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UBS is urged by Swiss regulator Finma to enhance its stabilization and contingency plans following its acquisition of Credit Suisse. The regulator has suspended the annual approval of these plans, emphasizing the need for improved crisis preparedness and liquidity measures to protect financial stability and taxpayer interests. UBS acknowledged the need for targeted development of its contingency strategies to ensure uninterrupted operations during potential insolvency risks.
UBS is urged by the Swiss financial regulator Finma to enhance its stabilization and contingency plans following its acquisition of Credit Suisse. Finma has suspended the annual approval of these plans, emphasizing the need for improved crisis preparedness and liquidity measures to ensure UBS can operate without interruption during potential insolvency risks.
The Swiss stock exchange regulator, Finma, has urged UBS to enhance its contingency plans following the Credit Suisse crisis, which revealed the need for improved crisis preparedness among systemically important banks. UBS has begun refining its plans to ensure uninterrupted operations and better liquidity management in case of insolvency risks. The regulator emphasized the importance of robust liquidity measures to address rapid deposit withdrawals, a key issue highlighted by the recent banking turmoil.
The Swiss Financial Market Supervisory Authority, Finma, has mandated UBS to revise its resolution planning following insights from the Credit Suisse crisis. The current strategy, which only allows for business continuation through reorganization, is deemed insufficient. Consequently, Finma has suspended the annual assessment of UBS's stabilization and emergency plans for 2024.
A group of campaigners is urging the U.S. Department of Labor to revoke UBS's exemption allowing it to operate in the American pension market, citing the bank's history of nearly 100 offenses and $20 billion in penalties since 2000. UBS, which has submitted a 500-page application to extend its exemption, argues that issues stem from individual staff actions. Recent legal troubles include a significant fine in France for tax evasion and involvement in an antitrust lawsuit related to interest rate swaps.
Oliver Hirt
People
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