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The Swiss National Assembly has approved measures to prevent a repeat of the Credit Suisse crisis, emphasizing enhanced powers for banking supervisors and limitations on executive bonuses. The Federal Council will draft revisions to the "Too big to fail" strategy by summer, aiming to strengthen the financial system amid ongoing concerns about potential future crises.
UBS is facing uncertainty due to a likely delay in implementing stricter capital rules, potentially extending the timeline to at least 2028. This comes in the wake of the Credit Suisse collapse and subsequent acquisition by UBS, which has seen its shares rise 80% since then, despite recent dips. The debate now centers on the capital requirements for UBS's foreign subsidiaries, with discussions shifting to parliamentary consideration. While UBS lobbies against excessive requirements, it acknowledges the need for balanced regulations that align with international standards.
A delay in new capital rules for UBS has created uncertainty about the bank's future while alleviating immediate regulatory burdens. Swiss authorities aim to involve parliament in determining capital requirements for UBS's foreign subsidiaries, potentially postponing decisions until 2028. This shift aligns with broader discussions on banking regulations, as UBS faces pressure to remain competitive amid loosening rules in other major financial centers.
A delay in implementing tougher capital rules for UBS has created uncertainty about the bank's future while postponing potentially burdensome charges. Swiss authorities aim to align UBS's capital requirements with international standards, but the slow process raises concerns about competitiveness as global peers consider deregulation. UBS has expressed that any new requirements should be targeted and coordinated internationally.
A delay in new capital rules for UBS has created uncertainty about the bank's future while alleviating immediate regulatory burdens. Swiss authorities aim to ensure UBS's foreign subsidiaries are well-capitalized, but the decision process may extend to 2028, contrasting with loosening regulations elsewhere. UBS shares fell over 1.5%, reflecting concerns as the bank navigates a complex regulatory landscape amid its significant acquisition of Credit Suisse.
A delay in implementing tougher capital rules for UBS has created uncertainty for the Swiss bank while postponing potentially burdensome charges. Swiss authorities aim to enhance banking sector robustness following Credit Suisse's collapse, but the slow progress on new regulations raises concerns about UBS's competitiveness and the overall stability of the financial market.
The housing shortage in Switzerland is exacerbated by strict noise legislation, which has hindered the construction of thousands of apartments. Recent amendments to the Environmental Protection Act aim to ease these restrictions, allowing for more flexibility in noise compliance for new buildings. However, significant challenges remain, and it may take years for the housing market to see substantial improvements.
The Parliamentary Commission of Inquiry's 569-page report on the Credit Suisse crisis reveals extensive mismanagement by the bank's leadership, with over CHF 11 billion in fines and a total loss of CHF 32.3 billion from 2012 to 2022. It criticizes the Financial Market Supervisory Authority for inadequate oversight and highlights the Federal Council's leniency towards big banks. The report concludes with 20 recommendations and 11 motions aimed at improving regulatory frameworks and preventing future crises.
The PUK report on the Credit Suisse crisis criticizes former Finance Minister Ueli Maurer for insufficient communication with the Federal Council, highlighting his verbal-only updates and lack of written documentation. The report calls for improved information exchange, risk management, and emphasizes the need for better capitalization of systemically important banks. Additionally, it points out the inadequate supervisory actions by Finma, despite regular audits and written expectations communicated to CS.
The parliamentary commission of inquiry into the Credit Suisse collapse, which occurred on March 19, 2023, is set to release its findings. Chaired by Isabelle Chassot, the commission scrutinizes the roles of federal authorities, including the Federal Council and the Swiss National Bank, while former Credit Suisse executives face limited accountability. The report aims to clarify the failures that led to the bank's downfall and assess the effectiveness of the "Too Big to Fail" regulation.
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