UBS has welcomed the Parliamentary Commission of Inquiry's findings on the Credit Suisse collapse, which hold former directors accountable and recommend regulatory enhancements. The Swiss Bankers Association supports increased public liquidity for systemically important banks, while Finma acknowledges the criticisms but seeks new powers for better oversight. The Swiss National Bank emphasizes its commitment to strengthening regulations in the financial sector.
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.
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.
A shift in the US's stance on digital assets is anticipated under the upcoming Trump presidency, potentially leading major banks to adopt crypto custody services as a first step toward deeper involvement in the sector. Trump has nominated crypto advocate Paul Atkins to head the SEC, replacing skeptic Gary Gensler, and appointed David Sacks as the White House's lead on artificial intelligence and cryptocurrency.
The Parliamentary Commission of Inquiry (CEP) has criticized Finma for its inadequate regulation during the Credit Suisse crisis, attributing the bank's collapse primarily to mismanagement by its leadership. The report highlights Finma's failures and calls for improved oversight tools, echoing previous admissions of its limitations in banking supervision.
The Parliamentary Commission of Inquiry (PCI) has concluded that the Board of Directors and Executive Board of Credit Suisse are primarily responsible for the bank's collapse, citing their reluctance to heed warnings from the Financial Market Authority (FINMA). The report criticizes the Federal Council for delaying the adoption of international banking standards and highlights inadequate crisis management and communication among authorities during the liquidity crisis in late 2022. While acknowledging that interventions prevented a global financial crisis, the PCI emphasizes the need for reforms to avoid future failures of systemically important banks.
The Parliamentary Commission of Inquiry criticized FINMA's supervisory actions in the UBS takeover of Credit Suisse, attributing the crisis to years of mismanagement by Credit Suisse's leadership. While no political misbehavior was found, the ICC called for improved regulations for "too big to fail" banks and better cooperation among financial authorities. The final report, adopted unanimously, spans from 2015 to 2023 and includes 20 recommendations for future oversight.
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.
The Swiss parliament criticized the leadership of the financial regulator Finma for its role in the collapse of Credit Suisse, highlighting a 2017 decision that obscured the bank's true financial state. The inquiry found that Finma's regulatory filter allowed Credit Suisse to appear adequately capitalized until its demise, ultimately leading to an emergency takeover by UBS. Lawmakers are now advocating for stronger regulatory powers for Finma, including the ability to impose fines on banks and individuals.
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