The Swiss Financial Market Supervisory Authority and the UK’s Financial Conduct Authority and Prudential Regulation Authority have signed a memorandum of understanding.
For investors, the agreement could expand cross-border access to financial products. This may include areas such as retail contracts for difference, which are classified as investment services. Any such access would remain subject to oversight under the MoU.
Application of the Berne Financial Services Agreement
The MoU sets out how the Berne Financial Services Agreement will be applied. The BFSA was signed by Switzerland and the United Kingdom on 21 December 2023 and provides for mutual recognition in some financial services. It is scheduled to take effect at the beginning of 2026.
Coverage of Insurance and Investment Services
The agreement covers insurance and investment services. It sets procedures for notifications, annual returns, and registration in official registers.
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It also outlines how the authorities will maintain regular dialogue and how they may intervene in each other’s jurisdiction when needed.
Information Exchange Between Regulators
A central element of the MoU is information exchange . The regulators agreed to share supervisory information upon request or on their own initiative.
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The memorandum builds on existing cooperation between the regulators. It is intended to provide a framework for new cross-border activity once the BFSA comes into force.
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FCA Seeks Feedback on Crypto Rules
The FCA is seeking feedback on how its existing rules should apply to firms operating in the crypto sector. The consultation examines the potential extension of current handbook provisions to regulated crypto activities, covering governance, operational resilience, financial crime controls, and consumer protections.
Firms may be required to obtain FCA authorization before conducting regulated activities. Responses are invited to inform the development of a formal regulatory framework for digital assets once HM Treasury’s legislation is introduced.
