Swiss parliamentary committee passes UBS capital concessions

Swiss lawmakers said UBS must back its foreign subsidiaries with 50% Common Equity Tier 1 (CET1) capital, a downgrade versus the government’s push for 100% CET1 backing. The move is a political/regulatory blow to the state’s preferred ring-fencing approach and could increase perceived capital-coverage risk for cross-border exposures. Overall, it’s likely to matter meaningfully for UBS’s regulatory capital planning and investor sentiment around balance-sheet strength.