Enhanced cooperation in financial services between Switzerland and UK
On 8 September 2020, officials of the State Secretariat for International Finance and of Her Majesty's (HM) Treasury have met in Switzerland for the 4th Financial Dialogue to discuss a more detailed collaboration.
A considerable part of the agenda was dedicated to the discussion on the implementation of the joint statement that was signed by the finance ministers of Switzerland and the United Kingdom (UK) on 30 June 2020. This statement aims to strengthen the cooperation between the two countries with regard to financial services.
In addition to the implementation of the joint statement, the current progress was assessed and continued cooperation with respect to joint technical work was agreed on.
Further topics of discussion included (i) the Corona pandemic and its economic consequences, (ii) sustainable finance, (iii) stock market equivalence including the reciprocal access to the Swiss and UK stock exchanges, (iv) multilateral initiatives such as IOSCO and the financial stability board and the importance of effective international coordination, (v) developments in the Fintech sector and (vi) women in finance.
A further meeting is to take place before the end of 2020, and another Financial Dialogue is planned next year in London.
The initiative to strengthen the cooperation regarding financial services between Switzerland and the UK is part of Switzerland's so-called "mind the gap" strategy in relation to the UK following Brexit and UK's transition period towards the EU.
Judith RaijmakersPartner Attorney at law
Judith Raijmakers, attorney at law, is a partner in our Zurich and Luxembourg offices. She focuses on finance transactions including acquisition financing, asset financing, real estate and transportation financing, debt (re)structuring and debt issuances.T: +41 43 434 67 24 M: +41 79 870 91 03 E: email@example.com
Stéphanie HagmannAssociate Attorney at law
Stephanie Hagmann, attorney at law, is an associate in our Zurich office. She focusses on finance transactions including acquisition financing, asset financing, debt (re)structuring and debt issuances. Furthermore, she is focusing on corporate law and M&A transactions.T: +41 43 434 67 38 M: +41 79 890 10 11 E: Stephanie.Hagmann@loyensloeff.com