London, 30 June 2006 - Over 40 senior representatives of the British and Swiss financial services industries met in London today for a Round Table discussion hosted by the Lord Mayor of the City of London at Mansion House.

Subjects covered in a brainstorming panel discussion included approaches to regulation, market access to financial services and the stability of financial markets. The Swiss delegation was headed by Pierre Mirabaud, Chairman of the Swiss Bankers Association, and included Philipp Hildebrand, Member of the Governing Board of the Swiss National Bank; Raymond J. Baer, Chairman of Julius Baer Holding Ltd.; and Professor Peter Gomez, Chairman of the SWX Group. Representatives of the City of London included Alderman David Brewer, the Lord Mayor of the City of London; Sir Nigel Wicks, Deputy Chairman of Euroclear; and Ian Mullen, CEO of the British Bankers Association.

Pierre Mirabaud said: "I hope today's Round Table promotes a constructive dialogue between the City of London and the Swiss financial centre in which we can develop and advance a positive agenda based on the common elements supporting our respective financial services industries."

Ian Mullen said: "Banking has become a truly international industry where increasingly regulation introduced in one country will have a knock-on effect around the world. Swiss and British banking traditionally have much in common and today's Round Table has helped to reinforce those links between the two countries."

Following the Round Table, the British Bankers Association and the Swiss Bankers Association issued the following joint declaration:


The British Bankers Association (BBA) and the Swiss Bankers Association (SBA),

• desiring to promote a positive agenda between the City of London and the Swiss financial centre;
  
• taking into account that UK - Swiss relations have intensified in the recent past at governmental/ministerial level;
  
• noting that international cooperation amongst regulatory authorities is increasing;
  
• recognising that Swiss and British banks are major players in each country's respective financial centre, with UK banks using Switzerland as a strategic location for their global asset management business and with Swiss banks being important clients of London-based financial services providers and also important players and competitors in the City's wholesale markets
  
• and considering that the City of London and the Swiss financial centre financial share similar financial market characteristics (e.g. a consolidated regulator, extensive and highly liquid markets, non-eurozone currencies, a long tradition of liberal capitalism, an openness to competition and an environment in which financial creativity can flourish),
  

have issued the following Joint Declaration following the City-Swiss Financial Round Table held in London on Friday, 30 June 2006:

• The SBA and the BBA affirm the need for deep, liquid, effective and efficient financial markets which provide a sound foundation for economic growth and prosperity in a global environment.
  
• Both associations affirm the importance of protecting the integrity of their respective financial centres from abuse by money launderers, terrorists and other criminal elements.
  
• Both associations believe that strong but measured regulation, offering investor protection, is a source of competitive strength. However, regulation must be sensible and fair. It must be market-oriented and it should provide for a level-playing field. The costs of regulation must be convincingly justified by the benefits and regulators must be sensitive to the substantial investments they cause financial service providers to make in order to comply with their regulation.
  
• Both associations fully support the mutual recognition of equivalent financial market regulation. They consequently support the principles of consolidated supervision, close cooperation among supervisors and the coordinating role of the home country supervisor. In the view of both associations, these principles are fundamental to the effective functioning of capital markets in Europe and globally and help to streamline supervision and reduce duplication.
  
• Both associations acknowledge that regulatory dialogue involving policy makers, regulators and supervisors is essential. This dialogue should reflect the points made above, avoid discrimination and where appropriate involve the private sector.
  
• Both the BBA and the SBA support the Transatlantic Coalition on Financial Regulation.
  
• Both associations pledge to maintain and promote the dialogue between their respective financial centres via future contacts, meetings and joint events.
  

For further information please contact:

Swiss Bankers Association:
James Nason
Head of International Communications
+41 61 295 92 15
email: james.nason@sba.ch


British Bankers' Association:
Brian Capon
Head of Media Relations
0044 20 7216 8810
email: brian.capon@bba.org.uk


Swiss Embassy in London:
Mr. Beat Kaufmann
Head of the Economic Department
0044 20 7616 6004
email: beat.kaufmann@eda.admin.ch