At a virtual meeting on 27 January 2021, the finance ministers of Switzerland and the United Kingdom (UK) agreed the next steps for negotiations on a mutual recognition agreement in the financial sector. In addition, Federal Councillor Ueli Maurer and Chancellor of the Exchequer Rishi Sunak agreed on a normalisation in the area of stock exchange equivalence from 3 February 2021.
In June 2020, finance ministers Ueli Maurer and Rishi Sunak had already issued a joint statement expressing their intention to conclude a financial services agreement between the two countries. This should enable cross-border market access for a wide range of financial services in the areas of insurance, banking, asset management and capital market infrastructure.
With a financial services agreement, Switzerland and the UK want to reaffirm their commitment to the importance of open financial markets and international financial stability, as well as consolidate their position as the world's leading international financial centres in Europe. Both sides are committed to protecting investors and consumers, as well as maintaining market integrity and financial stability, while adhering to the highest regulatory standards.
Switzerland and United Kingdom deepen relationship in financial sector (admin.ch)