Brexit

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 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…

On 30 April 2025, the Bank of England (BoE) published the Technical Standards (Simplified Obligations) Instrument 2025, which revokes the retained EU law Technical Standard 2019/348 on Simplified Obligations (SO UKTS).

The BoE published a consultation paper in December 2024 setting out its proposal to revoke the SO UKTS –…