Posted: 11 Mar 2024 Resource Type: Research Report Download Back Explaining the UK-Switzerland Agreement on Mutual Recognition in Financial Services The UK and Switzerland signed a landmark Agreement on Mutual Recognition in Financial Services (the Berne Financial Services Agreement) in December 2023. It is the outcome of more than two years of negotiations and ambitions on both sides to conclude an international agreement that enhances the cross-border market for financial services. This is in many ways unchartered ground for trade agreements. The agreement is broad in scope, covering banking, insurance, investment services and financial infrastructure. It allows firms who are not already authorised locally to provide certain services on a cross border basis. This paper, produced by the City of London Corproation and Clifford Chance, seeks to give a practical explanation of the Berne Financial Services Agreement for firms. In doing so, it highlights the benefits of the Agreement and outlines next steps. Much will depend on how the UK and Switzerland implement the Agreement and we hope this paper will also help firms engage with the process. The paper also looks at additional mechanisms to expand the UK-Switzerland financial and professional corridor still further to the benefit of both UK and Swiss firms and their clients. A view from The City of London in Brussels on the agreement Read The City of London Corporation's City Brussels blog's latest piece on the Berne Financial Services Agreement. Read more from Brussels Share: Share to LinkedIn LinkedIn Share to X Share to Facebook Facebook Share to WeChat WeChat Share to WhatsApp WhatsApp Share to Email Email Download Related content Case Study Aon | helping companies combat growing cyber risks Sep 2024 - We spoke to Chris Scott, Head of Cyber Solutions UK at Aon, about how the firm is advising clients against growing cyber risks. Aon | helping companies combat growing cyber risks Research Report UK RegTech | Success Stories Aug 2024 - Showcasing the benefits of RegTech by presenting successful examples of RegTech implementation which have helped UK firms to cut compliance costs, be more efficient, and save time and resources. UK RegTech | Success Stories Thought Piece How the UK can help to put Saudi Arabia on an accelerated path to a sustainable future Jul 2024 - How the UK's expertise in sustainable finance and global infrastructure financing can help accelerate Saudi Arabia on its path to a sustainable future. How the UK can help to put Saudi Arabia on an accelerated path to a sustainable future Research Report The City of London Corporation's work in support of financial and professional services: annual review 2023/2024 Jul 2024 - The City of London Corporation's annual review on the extensive programmes of work in the UK's financial and professional services industry in 2023/2024. The City of London Corporation's work in support of financial and professional services: annual review 2023/2024