The Asset Management Association Switzerland (AMAS) welcomes the Berne Financial Services Agreement (BFSA), which came into force at the beginning of the year and regulates mutual market access between Switzerland and the UK in asset management.

International market access is one of the core strategic priorities of the Swiss asset management industry, AMAS writes in its statement released on Monday. «Against this backdrop, the BFSA represents a significant and forward-looking step. For the first time, it places a long-established practice between Switzerland and the United Kingdom on a clear legal footing, thereby creating much-needed legal certainty for cross-border asset management activities.»

«An Important Signal to Markets and Policymakers»

AMAS CEO Adrian Schatzmann comments: «The BFSA shows that Switzerland is able to negotiate pragmatic yet high-quality solutions for international market access. For the asset management industry, this agreement sends an important signal—both to the markets and to policymakers.» Schatzmann also advocates continuing and selectively expanding this approach.

For asset management, the agreement opens up prospects to gradually deepen market access and tailor it more closely to the needs of professional clients. In this context, AMAS is working closely with the UK’s Investment Association.

Unusually Explicit Acknowledgement of the Federal Administration's Work

During the implementation phase, AMAS intends to work together with its members to accompany the practical application of the agreement and assess where adjustments or further development may be required. «The insights gained from this process will be fed into the dialogue with the federal administration over the course of the year.»

The association also takes the opportunity to expressly thank the federal administration «for its substantial and long-term commitment to this dossier» Given the sometimes strained relationship between the federal authorities in Bern and the financial center's interest groups, such explicit appreciations is far from obvious. Has AMAS perhaps resolved at the start of the year to emphasize common ground with the authorities rather than differences?

Last December, August Benz of the Swiss Bankers Association had already praised the BFSA in the highest terms in an interview mit finews.ch.