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UK and Switzerland work to strengthen ties

Economiesuisse and The CityUK have been working on a joint position paper setting out how to strengthen the countries’ relationship in the time of coronavirus and in the future. In terms of financial services, the paper notes that the UK/EU equivalence principle is not suitable for a model for the UK and Switzerland, but rather that there should be a framework for market access that will allow provision of cross-border services in key areas – including banking, investment, asset management, insurance and market infrastructure. Given how the respective laws work, this should be based on mutual recognition of comparable outcomes rather than a line by line comparison of legislation. The paper calls for a MoU between the countries to be signed as soon as possible.

Emma Radmore