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The Swiss parliament's inquiry into Credit Suisse's collapse criticized the financial regulator Finma for granting inappropriate capital relief, which masked the bank's true financial state. The report highlighted years of mismanagement at Credit Suisse and called for enhanced regulatory powers for Finma, including the ability to impose fines on banks and their executives. It also urged the government to reform the bonus system and improve crisis response measures, paving the way for new financial legislation in Switzerland.
Morocco is finalizing its first set of cryptocurrency regulations, developed with the assistance of the World Bank and IMF, aiming to protect users while fostering innovation. With growing crypto adoption, the proposed laws will undergo public discussions before parliamentary approval, positioning Morocco as a potential leader in crypto regulation among developing nations.
The final report from the Parliamentary Commission of Inquiry (PCI) on the Credit Suisse crisis will influence Swiss banking regulations, focusing on the actions of authorities during the emergency merger with UBS. It scrutinizes the conduct of FINMA and the Swiss National Bank, highlighting potential failings by former Finance Minister Ueli Maurer. Recommendations from the PCI are expected to shape future regulations for "too big to fail" banks, with amendments likely to be proposed by the Federal Council in 2025.
The Parliamentary Investigation Commission (PUK) has criticized the Federal Council for its inadequate early crisis detection and information sharing regarding the collapse of Credit Suisse. The report highlights failures in risk management and the limited effectiveness of Finma's supervisory activities, while also scrutinizing former Finance Minister Ueli Maurer's lack of communication. The PUK calls for improved regulations for large banks, emphasizing the need for sufficient capital resources and stricter regulatory relief measures.
The Parliamentary Commission of Inquiry (PUK) has criticized the Federal Council for its inadequate early crisis detection regarding the downfall of Credit Suisse. The report highlights the need for improved cooperation among authorities, better risk management, and calls for stricter regulations for large banks, particularly in light of UBS's significant size relative to Switzerland's GDP. Additionally, the conduct of former Finance Minister Ueli Maurer is scrutinized for insufficient communication with the Federal Council and his successor.
Swiss lawmakers have criticized the oversight of Credit Suisse's collapse, attributing the failure primarily to the bank's management while acknowledging the authorities' lack of transparency and haphazard crisis response. The inquiry's report recommends strengthening regulatory frameworks and ensuring better communication among officials to prevent future crises. UBS's acquisition of Credit Suisse has left Switzerland with only one major international bank, prompting calls for reforms to enhance financial stability.
North Korean hackers have intensified their crypto theft activities in 2024, stealing an estimated $1.34 billion across 47 incidents, a 102.88% increase from 2023. This surge accounts for 61% of all global crypto thefts, with a notable rise in high-value hacks exceeding $50 million. Despite a slowdown in the latter half of the year, the overall scale of North Korean cybercriminal operations remains significant, with decentralized finance platforms being the primary targets early in the year.
Swiss lawmakers have criticized the oversight of Credit Suisse's collapse, primarily blaming the bank's management while highlighting regulatory failures. A 569-page report from a parliamentary committee revealed a lack of transparency and urged reforms, including strengthening the financial regulator FINMA and ensuring adequate capital buffers for major banks like UBS.
A Swiss inquiry has criticized the financial regulator for its ineffectiveness in addressing the scandals that led to the collapse of Credit Suisse, which was exacerbated by executive mismanagement. Despite an 18-month investigation, the parliamentary commission found no evidence of misconduct by authorities contributing to the bank's downfall.
The Parliamentary Investigation Committee (PIC) revealed that years of mismanagement at Credit Suisse (CS) led to a liquidity crisis, exacerbated by regulatory failures from FINMA. Despite extensive oversight, the authorities were exonerated, raising concerns about the effectiveness of existing "too big to fail" regulations and the need for improved coordination and crisis detection among Swiss financial authorities. The report highlights the inadequacies in supervision and the perception that larger institutions are treated more leniently than smaller ones.
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