Member

The statutory instrument marks a major milestone in the UK’s financial services policy, as it sets out the legislative framework required for the Bern financial services agreement with Switzerland to go live. It is important in three ways. The SI is essential for implementing the UK’s commitments under the agreement, which was signed in December 2023 and ratified by Parliament in April 2024. Without this legislation, the agreement could not be operationalised, as international treaties do not automatically change UK law. The SI creates a new legal route for Swiss investment services firms to supply cross-border services to certain UK clients—notably, sophisticated high net-worth individuals—without needing UK authorisation. It also sets up a public register for transparency and ensures that Swiss firms are subject to appropriate UK regulatory powers and safeguards.