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<p>The UK and Switzerland have a strong and established relationship on financial
services, with a large volume of cross-border financial services trade.</p><p> </p><p>To
ensure continuity in our relationship, the government has converted all equivalence
decisions that the European Union currently has with Switzerland (with the exception
of Central Clearing Counterparties equivalence), into UK domestic law. This means
that they will continue to apply when the transition period ends.</p><p> </p><p>The
ability for HM Treasury to make equivalence decisions becomes active from the end
of the Transition Period. After this time, HM Treasury will be able to grant equivalence
to non-EEA jurisdictions. The UK is committed to maintaining an outcomes-based model
of equivalence which recognises that a combination of different rules and supervisory
practices may be used to achieve the same levels of resilient, market integrity, consumer
protection, and financial stability.</p>
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