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B. G., Opalesque Geneva:

Just before Christmas, Switzerland and the UK signed the Berne Financial Services Agreement on the mutual recognition of each other's regulatory and supervisory frameworks, aka the MRA.

This agreement wants to facilitate the cross-border provision of financial services by mutually recognising the equivalence of their regulatory standards, specifically in the banking, wealth management, asset management and insurance sectors.

According to Martin Peyer, partner at Wenger Veili Ltd, a law firm in Zurich, the agreement brings many benefits to the wealth and asset management industry in particular.

"The MRA (will make) it easier for Swiss financial institutions to access the UK financial market," he writes in a recent report. "For some financial services, Swiss-based firms will even be able to serve clients in the UK while largely following Swiss rules, and vice versa."

The MRA also intends to ensure the stability and integrity of the financial market and guarantee customer protection, he adds.

From a Swiss perspective, Swiss market participants will have easier access to the UK financial market on a cross-border basi......................

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