The Berne Financial Services Agreement (the BFSA) provides an institutional framework for cooperation and development of the UK’s financial services relationship with Switzerland. The foundation of the agreement is a shared commitment to openness and commercial competition; regulatory and supervisory cooperation; and well-regulated markets. The BFSA is designed to complement the upcoming UK-Swiss Free Trade Agreement. While the two are separate legal instruments, they share the common goal of liberalising trade in financial services and strengthening the economic relationship between the two countries.
We have released a new briefing note on the BFSA, setting out its key terms, as well as covering recent communications from the Financial Conduct Authority on the same.