On 21 July 2025, a draft of the Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025 were published together with a draft explanatory memorandum. When finalised these Regulations will come into force on 1 January 2026 and make changes to UK legislation to implement the UK’s commitments in the Agreement between the United Kingdom of Great Britain and Northern Ireland and the Swiss Confederation on Mutual Recognition in Financial Services (the Berne Financial Services Agreement).