On 13 November 2025, The Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2025 were laid before Parliament together with an explanatory memorandum. These Regulations, which come into force on 16 December 2025, extend by 12 months the transitional arrangements under Parts 2 and 3 of the Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019
On 2 October 2025, there was published a joint statement between HM Treasury and the European Commission regarding the fourth Joint EU-UK Financial Regulatory Forum which took place on 1 October 2025. The Joint Forum focused on six themes: (i) the policy, macro-economic and financial stability outlook, (ii) banking, (iii) capital markets, (iv) asset management
On 30 September 2025, the Financial Conduct Authority (FCA) issued an Addendum to Quarterly Consultation Paper No.49.
The Addendum makes changes to the proposed draft Berne Financial Services Agreement Guide (the draft Guide). Specifically, it amends BFSAG 2.1.1G(2) of the draft Guide by removing reference to insurance intermediaries and inserts a
On 28 July 2025, the Prudential Regulation Authority published a Final Notice in respect of the London branch of Barents Reinsurance S.A., imposing a fine of £1,785,000 for failing to organise and control its affairs responsibly and effectively, as well as governance and regulatory reporting failures for more than two years post Brexit. For the
On 22 September 2025, the Financial Conduct Authority (FCA) published a memorandum of understanding (MoU) between itself, the Swiss Financial Market Supervisory Authority and the Bank of England (BoE), including the Prudential Regulation Authority, setting out the arrangements for supervisory cooperation and information sharing under Article 14(5) of the
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
On 23 July 2025, the Financial Conduct Authority issued a new webpage stating that it is inviting UK and Swiss firms to submit interest in providing cross-border services as part of the Berne Financial Services Agreement (BFSA). Firms can express interest in the BFSA and find out more on the FCA’s new BFSA
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
On 21 July 2025, the OTC Derivatives Risk Mitigation and Central Counterparties (Equivalence) (Switzerland) Regulations 2025 were laid before Parliament. An explanatory memorandum has also been published. These Regulations come into force on 1 January 2026 and set out HM Treasury’s determinations that Switzerland’s regulatory and supervisory regimes for risk mitigation for over-the-counter derivative contracts
On 13 May 2025, the Financial Services and Markets Act 2023 (Commencement No. 9) Regulations 2025 (the Regulations) were made and published on legislation.gov.uk.
The Regulations are the ninth commencement Regulations made under the Financial Services and Markets Act 2023 (FSMA 2023).
The explanatory note to the Regulations provides further information on