Financial Markets: Switzerland

(asked on 2nd March 2020) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer what recent discussions he has had with his Swiss counterpart on equivalence between UK and Swiss financial markets and products after the transition period.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 5th March 2020

The UK and Switzerland have a strong and established relationship on financial services, with a large volume of cross-border financial services trade.

To ensure continuity in our relationship, the government has converted all equivalence decisions that the European Union currently has with Switzerland (with the exception of Central Clearing Counterparties equivalence), into UK domestic law. This means that they will continue to apply when the transition period ends.

The ability for HM Treasury to make equivalence decisions becomes active from the end of the Transition Period. After this time, HM Treasury will be able to grant equivalence to non-EEA jurisdictions. The UK is committed to maintaining an outcomes-based model of equivalence which recognises that a combination of different rules and supervisory practices may be used to achieve the same levels of resilient, market integrity, consumer protection, and financial stability.

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