– UBS ordered to rework its emergency plan
The financial markets watchdog asks the three-key bank to review its failure plan as part of the integration of Credit Suisse.
Published today at 9:25 a.m.
UBS merged with Credit Suisse.
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The Swiss Financial Market Supervisory Authority (Finma) is asking UBS to review its stabilization and emergency plans due to the takeover of Credit Suisse (CS). It considers that the integration of CS entails necessary adaptations in order to guarantee, if necessary, the restructuring or liquidation of the three-key bank.
The annual approval of stabilization and emergency plans is suspended, the financial markets watchdog said in a press release on Tuesday. Finma expects UBS to further develop its planning. In accordance with the Federal Council’s report, changes are necessary at the legal level in order to offer the authorities additional possibilities and therefore more flexibility in the event of a crisis.
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