Market access

Bilateral relations with the EU

The EU is an important core market for the banking sector and other sectors of the Swiss export industry. Approximately 40%^[1] of private assets managed cross-border from Switzerland originate from clients in the EU. The Swiss Bankers Association estimates that around 20,000 jobs and CHF 1.5 billion in tax revenue per year depend on the business with EU clients^[2]. It is therefore essential that Switzerland continues discussions with the EU to improve Swiss banks' access to the European market.

The dialogue on financial market regulation between the European Commission and the State Secretariat for International Finance (SIF), which resumed in July 2024 and will continue in July 2025, plays an important role in this regard. In this context, the institution-specific approach to EU market access developed by the SBA was also discussed. This would allow interested Swiss banks to actively provide cross-border banking and investment services in the EU, based on registration with the EU supervisory authorities and in compliance with the relevant EU regulations.

However, the prerequisite for continuing this approach and improving access to the European market remains the ratification of the package between Switzerland and the EU to secure and further develop the bilateral approach and to regulate institutional issues (‘Bilaterals III’). This was concluded in December 2024 and sent for public consultation in June 2025. The VAV, like the entire banking industry, supports the current package. Following the signing of the agreement, which is expected to take place in spring 2026, the Federal Council will adopt the dispatch to Parliament. In view of the federal elections in October 2027, a vote is not expected before 2028. In addition to domestic political discussions, the VAV is involved in discussions at EU level through its membership of the Swiss Finance Council (SFC) in Brussels.

Market access with the UK

Outside the EU, too, it is important to improve market access to strategically important countries. In this regard, the United Kingdom is one of the most important financial centres in Europe and the world, as well as one of Switzerland's most important economic and trading partners, particularly in the service sector^[3]. Against this backdrop, the VAV welcomes the Berne Financial Services Agreement (BFSA) signed between Switzerland and the United Kingdom at the end of 2023. The parliamentary process for its approval in Switzerland was completed in March 2025 with the unanimous support of both chambers.

The agreement will facilitate the cross-border provision of financial services in the area of asset management in particular. In future, British private clients with assets of over GBP 2 million will be able to be served directly. With its mutual recognition approach, the Berne Financial Services Agreement is an example of how market access issues between well-regulated financial centres can be resolved pragmatically.

Location promotion

Effective location promotion is an important concern for wealth management banks as an export industry. The global market for wealth management services is highly competitive, and the relevant competing locations are gradually closing the gap on Switzerland thanks to higher growth rates. They are often actively supported by the state, either through specialised export promotion institutions or through their local supervisory authorities. Switzerland should respond to this challenge within the framework of a public-private partnership and develop appropriate activities in key target markets.

[1] SwissBanking. (2025). Relations between Switzerland and the EU.

[2] SwissBanking. (2022). Banking Barometer 2022.

[3] FDFA. (2025). Bilateral relations between Switzerland and the United Kingdom.