Swiss lawmakers have rejected a plan to delay some bank capital reforms, paving the way for the government to introduce measures that could increase UBS’s capital requirements by $3bn without going through parliament.
The upper house on Monday voted against a proposal that would have delayed and bundled together measures around capital quality with the rest of a package of “too big to fail” rules set out by the government in June.
The result means that the Swiss government can now mandate the capital quality changes by executive order, while the larger part of the reform package goes through parliament as the country tries to guard against a repeat of the Credit Suisse debacle.