The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025

• (1) Sections 205 (public censure), 207 (proposal to take disciplinary measures) and 208 (decision notice) of FSMA 2000 apply in relation to a prohibition, condition or restriction imposed by a UK regulator under regulation 41(4), as if—

• (a) the prohibition, condition or restriction were a relevant requirement (within the meaning of section 204A of FSMA 2000), and

• (b) the references in sections 205, 207 and 208 to an authorised person include a person who is a registered Swiss supplier with the following modifications.

• (2) Section 207 of FSMA 2000 applies as if subsections (1)(b) and (c), (1A), (3) and (4) were omitted.

• (3) Section 208 of FSMA 2000 applies as if subsections (1)(b) and (c), (1A), (3), (3A), (4)(b) and (c), and (5) were omitted.

Signed

Lilian Greenwood — Stephen Morgan — Two of the Lords Commissioners of His Majesty’s Treasury — 30th October 2025

Explanatory note

(This note is not part of the Regulations)

Explanatory Note

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[^f00052] (“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.

Footnotes

[^f00001]: 2023 c. 29.

[^f00002]: Section 24(7) requires the Treasury to consult the “relevant regulator”. Section 24(11) deals with the meaning of “relevant regulator” and in this case the Bank of England and the FCA and the PRA are relevant regulators.

[^f00003]: Section 24(10) provides that regulations made under section 24 are subject to the affirmative procedure. For the meaning of “the affirmative procedure”, see section 84(3).

[^f00004]: That agreement, as signed on that date, is available at https://assets.publishing.service.gov.uk/media/658172b7fc07f3000d8d444d/UK-Switzerland_FS_MRA.pdf. A person unable to access the document electronically can arrange access to a hard copy by inspection free of charge at 1 Horse Guards Road, London SW1A 2HQ.

[^f00005]: The definition of “the Tribunal” was inserted in section 417(1) of FSMA 2000 by S.I. 2010/22. “FSMA 2000” is defined in section 80(1) of FSMA 2023.

[^f00006]: S.I. 2001/544.

[^f00007]: Section 22 of FSMA 2000 was amended by section 7(1) of the Financial Services Act 2012 (c. 21), section 27(4) of the Financial Guidance and Claims Act 2018 (c. 10), section 69(3) of FSMA 2023 (c. 29) and S.I. 2018/135.

[^f00008]: Section 133 of FSMA 2000 was amended by section 23 of the Financial Services Act 2012 (c. 21), and paragraph 83 of Schedule 9 to the Crime and Courts Act 2013 (c. 22) and substituted by S.I. 2010/22. There are other amendments but none are relevant.

[^f00009]: Section 348 was amended by paragraph 18 of Schedule 12 to the Financial Services Act 2012 (c. 21), paragraph 5 of Schedule 8 to the Financial Services (Banking Reform) Act 2013 (c. 33), and paragraph 45(3) of Schedule 2 to the Bank of England and Financial Services Act 2016 (c. 14). There are other amendments which are not relevant to this instrument.

[^f00010]: Substituted by section 24(1) of the Financial Services Act 2012 (c. 21).

[^f00011]: Substituted by section 24(1) of the Financial Services Act 2012.

[^f00012]: Amended by section 24(1) of the Financial Services Act 2012 (c. 21).

[^f00013]: Section 205 of FSMA 2000 was amended by paragraph 11 of Schedule 9 to the Financial Services Act 2012 (c. 21) and S.I. 2025/22.

[^f00014]: Section 206 of FSMA 2000 was repealed in part by section 10 of the Financial Services Act 2010 (c. 28) and was amended by paragraph 12 of Schedule 9 to the Financial Services Act 2012 (c. 21) and S.I. 2025/22. There is another amendment but it is not relevant.

[^f00015]: Section 207 of FSMA 2000 was amended by paragraph 18 of Schedule 2 to the Financial Services Act 2010, paragraph 14 of Schedule 9 to the Financial Services Act 2012 and S.I. 2025/22.

[^f00016]: Section 208 of FSMA 2000 was amended by paragraph 19 of Schedule 2 to Financial Services Act 2010, paragraph 15 of Schedule 9 to Financial Services Act 2012 and S.I. 2025/22.

[^f00017]: Section 380 of FSMA 2000 was amended by paragraph 19 of Schedule 9 to the Financial Services Act 2012, S.I. 2013/1773 and S.I. 2019/632. There are other amendments but none are relevant.

[^f00018]: Section 204A of FSMA 2000 was inserted by paragraph 10 of Part 4 of Schedule 9 to the Financial Services Act 2012 (c. 21).

[^f00019]: Section 175 of FSMA 2000 was amended by paragraph 13 of Schedule 12 to the Financial Services Act 2012 (c. 21) and paragraph 5 of the Schedule to the Investigatory Powers (Amendments) Act 2024 (c. 9).

[^f00020]: Section 177 of FSMA 2000 was amended by paragraph 8 to Schedule 18 of the Financial Services Act 2012 (c. 21), S.I. 2001/1090 and S.I. 2016/680.

[^f00021]: Article 72 has been amended by S.I. 2003/1476, 2006/2383, 2009/1342, 2015/910, 2017/488, 2019/680. There are other amendments to article 72 which are not relevant to this instrument.

[^f00022]: Section 31 of FSMA 2000 was amended by section 11 of the Financial Service Act 2012 (c. 21) and S.I. 2018/1149.

[^f00023]: Section 22A of FSMA 2000 was inserted by section 9 of the Financial Services Act 2012 (c. 21).

[^f00024]: Section 55M of FSMA 2000 was inserted by section 11(2) of the Financial Services Act 2012 (c. 21).

[^f00025]: Section 55M of FSMA 2000 was inserted by section 11(2) of the Financial Services Act 2012 (c. 21).

[^f00026]: Section 387 of FSMA 2000 was amended by paragraph 26 of Schedule 9 to the Financial Services Act 2012 (c. 21).

[^f00027]: Subsection (1A) was inserted by paragraph 26 of Schedule 9 to the Financial Services Act 2012.

[^f00028]: Subsection (3A) was inserted by paragraph 26 of Schedule 9 to the Financial Services Act 2012.

[^f00029]: Section 388 of FSMA 2000 was amended by paragraph 27 of Schedule 9 to the Financial Services Act 2012.

[^f00030]: Subsection (1A) was inserted by paragraph 27 of Schedule 9 to the Financial Services Act 2012.

[^f00031]: Subsection (2) was inserted by paragraph 27 of Schedule 9 to the Financial Services Act 2012.

[^f00032]: Section 390 of FSMA 2000 was amended by paragraph 29 of Schedule 9 to the Financial Services Act 2012 and S.I. 2010/22.

[^f00033]: Section 391 of FSMA was amended by section 13 and paragraph 28 of Schedule 2 to the Financial Services Act 2010 (c. 28), paragraph 30 of Schedule 9 of the Financial Services Act 2012 and S.I. 2019/632.

[^f00034]: Subsection (1ZB) was inserted by paragraph 30 of Schedule 9 to the Financial Services Act 2012.

[^f00035]: Subsection (1ZA) was inserted by paragraph 30 of Schedule 9 to the Financial Services Act 2012.

[^f00036]: Subsection (4A) was inserted by S.I. 2013/3115.

[^f00037]: Subsection (5A) was inserted by section 24(2) of the Financial Services Act 2012.

[^f00038]: Subsection (8A) was inserted by S.I. 2014/2879.

[^f00039]: Subsection (8AA) was inserted by S.I. 2019/632.

[^f00040]: Subsection (8B) was inserted by S.I. 2016/680.

[^f00041]: Subsection (8C) was inserted by S.I. 2016/715.

[^f00042]: Subsection (8D) was inserted by S.I. 2017/1127.

[^f00043]: Subsection (8E) was inserted by S.I. 2018/135.

[^f00044]: Subsection (8G) was inserted by S.I. 2019/1043.

[^f00045]: Section 391A of FSMA 2000 was amended by paragraph 50 of Schedule 2 to the Data Protection Act 2018 (c. 12), S.I. 2013/3115, S.I. 2015/1755 and S.I. 2019/632.

[^f00046]: Section 391F of FSMA 2000 was inserted by S.I. 2019/1043.

[^f00047]: Section 395 of FSMA 2000 was amended by paragraph 34 of Schedule 9 to the Financial Services Act 2012 (c. 21).

[^f00048]: Subsection (9A) was inserted by paragraph 34(10) of Schedule 9 to the Financial Services Act 2012 (c. 21).

[^f00049]: Section 133 of FSMA 2000 was amended by section 23 of the Financial Services Act 2012 (c. 21), and paragraph 83 of Schedule 9 to the Crime and Courts Act 2013 (c. 22), S.I. 2010/22. There are other amendments but none are relevant.

[^f00050]: Section 166 of FSMA 2000 was amended by paragraph 5 of Schedule 12 to the Financial Services Act 2012 (c. 21). There are other amendments but none are relevant.

[^f00051]: S.I. 2005/1529.

[^f00052]: That agreement, as signed on that date, is available at https://assets.publishing.service.gov.uk/media/658172b7fc07f3000d8d444d/UK-Switzerland_FS_MRA.pdf. A person unable to access the document electronically can arrange access to a hard copy by inspection free of charge at 1 Horse Guards Road, London SW1A 2HQ.