Author: Philippe Lionnet, Co-Head of Policy Issues & International Relations Swiss, State Secretariat for International Finance

Switzerland and the United Kingdom signed an agreement to create more efficient and globally competitive conditions for cross-border trade in financial services with the new “Berne Financial Services Agreement” (BFSA). The agreement is the first time two countries have concluded an international treaty on the equivalence of their respective legal and regulatory frameworks in selected financial areas. It will enable or simplify access to the other party’s market and is supplemented by an enhanced regulatory and supervisory cooperation, which will ensure stability, integrity and the protection of clients. The journey toward this landmark treaty has been a meticulous exercise between…