RECOMMENDATIONS ON REGULATIONS
The inquiry criticised the rules applicable to banks deemed too big to fail, finding that the government and parliament had placed “too much importance” on the demands of the big banks.
The commission made 20 recommendations to the government, which welcomed the report’s “positive view of the authorities’ actions in the Credit Suisse crisis and of the solution chosen with the takeover by UBS”.
“It calmed the markets and averted a financial and economic crisis,” a statement said.
It agreed that the crisis exposed “weaknesses of the existing too-big-to-fail regulations”.
FINMA said it understood the criticism of how it implemented the “regulatory filter” in 2017.
It said the introduction of a responsibility regime, the power to impose fines and the ability to intervene at an earlier stage would bolster supervision – tools FINMA “has so far lacked compared with its international peers”.
Meanwhile, UBS said the report “confirms that the collapse of Credit Suisse was driven by years of strategic errors, mismanagement and reliance on substantial regulatory concessions”.
However, the bank continues to defend the idea that the rules must be adjusted in a targeted way to guarantee the competitiveness of the Swiss financial sector.
