UBS publishes additional position paper to support debate on Swiss banking regulation

Zurich, 21 September 2026 – Following recent developments in the political process and public statements on banking regulation, UBS today published an additional position paper on the regulatory proposals currently under consideration in Switzerland.

The publication comes as the debate on Swiss banking regulation has included differing interpretations, misconceptions and incomplete representations of several key issues.

As the institution most directly affected by the proposals, UBS considers it both its duty and its right to clarify the facts before the parliamentary deliberations continue. This is intended to contribute to an informed, fact-based discussion. UBS supports regulatory adjustments that are targeted, proportionate, internationally aligned and address the causes of the Credit Suisse crisis.

To support a fact-based discussion on Swiss banking regulation, UBS offers this position paper with facts, figures and background information on topics such as the strengthening of Additional Tier 1 (AT1) instruments and the protection of Swiss taxpayers.

This paper “Swiss TBTF discussion – Key points for the debate on the Banking Act” complements the document “Swiss TBTF discussion – facts and figures” that was published in July 2026. Both documents are available at ubs.com/bankingstability.

1) AT1 bonds are an established component of the regulatory framework in Switzerland and internationally
2) The WAK-S majority proposal to strengthen AT1 bonds is internationally aligned and reflects established market practice, and UBS is confident that the market can absorb any additional AT1 bonds
3) AT1 instruments can, in a crisis situation, be used to generate Common Equity Tier 1 (CET1) capital instantaneously. They therefore constitute a highly effective early-intervention instrument
4) The proposed measures to strengthen AT1 instruments would further enhance international alignment and create a predictable legal and regulatory framework
5) The 50/50 majority proposal of the WAK-S protects taxpayers just as effectively as the Federal Council's proposal because it triggers stabilising measures significantly earlier while being more cost-efficient
6) Without the regulatory filter, the WAK-S‘s 50/50 model would already have made Credit Suisse’s problems visible in 2021 and forced countermeasures such as dividend suspensions and bonus cuts.
7) A 90% backing with Common Equity Tier 1 (CET1) capital is not a compromise and would significantly damage UBS’s competitiveness
8) The costs of extreme regulation harm the Swiss economy
9) UBS’s foreign subsidiaries, including those in the US, comprise diversified activities and also serve the Swiss economy10) UBS is a reflection of the strength of the Swiss economy, and its size is already taken into account through additional regulatory requirements

UBS Group AG and UBS AG

Forward-looking statements
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