Member

We have a dualist legal system—treaties do not change domestic law until incorporated by legislation —so the agreement requires secondary legislation. Parliamentary scrutiny under the Constitutional Reform and Governance Act was completed in May 2024, and the Government have now laid the necessary statutory instruments. In Switzerland, the agreement received parliamentary approval and passed the referendum period. Implementation also involved the FCA and the PRA establishing operational processes, with the FCA consulting on rulebook changes. We just want to get this right and, if it takes a little longer to achieve that, that is a good thing, actually. Swiss regulators will have the same powers as the FCA and the PRA. We have signed a memorandum of understanding with the regulators there.