Swiss govt move to delay UBS capital rule changes

Public debate: People walking by the UBS headquarters in Zurich. The lender says that if the worst-case scenario materialises, it would need to retain profits that could otherwise have been paid out to shareholders. — Bloomberg

ZURICH: The Swiss government says it will seek lawmakers’ sign-off on how it should design capital rules affecting UBS Group AG, slowing down the likely implementation of higher requirements that the bank had fought stiffly against.

Changes to rules on the capital backing required for foreign subsidiaries will now be enacted via legislation instead of administrative order, the Finance Ministry said in a statement on Wednesday.