On 4 April 2023, SWI PRL issued update on interventions by the CER-N committee.
After obtaining first-hand information on the events leading up to the takeover of Credit Suisse by UBS and the circumstances of this takeover, the National Council's Committee on Economic Affairs and Taxation (CER-N) has acted on several proposals to submit postulates; must form solid basis for making necessary legislative changes.
The postulates essentially call for an in-depth analysis of the regulatory policy options for systemically important banks (po. 23.3443), a reconsideration of the too-big-to-fail regulation (po. 23.3446), an assessment of the importance of the UBS-CS merger from the point of view of competition law and the national economy (po. 23.3444).
And an analysis of determining factors that led to CS's bankruptcy (po. 23.3447).
One of the postulates also requires the Federal Council to compare the instruments available to the SNB with those of other central banks (para. 23.3445).
The latter will take a position on these postulates so that the National Council can deal with them at the extraordinary session to be held from Apr. 11 to 13, 2023.
The CER-N expects the Federal Council to submit a consolidated report on all outstanding postulates as soon as possible, so that legislative work can begin.
In the meantime, it will keep quarterly updates on the progress of the work.
