Legal Update september 2024

In a nutshell: On December 21, 2023, Switzerland and the UK signed the Berne Financial Services Agreement. This Agreement is based on the mutual recognition of the equivalence of national financial regulations. The Agreement focuses on the provision of services to wholesale and sophisticated clients in the fields of insurance, banking, asset management and capital markets (including market infrastructure).
The Swiss Government has submitted on September 4, 2024 this Agreement to the Swiss Parliament. The ratification process in the UK is also underway. The entry into force is expected for the second semester 2025.
The Agreement symbolizes the cooperation between two major European financial centers, which are both outside of the European Union. It might also serve as a template for similar agreements between Switzerland and other financial centers such as Japan, Singapore or Australia.

Legal Udpate on request only in English at news@obersonabels.com.