BFSA - Berne Financial Services Agreement
First-hand expertise from the negotiation table
Having headed the Swiss central team (technical negotiation team) and having been responsible for drafting the explanatory report accompanying the agreement in the parliamentary approval process, I have a profound understanding of all aspects of this novel and groundbreaking bilateral treaty.
The agreement enables Swiss investment firms to supply certain cross-border activities (including portfolio management and investment advice) into the UK. Based on the agreement, Swiss firms are able to supply servcies to UK clients, including individuals with assets in excess of GBP 2 million, on cross-border basis.
In the insurance sector, the agreement covers selected lines of the non-life insurance business for large corporate clients, where UK insurance companies will be able to engage in cross-border activities and no longer need to set up a Swiss subsidiary, provided all conditions set out in the agreement are met.
I support firms in assessing eligibility, analyze their current operations with a view to identifying potential for streamlined market access under the BFSA and manage (Swiss) regulatory requirements for implementing workable markets-access models.
My advice is grounded in a practical understanding of how the agreement is intended to operate in supervisory practice as well as my experience both at the Swiss regulator and at leading financial institutions.
Get in touch and I'll be happy to help.
