Zurich, 23 September 2026 - If confirmed at the conclusion of the ongoing parliamentary process, today's decision by the Council of States would result in a further excessive tightening of Swiss capital requirements, which are already among the most stringent globally.
This political outcome is not a compromise and fails to address the root causes of the Credit Suisse collapse. It disregards the serious concerns expressed by the overwhelming majority of respondents in the democratic consultation process, which included all business representatives, the relevant employee associations and most cantons. The respondents clearly dismissed the Federal Council's extreme regulatory proposals as damaging to the Swiss economy. Today's outcome also disregards the critical financial support of UBS shareholders in protecting Switzerland's reputation through the acquisition.
As the parliamentary process continues, UBS will focus on protecting its long-term interests. UBS will also continue to contribute facts and analysis to support informed decision-making and advocate for regulation that is truly targeted, proportionate and internationally aligned.