The release of the Parliamentary Commission of Inquiry (PUK) report on the Credit Suisse investigation is eagerly awaited. The exact publication date is still unknown, but it is speculated that the report may be unveiled on December 18 or possibly delayed until January.

Focus on Financial Market Authority (Finma)

The investigation is particularly focused on the actions of the Financial Market Authority (Finma) during the crisis, with reports suggesting that Finma's failure to intervene decisively at Credit Suisse will be a central theme in the findings. Pressure is mounting on Finma Chairwoman Marlene Amstad as the PUK report approaches, and the report is expected to reflect poorly on Finma's effectiveness during the crisis.

Implications for Key Figures

The implications of the PUK's findings extend beyond Finma, with key figures such as Thomas Jordan and Ueli Maurer likely to face criticism. The PUK report is anticipated to serve as a political review of the events surrounding Credit Suisse's emergency merger with UBS, highlighting flaws in the existing too-big-to-fail legislation.

International Comparison and Recommendations

The PUK has commissioned external mandates to conduct an international comparison of financial market supervision and auditing practices, which will inform the PUK's recommendations. Concrete recommendations for improving the regulatory framework governing systemically important banks are expected from the PUK report. The report is unlikely to delve deeply into ongoing discussions regarding UBS's capital adequacy.

Implications for Financial Regulation

The implications of the PUK report will extend beyond the immediate crisis at Credit Suisse and could reshape financial regulation in Switzerland.