Swiss-UK financial services deal signed
The financial centres of Switzerland and Britain moved closer together as Swiss Fiinance Minister Karin Keller-Sutter and her British counterpart, Jeremy Hunt, signed an agreement on the mutual recognition of financial services in Bern on Thursday.
The agreement covers the recognition of equivalence in the areas of banking, securities services, insurance, asset management and financial market infrastructures for professional clients, as detailed in a press release issued by the Federal Department of Finance on Thursday.
In the area of financial services, in particular asset management, cross-border business activities will be made possible for Swiss providers. Based on the agreement, British private clients with assets of over £2 million can be served directly across borders in future.
Keller-Sutter is quoted as saying that this agreement will help to maintain and strengthen the international competitiveness of the Swiss financial centre in the long term.
The agreement requires approval by the parliaments of both countries before entering into force.
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