Swiss Lawmakers Vote to Raise Capital Requirements for UBS

This is a targeted capital-intensity move aimed at a bank whose balance sheet is now uniquely exposed to foreign subsidiaries, and it lands at a moment when the Swiss state has a direct interest in how much loss-absorbing capacity sits behind that exposure. It matters most for UBS's funding and capital-planning calculus, and for the wider question of how far national regulators will go in ring-fencing global banking groups. The open question is whether the amendment survives the lower house intact, and whether other jurisdictions read it as a template or as an outlier.