The “Financial Services Agreement Switzerland-UK” between the United Kingdom and Switzerland was signed on 21 December. The agreement was initiated following negotiations after the then finance ministers of both countries signed a “joint statement” on 30 June 2020.

It is largely based on mutual recognition of regulation and supervision and thus forms a basis for market liberalization steps in the area of asset management and for other financial service providers and paves the way for closer cooperation on important issues for the financial services industry. The Asset Management Association (AMAS), the Swiss Bankers Association (SBA) and SIX welcome this important step.

The agreement is a novelty: with it, two of the most important financial centres in Europe commit themselves to open markets and thus underline their common goals such as open trading venues, free flow of capital, cross-border use of expertise and healthy competition.
The extensive mutual results-based recognition of the equivalence of the regulatory and supervisory framework ensures a level playing field, serves to protect clients and safeguards the integrity and stability of both financial centers.