Berne Financial Services Agreement
The Berne Financial Services Agreement (BFSA) allows Swiss financial servicessuppliers in particular to provide cross-border investment services for professional and high-net-worth clients in the United Kingdom (UK) in selected areas. Under the agreement, British insurance companies can provide cross-border services in Switzerland in selected areas of non-life insurance. In the area of financial market infrastructures, the BFSA facilitates the recognition of central counterparties, strengthens cooperation between parties with regard to trading venues, and simplifies certain requirements for over-the-counter derivatives. In the area of asset management, the agreement sets out the regimes already in force in Switzerland and the UK.
Memorandum of understanding formalises cooperation
The BFSA seeks closer cooperation between the supervisory authorities of the two countries in the sectors of investment services and insurance, where deference is provided for. It thus strengthens the stability and integrity of the financial system and the protection of clients and investors. To this end, FINMA, the Financial Conduct Authority (FCA) and the Bank of England in its capacity as the Prudential Regulation Authority (PRA) have signed a memorandum of understanding. This formalises the cooperation and sets out the arrangements for implementing supervisory cooperation under the BFSA in the sectors of investment services and insurance.
Guidelines for financial service suppliers
FINMA, like the FCA and the PRA, has provided guidelines for investment services and insurance services suppliers. Institutions wishing to utilise the possibilities of the BFSA will find more detailed explanations and instructions in these:
Further information on the BFSA can be found at the following links:
Investment services– process and responsibilities
Swiss service suppliers in the investment services sector will find below a description of the notification process on the one hand and the reporting process under the BFSA on the other.Notification process in the area of investment services
Reporting process in the area of investment services
Questions relating to the BFSA can be sent by email to BFSA-questions@finma.ch.
