UBS's Position on Regulatory Proposals - UBS supports enhancing regulation post-Credit Suisse but opposes the proposed capital measures as disproportionate and not internationally aligned[10] - UBS supports most proposals if they are proportionate, targeted, and internationally aligned[13] - UBS strongly opposes extreme measures misaligned internationally that don't address lessons from the Credit Suisse crisis[14] Impact of Proposed Capital Measures - Proposed changes to the Capital Adequacy Ordinance (CAO) would eliminate approximately $11 billion in UBS Group AG CET1 capital, representing about 15% of the total[10] - The CAO proposals would understate UBS's CET1 ratio by approximately 2 percentage points[10] - The sum of proposed capital measures would result in the strictest regime among peers[15] - The proposed capital measures would make UBS a pronounced outlier and understate its stated CET1 ratio[17] Specific Concerns Regarding Capital Deductions - Full deduction of capitalized software lacks regulatory and economic justification[22] - CAO proposals would eliminate approximately $45 billion of CET1 capital related to capitalized software at the Group level[21] - Deduction of temporary difference Deferred Tax Assets (TD DTAs) would be misaligned with other major jurisdictions and would not reflect realizable asset value[28] - Prudent Valuation Adjustment (PVA)-related measures should not be based on business combination accounting[30]

UBS on Tuesday said government proposals for Switzerland's biggest bank to hold more capital would weaken the bank, the Swiss financial sector and the country's economy. ...

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Switzerland and UBS are signalling in private a willingness to compromise on capital rules, potentially paving the way for parliament to settle on lower requirements acceptable to the government and the bank, according to people familiar with the situation. ...

Market Overview - US equity futures are up sharply, led by tech and small caps, with the S&P 500 on track for its best September since at least 2013, despite the month typically being difficult for stocks [1] - Gold prices have reached a record high of $3,820, pushing the market value of US gold reserves above $1 trillion [9] - A potential US government shutdown could complicate a heavy data week, impacting labor market data releases [1][3] Company-Specific Developments - Mag 7 stocks are mostly higher in premarket trading, with notable gains for Amazon (+1%), Alphabet (+0.8%), and Nvidia (+0.8%) [3] - Genmab's acquisition of Merus for $8 billion has led to a 37% surge in Merus shares [5] - Occidental Petroleum is in talks to sell its OxyChem petrochemical unit for at least $10 billion, resulting in a 1.5% gain in its shares [5] - MoonLake Immunotherapeutics shares plummeted 88% following disappointing clinical trial results [5] - Tilray shares rose 16% after President Trump promoted the medical benefits of hemp-derived CBD [5] Economic Indicators - The US economy is expected to add 50,000 jobs in September, with the unemployment rate projected to remain steady at 4.3% [4] - The JOLTS report is anticipated to show a decline in job openings, while company hiring data is likely to confirm a slowdown [4] - Fed policymakers are scheduled to speak throughout the week, influencing market expectations regarding interest rates [4][3] Global Market Trends - Global stocks are expected to continue their rally through year-end, supported by a resilient US economy and a dovish Fed stance [5][6] - European stocks are experiencing gains, with the Stoxx 600 climbing 0.4%, driven by optimism around economic growth and AI advancements [7] - Asian equities are mostly advancing, particularly Chinese tech stocks, with the Hang Seng index climbing for the first time in three sessions [8] Commodity Market Insights - WTI crude futures are trading around $65.30 amid expectations of OPEC+ output hikes, while precious metals continue their upward trend [1][13] - The Bloomberg Dollar Spot Index has fallen 0.2% as fears of a government shutdown emerge, impacting currency valuations [12]

Switzerland’s government has formally proposed giving UBS seven years before it has to fully comply with higher capital requirements, confirming previous guidance https://t.co/J0SQ1TWUEs ...

Core Viewpoint - The Swiss government has initiated a formal consultation regarding a significant banking regulation overhaul, allowing UBS seven years to fully capitalize its foreign units [1] Group 1 - The Swiss government is proposing a larger banking regulation overhaul [1] - UBS will have a seven-year period to capitalize on its foreign units [1]

Group 1 - UBS's crisis plan requires further development to provide authorities with more options for winding up or restructuring the bank in emergencies [1] - The need for legislative action by parliament to address the shortcomings in UBS's crisis management framework has been highlighted [1] - Swiss financial authorities are under pressure to enhance the regulatory framework surrounding the bank's emergency procedures [1]

Core Insights - UBS Group AG has agreed to pay €835 million ($986.8 million) to resolve a long-standing French tax case related to its cross-border business activities from 2004 to 2012 [1][8] Summary by Sections Settlement Details - On September 23, 2025, UBS announced it would pay a €730 million ($862.7 million) fine and €105 million ($124.1 million) in civil damages to the French state, indicating that the matter is fully provisioned and aligns with the company's strategy to address legacy issues [2][8] Historical Context - The French tax case dates back over a decade, with a February 2019 ruling finding UBS guilty of illicit client solicitation and laundering tax fraud proceeds, resulting in a record fine of €3.7 billion ($4.4 billion) and €800 million ($945.4 million) in civil damages [3] - In December 2021, the Paris Court of Appeal upheld the guilty verdict but reduced some penalties, lowering the fine to €3.75 million ($4.43 million) and adding €1 billion ($1.18 billion) in confiscations while maintaining the €800 million in damages [4] - The French Supreme Court confirmed the guilty verdict in November 2023, leading to a reassessment by the Paris Court of Appeal and ultimately the 2025 settlement [4] Other Regulatory Matters - UBS has settled additional regulatory issues, including a $300 million payment to the U.S. Department of Justice in August 2025 related to Credit Suisse's mortgage-backed securities business and $511 million for a tax probe involving Credit Suisse's role in aiding U.S. clients in tax evasion [5] - In August 2023, UBS paid $1.44 billion to settle mortgage-related misconduct from the 2008 financial crisis, highlighting the need for improved compliance practices amid ongoing legal costs from Credit Suisse [6] Financial Performance - Over the past six months, UBS Group shares have increased by 25.0%, outperforming the industry's growth of 22.4% [7]