The United States and Switzerland have reached a protocol on the sharing of client investment information.

According to the Financial Times, the U.S. and Switzerland ended a years-long impasse over the sharing of client investment information, which will give the U.S. a clearer picture of assets held in European banking centers. The agreement comes after the U.S. Securities and Exchange Commission inspected at least eight Swiss companies doing business through U.S. entities, three people familiar with the matter said. Inspections include smaller management companies and larger investment group Vontobel. The relationship between the two countries is complicated when it comes to information about U.S. customers, who have long hid assets in Swiss accounts to evade U.S. taxes. After the two countries agreed in 2013 on information sharing, Swiss companies paid billions of dollars in fines. The U.S. also lifted Tuesday's ban on approving new Swiss investment advisers to conduct U.S. wealth management business.