k-flash audio commentFINMA published guidelines on the Berne Financial Services Agreement
k-flash audio commentFINMA published guidelines on the Berne Financial Services Agreement

The case

The Swiss Financial Market Supervisory Authority (FINMA) has published guidance regarding the Berne Financial Services Agreement (BFSA), an accord between Switzerland and the United Kingdom.

Source: FINMA

The commentary

Under said treaty, both countries mutually recognise the equivalence of their regulatory and supervisory frameworks in selected financial-services sectors, which simplifies market access for financial service providers in the investment-services and insurance sectors.

Signed in Bern on 21 December 2023, the BFSA is expected to enter into force on 1 January 2026, following the ratification by both parliaments.

The guidelines issued by FINMA outline how eligible institutions can harness the benefits of the BFSA, providing both technical and practical details on the processes established under the treaty, including information on simplified market-access procedures. FINMA’s guidance is complemented by matching publications from the UK supervisory authorities, i.e. the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). For more details see link.

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