The case
By having drawn up a financial services agreement, the UK and Switzerland want to demonstrate that the provision of cross-border financial services can be done without harmonising legal systems, an approach which stands in stark contrast with the agreement with the EU. Swiss lawyer Kaspar Landolt weighed the pros and cons in an article published in finews.ch.
Source: finews (German); see also k-flash publication of 22 January 2024
The commentary
Landolt writes that the agreement marks a pragmatic step towards strengthening the competitiveness of both the UK and Switzerland though one would have wished for the agreement to take liberalisation even further. At least a foundation for further development has been laid in the agreement and one will have to wait and see whether it will serve as a blueprint for similar agreements with other financial market places such as Japan, Singapore, Australia or even the EU and USA.
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