{
Banking & Investment Regulations

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}
parliamentary inquiry reveals management failures in credit suisse crisis
The parliamentary commission of inquiry into the collapse of Credit Suisse, involving Basel politicians Maya Graf and Daniela Schneeberger, criticized the bank's management for significant errors and the Swiss Financial Market Supervisory Authority (Finma) for its inadequate intervention. Graf emphasized the need for stronger regulatory tools for Finma and improved cooperation among federal authorities to prevent future crises. The PUK report has been submitted to the Swiss Parliament for discussion in the upcoming spring session.
Baseljetzt | Nachrichten für Basel und Region
Credit Suisse Real Estate Fund Siat CHE Daniela Schneeberger Maya Graf
Regulatory & Legal, News Article
17:01 20.12.2024
investors express disappointment over at1 bond write-off and slow legal responses
The ICC's report on the March 19, 2023, write-off of AT1 bonds, totaling 16 billion francs, has drawn criticism for its lack of accountability and failure to address misleading statements from Credit Suisse's management. Over 3,000 investors are still awaiting responses from the Federal Administrative Court regarding their appeals against Finma's decision, with many now looking to the U.S. justice system for recourse. Dario Item, a financial law expert, expressed disappointment in the ICC's superficial conclusions and the prolonged delays faced by investors.
Corriere del Ticino
Swiss Franc Credit Suisse Real Estate Fund Siat CHE Karin Keller-Sutter Dario Item
Regulatory & Legal, News Article
17:00 20.12.2024
swiss democracy under scrutiny as big banks influence government actions
The PUK report reveals a troubling relationship between Swiss democracy and major banks, highlighting Ueli Maurer's misleading statements about Credit Suisse's stability before its collapse. The report criticizes the lack of accountability for bank executives and calls for reforms to curb political lobbying and enhance regulatory oversight to prevent future crises.
@Wochenzeitung
Swiss Franc Credit Suisse Real Estate Fund Siat USA CHE Cédric Wermuth Isabelle Chassot Ruedi Noser Franziska Ryser Karin Keller-Sutter Thomas Jordan Ueli Maurer Show more
Regulatory & Legal, News Article
16:14 20.12.2024
reforming financial oversight in switzerland after credit suisse collapse
The parliamentary commission of inquiry recommends enhancing the powers of the Swiss Financial Market Supervisory Authority (Finma) to centralize audit supervision of major banks and enforce compliance effectively. It emphasizes the need for improved communication between financial authorities and calls for clearer regulations on "too-big-to-fail" banks, including scrutiny of their capital quality and remuneration practices. The Federal Council is tasked with ensuring transparency in inspections and adapting legal frameworks for better crisis management.
@letemps
Swiss National Bank Credit Suisse Real Estate Fund Siat CHE Isabelle Chassot
Regulatory & Legal, Market Report
15:10 20.12.2024
switzerland did not adopt ada as its national cryptocurrency despite rumors
A satirical post claimed that Switzerland adopted ADA as its national cryptocurrency, causing confusion within the Cardano community. The Cardano Foundation faces criticism over governance issues, with calls for more community oversight and potential relocation due to Swiss legal frameworks limiting member participation. Despite the humorous nature of the post, it highlights ongoing tensions and governance concerns within the Cardano ecosystem.
Crypto News Flash
CARDANO Foundation ARE CHE Charles Hoskinson
Regulatory & Legal, Blog Post
15:00 20.12.2024
credit suisse downfall attributed to mismanagement and regulatory shortcomings in inquiry report
A Swiss parliamentary commission has attributed Credit Suisse's downfall to years of mismanagement, while also criticizing the Swiss Federal Financial Market Supervisory Authority (FINMA) for its lack of transparency and ineffective supervision. The inquiry revealed that discussions about the bank's potential collapse were poorly coordinated, with former Finance Minister Ueli Maurer failing to adequately inform his successor about the bank's precarious situation.
Boursier.com
Credit Suisse Real Estate Fund Siat CHE Karin Keller-Sutter Ueli Maurer
Regulatory & Legal, News Article
14:59 20.12.2024
Swiss lawmakers call for major reforms after Credit Suisse collapse
Swiss lawmakers have released a critical 569-page report following Credit Suisse's collapse in March 2023, calling for extensive reforms in the financial sector. The report highlights regulatory failures and mismanagement, urging the government to enhance oversight, tighten capital requirements, and implement stricter residency rules for board members to safeguard financial stability. Despite UBS's concerns about potential business impacts, lawmakers emphasize the necessity of these measures.
Devdiscourse
Credit Suisse Real Estate Fund Siat CHE
Regulatory & Legal, News Article
14:19 20.12.2024
swift action demanded to control risks posed by mega bank ubs
The Swiss Socialist Party demands urgent measures to mitigate the risks posed by the oversized UBS, including a ban on bonuses for executives and party financing by the bank. They argue that the current Too Big to Fail regulations are inadequate and call for increased capital requirements and a faster revision timetable to protect taxpayers from potential financial crises.
spschweiz
Swiss Franc Credit Suisse Real Estate Fund Siat CHE Samuel Bendahan Cédric Wermuth Céline Widmer Ueli Maurer Show more
Regulatory & Legal, News Article
14:13 20.12.2024
credit suisse management blamed for crisis as inquiry reveals regulatory failures
A commission of inquiry has criticized Credit Suisse's management for the bank's collapse in 2023, which nearly triggered a global financial crisis. The report found no wrongdoing by Swiss authorities, who intervened effectively, but highlighted the banking watchdog Finma's failures, particularly its past capital relief decisions. The inquiry, rare in Switzerland, involved extensive interviews and document analysis, revealing concerns over regulations for banks deemed too big to fail.
@ledauphine
United States Dollar Credit Suisse Real Estate Fund Siat USA CHE Roger Nordmann
Regulatory & Legal, News Article
14:07 20.12.2024
credit suisse inquiry reveals management failures and calls for regulatory reform
Swiss lawmakers have called for tighter financial sector regulations following a detailed inquiry into Credit Suisse's collapse, attributing the crisis primarily to management failures while criticizing regulatory authorities for their lack of transparency and oversight. The report, which includes 30 recommendations, emphasizes the need for stronger capital requirements for systemically important banks and better communication among officials during crises. Despite the chaos, the committee found no direct misconduct by authorities, asserting they prevented a global financial crisis.
Daily Sabah
Swiss Franc Credit Suisse Real Estate Fund Siat CHE Thomas Jordan Karin Keller-Sutter Ueli Maurer Show more
Regulatory & Legal, News Article
14:02 20.12.2024
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