The Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025
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Change 1
20 Amendments to the RAO
(1) In article 72 of the RAO (exclusions applicable to specified activities: overseas persons), after paragraph (12) insert— (13) This article does not apply to the carrying on of an activity of any of the kinds specified in this article (“the RAO activity”) by an overseas person where— (a) the overseas person is registered in the register in respect of a description of— (i) relevant services, (ii) a category of relevant clients, and (iii) one or more relevant financial instruments, and (b) the activity which the overseas person may carry on by virtue of their registration in the register is in substance the same as the RAO activity, taking account of the financial instruments in relation to which, and the clients in relation to whom, the RAO activity may be carried out. (14) In paragraph (13)— “register” is the register maintained by the FCA in accordance with regulation 8 of the Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025 (the “Switzerland Regulations”); “relevant client” has the same meaning as in Part 4 of the Switzerland Regulations; “relevant financial instrument” has the same meaning as in Part 4 of the Switzerland Regulations; “relevant service” has the same meaning as in Part 4 of the Switzerland Regulations. . (2) After article 72 of the RAO, insert— Swiss mutual recognition firms 72ZA (1) There is excluded from articles 14, 21, 25, 37, 40, 53(1) and 64 any activity carried on by a registered Swiss supplier, to the extent that the activity is being carried on— (a) to provide a registered service to the relevant clients and in relation to the relevant financial instruments specified in the entry for that registered Swiss supplier in the register, and (b) by the registered Swiss supplier from Switzerland. (2) In paragraph (1)— “register” is the register maintained by the FCA in accordance with regulation 8 of the Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025 (the “Switzerland Regulations”); “registered service” has the same meaning as in Part 1 of the Switzerland Regulations; “registered Swiss supplier” has the same meaning as in Part 1 of the Switzerland Regulations; “relevant client” has the same meaning as in Part 4 of the Switzerland Regulations; “relevant financial instrument” has the same meaning as in Part 4 of the Switzerland Regulations. .
20 Amendments to the RAO
(1) In article 72 of the RAO (exclusions applicable to specified activities: overseas persons), after paragraph (12) insert— (13) This article does not apply to the carrying on of an activity of any of the kinds specified in this article (“the RAO activity”) by an overseas person where— (a) the overseas person is registered in the register in respect of a description of— (i) relevant services, (ii) a category of relevant clients, and (iii) one or more relevant financial instruments, and (b) the activity which the overseas person may carry on by virtue of their registration in the register is in substance the same as the RAO activity, taking account of the financial instruments in relation to which, and the clients in relation to whom, the RAO activity may be carried out. (14) In paragraph (13)— “register” is the register maintained by the FCA in accordance with regulation 8 of the Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025 (the “Switzerland Regulations”); “relevant client” has the same meaning as in Part 4 of the Switzerland Regulations; “relevant financial instrument” has the same meaning as in Part 4 of the Switzerland Regulations; “relevant service” has the same meaning as in Part 4 of the Switzerland Regulations. . (2) After article 72 of the RAO, insert— Swiss mutual recognition firms 72ZA (1) There is excluded from articles 14, 21, 25, 37, 40, 53(1) and 64 any activity carried on by a registered Swiss supplier, to the extent that the activity is being carried on— (a) to provide a registered service to the relevant clients and in relation to the relevant financial instruments specified in the entry for that registered Swiss supplier in the register, and (b) by the registered Swiss supplier from Switzerland. (2) In paragraph (1)— “register” is the register maintained by the FCA in accordance with regulation 8 of the Financial Services and Markets Act 2023 (Mutual Recognition Agreement) (Switzerland) Regulations 2025 (the “Switzerland Regulations”); “registered service” has the same meaning as in Part 1 of the Switzerland Regulations; “registered Swiss supplier” has the same meaning as in Part 1 of the Switzerland Regulations; “relevant client” has the same meaning as in Part 4 of the Switzerland Regulations; “relevant financial instrument” has the same meaning as in Part 4 of the Switzerland Regulations. .
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