keep The Markets in Financial Instruments (Switzerland Equivalence) Regulations 2021
The Markets in Financial Instruments (Switzerland Equivalence) Regulations 2021 designate BX Swiss AG and SIX Swiss Exchange AG as equivalent third-country trading venues under MiFIR, enabling UK firms to continue trading on Swiss exchanges following Brexit. The Treasury assessed Switzerland's legal and supervisory framework as satisfying the requisite equivalence criteria.
This regulation facilitates rather than restricts trade. Deleting it would harm British financial institutions and investors by creating barriers to trading on Swiss venues, reducing competition in UK financial markets. Equivalence determinations of this kind are win-win arrangements that allow British firms and investors access to foreign venues without imposing burdensome domestic requirements. Unlike gold-plated EU directives or restrictive planning regimes, this regulation merely recognizes an existing reality to the benefit of UK market participants.