Swiss financial watchdog to regularly review how it oversees UBS

ZURICH (Reuters) - Swiss financial regulator FINMA said on Wednesday it will in future regularly review how it oversees UBS as the country's authorities prepare to overhaul regulations to make the banking sector more robust.

Laying out its strategic goals for 2025 to 2028, FINMA said it will enhance supervision of institutions it watches and have them develop their governance and risk culture towards higher requirements and clear risk tolerance thresholds.

"The supervisory approach for UBS will be reviewed on an ongoing basis and refined as necessary so that the risks associated with its systemic importance can be countered at all times," FINMA said in a statement.

The Swiss government in April pitched a series of proposals aimed at tightening banking sector regulations following the 2023 collapse of Credit Suisse and its subsequent takeover by its long-time rival UBS.

Among the proposals floated were extra powers for FINMA, but authorities have yet to determine how far-reaching the new regulations should be. That process is expected to extend well into next year.

The government said it will in the first half of 2025 make an announcement on the supervisory instruments FINMA has as part of the follow-up to those proposals.

UBS and Switzerland's three other systemically important banks - Raiffeisen Group, PostFinance and Zuercher Kantonalbank, must be capable of being restructured, wound up, or sold off, without jeopardising Swiss and international financial stability, FINMA said.

Last month FINMA said UBS must improve its emergency and recovery plans following its takeover of Credit Suisse to ensure it can be wound down or sold without risking financial stability and taxpayer cash.



FINMA has been appealing for stronger powers to oversee banks, including the authority to name and shame banks that breach its rules, as well as issue fines.

The government said it will take into account the findings of a parliamentary report into how the Credit Suisse crisis was handled when determining banking regulations, it added. The report is expected to be published in the next few weeks.

Source: Investing.com

Publicații recente
UBS raises USD/JPY forecast, says another jump to 160 is possible
14.11.2024 - 16:00
Dollar marches on, Trump trade momentum undimmed
14.11.2024 - 15:00
Morning bid: A twist in the U.S.'s inflation tale?
14.11.2024 - 14:00
TSX futures inch up ahead of Powell's speech, US data
14.11.2024 - 14:00
European shares, dollar higher; bitcoin above $91K
14.11.2024 - 14:00
Siemens stock surges after Q4 profit beat, flags rising global risks
14.11.2024 - 13:00
Analysis-Crypto industry pushes for policy sea change after Trump victory
14.11.2024 - 13:00
Sterling squashed by dollar steamroller, traders watch out for Reeves' speech
14.11.2024 - 13:00
Burberry puts focus back on trench coats, scarves in turnaround plan
14.11.2024 - 12:00
Long-end US bond yields, European shares rise with dollar; bitcoin above $90K
14.11.2024 - 11:00
Dollar climbs to one-year peak; Powell's speech in focus
14.11.2024 - 11:00
Trump trade policy seen as wild card for US soybean farmers, opportunity for crushers
14.11.2024 - 09:00
Italy brings on board Banco BPM in $1.2 billion Monte dei Paschi stake sale
14.11.2024 - 09:00
Morning Bid: Inflation looks sticky, so bring on Powell
14.11.2024 - 08:00
D.E. Shaw takes $108 million short bet on Bayer, regulatory filing shows
14.11.2024 - 08:00

© Analytic DC. All Rights Reserved.

new
Analiza pieței Cum va afecta raportul NFP de mâine cursul de schimb al dolarului american?