# The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025, Note: Explanatory note


(This note is not part of the Regulations)
These Regulations implement provisions in the Agreement between the United Kingdom of Great Britain and Northern Ireland and the Swiss Confederation on Mutual Recognition in Financial Services done at Berne on 21st December 2023 (“the Agreement”).
Part 2 makes provision in relation to the FCA, the PRA and the Bank of England. Regulation 3 provides that the FCA and the PRA may make arrangements and take action for the effective implementation and functioning of the Agreement. Regulation 4(1) to (3) provides that the FCA, the PRA and the Bank of England must supply the Treasury with information, advice, support and assistance that the Treasury request in relation to its functions under the Agreement. Regulation 4(4) provides that the FCA, the PRA and the Bank of England may also supply the Treasury with information, advice, support and assistance that they each consider appropriate in relation to the functioning of the Agreement. Regulation 5 concerns co-operation between the FCA, the PRA and the Swiss Financial Market Supervisory Authority.
Part 3 of these Regulations makes provision for the FCA and the PRA to specify the notification form required for market access under Annex 4 of the Agreement.
Part 4 of these Regulations makes provision as to the obligations of, and the powers given to, the FCA and the PRA in relation to registered Swiss suppliers. It also makes supplemental amendments to financial services legislation to implement market access commitments in Annex 5 of the Agreement. In Part 4—
Regulation 7(1) in Chapter 1 defines the terms “relevant service”, “relevant client” and “relevant financial instrument” by referring to Annex 5 of the Agreement.
Chapter 2 requires the FCA to establish a register of Swiss investment services suppliers (the “Register”) and sets out the procedures and conditions for registration. Regulation 11 requires the PRA to supply the FCA with information relevant to the Register.
Chapter 3 ensures that provisions of FSMA 2000 on product intervention apply (with modifications) to Swiss investment services firms on the Register (“Registered Swiss Suppliers”).
Chapter 4 gives powers to the FCA and the PRA to obtain information from Registered Swiss Suppliers provided certain specified conditions are met.
Chapter 5 gives powers to the FCA and the PRA to prohibit or restrict a Registered Swiss Supplier, provided certain specified conditions are met, from providing one or more registered services, or from providing those services to certain categories of relevant clients, or in relation to relevant financial instruments.
Chapter 6 makes supplemental amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) (the “RAO”). It specifies an exemption to the overseas persons exclusion in article 72 of the RAO (exclusions applicable to specified activities: overseas persons) for a Registered Swiss Supplier when it carries on an activity included in its Register entry. It also inserts an exclusion to the RAO for any activity carried on by a Registered Swiss Supplier which is included in its Register entry.
Chapter 7 provides a regime by which a person who ceases to be permitted to carry on a regulated activity in the United Kingdom by virtue of being registered in the Register may continue, for a limited time, to carry on such an activity while contracts relating to that activity are wound down.
Chapter 8 makes supplemental amendments to the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (S.I. 2005/1529). It specifies an exemption to the financial promotion restriction for communications by Registered Swiss Suppliers in relation to registered services.
Part 5 provides that the FCA and the PRA may take measures against a Registered Swiss Supplier for prudential reasons, as permitted by Article 20 of the Agreement (prudential safeguard). This safeguard applies where the FCA or the PRA consider that circumstances have arisen which cannot otherwise be addressed adequately under the Agreement, because of factors such as the need for urgent action, or the severity of the circumstances in question. In these circumstances, the FCA or the PRA may impose restrictions, conditions or a prohibition in relation to the provision of a registered service in the United Kingdom.
A de minimis impact assessment of the effect of this instrument is available from HM Treasury, 1 Horseguards Road, London, SW1A 2HQ and is published alongside this instrument on www.legislation.gov.uk.

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Source: https://www.legislation.gov.uk/uksi/2025/1145/note (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2023-mutual-recognition-agreement-switzerland-regulations-2025/note
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.