Switzerland has released a comprehensive parliamentary report following an extensive 18-month inquiry into the collapse of Credit Suisse.
The report outlines 30 recommendations aimed at preventing future crises and emphasizes the critical role of UBS, the only remaining globally systemically important bank in Switzerland.
The findings are expected to influence ongoing discussions regarding "too-big-to-fail" regulations and highlight the need for a robust framework prioritizing financial market stability.
The report suggests considering UBS's size relative to the national economy when formulating regulations.
The report focuses on the accountability of Credit Suisse's management and proposes measures to enhance oversight of systemically relevant banks.
It criticizes the Swiss financial regulator, FINMA, for its leniency towards Credit Suisse and calls for stricter regulations.
The report emphasizes the importance of establishing a public liquidity backstop to support banks in distress and highlights the need for improved information-sharing protocols among key Swiss officials.
The findings of this parliamentary inquiry serve as a roadmap for reforming Switzerland's financial regulatory framework and will likely shape the future of its banking sector.