based on the principle of mutual recognition of financial market regulation and supervisory frameworks.

The Asset Management Association Switzerland is heavily involved in the financial dialog between Switzerland and the UK, representing the interests of the fund and asset management industry.