Clifford Chance

The City of London Corporation and Clifford Chance publish report on The Berne Financial Services Agreement

The UK and Switzerland signed the landmark Agreement on Mutual Recognition in Financial Services (the Berne Financial Services Agreement) in December 2023. Today saw the launch of a report produced by the City of London Corporation in collaboration with Clifford Chance, which seeks to provide a practical explanation of the agreement.

The launch of the report, "The Berne Financial Services Agreement: Explaining the UK-Switzerland Agreement on Mutual Recognition in Financial Services” was marked by an event hosted by the City of London Corporation in partnership with TheCityUK, involving Economic Secretary to the Treasury, Bim Afolami MP and HE Markus Leitner, Ambassador of Switzerland to the UK.

Clifford Chance Partner Caroline Dawson said: We are delighted to have worked with the City of London Corporation on this significant report. The Berne Financial Services Agreement is the first example of a broad Mutual Recognition Agreement in financial services between two jurisdictions anywhere in the world. This paper seeks to give a practical explanation of the agreement for firms, highlighting the benefits of the agreement and outlining key next steps for firms.

The report can be viewed online here.