Switzerland Parliamentary Investigation Commission (PUK) Releases Report on Collapse of Credit Suisse in 2023 March, Credit Suisse Management Mainly Responsible for Collapse of Credit Suisse, Swiss Regulator FINMA Made Mistakes & Government Failed to Detect Crisis Early, Proposes to Strengthen Resilience of Financial Sector Including Increasing Capital Requirement
25th December 2024 | Hong Kong
The Switzerland Parliamentary Investigation Commission (PUK) has released a report on the collapse of Credit Suisse in 2023 March, with Credit Suisse management mainly responsible for the collapse of Credit Suisse, Swiss regulator FINMA (Swiss Financial Market Supervisory Authority) had made mistakes and the Switzerland federal government had failed to detect the crisis early. The report proposes to strengthen the resilience of the financial sector including increasing capital requirement (View report here). In 2024 October, the Swiss Financial Market Supervisory Authority (FINMA) has suspended annual UBS approval, requiring UBS to revise the recovery & emergency plans due to takeover of Credit Suisse. UBS is required to increase options for actions in insolvency to include exiting market, selling or winding down individual business segments, and selling the bank without jeopardising stability of financial system & without using taxpayers money. Earlier in 2024 October, Switzerland financial authority FINMA has been reported to be investigating Credit Suisse including then-CEO Ulrich Korner, Chairman Axel Lehmann & employees on possibly misleading the public & regulators from 2022 to 2023 before bailout takeover by UBS in 2023 March for $3.3 billion. In 2024 June, FINMA (Financial Market Supervisory Authority) concluded in the review of UBS & Credit Suisse merger, of no anti-trust (competition) issue in the merger of UBS & Credit Suisse, and imposing no condition & obligation after the review in accordance with the Cartel Act & Switzerland Competition Commission (COMCO).
“ Switzerland Parliamentary Investigation Commission (PUK) Releases Report on Collapse of Credit Suisse in 2023 March, Credit Suisse Management Mainly Responsible for Collapse of Credit Suisse, Swiss Regulator FINMA Made Mistakes & Government Failed to Detect Crisis Early, Proposes to Strengthen Resilience of Financial Sector Including Increasing Capital Requirement “
Switzerland Parliamentary Investigation Commission (PUK) Releases Report on Collapse of Credit Suisse in 2023 March, Credit Suisse Management Mainly Responsible for Collapse of Credit Suisse, Swiss Regulator FINMA Made Mistakes & Government Failed to Detect Crisis Early, Proposes to Strengthen Resilience of Financial Sector Including Increasing Capital Requirement
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