Swiss parliament softens capital rules for UBS, but bank maintains complaints

The upper house of the Swiss parliament recommended lower AT1 capital for UBS, softening the capital rules for the country's largest bank. This decision comes at a time when UBS faces significant capital demands following the emergency acquisition of Credit Suisse in 2023. The bank argues that current Swiss legislation is already among the most rigorous in force, compared to other international financial jurisdictions. The parliamentary recommendation represents potential relief for UBS, which has been pressing for more favorable capital requirement conditions.