The EU Commission is trying to use Switzerland as a test case for Brexit. It is succeeding, but not in the way it meant. Threats to limit investors’ access to Swiss financial institutions if Bern does not bow to a new ‘framework agreement’ are meant, in part, to pressure HMG by showing how the UK could be punished if it doesn’t accept the EU27’s current Brexit terms. However, the Commission’s willingness to risk sacrificing ties with Switzerland to strengthen their hand against London shows just how much they value regulatory control over the City. The Commission is trying to use a sprat to catch a mackerel.