Switzerland keeps track on global banking capital rules despite US disagreements
Date
6/27/2024 6:04:22 AM
(MENAFN) Switzerland reaffirmed its commitment to adhering to the established timeline for implementing global bank capital regulations, despite ongoing disagreements and delays in standards observed in the United States. According to a statement from the Swiss federal Council, the council emphasized its awareness of recent developments but indicated no intention to deviate from the current schedule.
Recent reports highlighted pressures faced by Swiss banks, including major institutions like UBS Group, urging the government to consider postponing aspects of the regulations pertaining to banks' trading books. These regulations are part of the broader Basel III framework, which aims to update and strengthen global bank capital requirements.
Initially scheduled for implementation on January 1, the rules are set to be introduced in Switzerland and the European Union, followed by the United States and the United Kingdom six months later. However, uncertainties surrounding the US enforcement timeline have prompted discussions about potential delays, particularly concerning standards related to the trading book due to their global operational impact.
Swiss authorities maintain their stance amidst these deliberations, underscoring the importance of regulatory stability and alignment within the international banking sector. The adherence to the Basel III updates remains pivotal for ensuring financial resilience and consistency across global markets, despite varying approaches and timelines adopted by different jurisdictions.
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