The parliamentary enquiry committee created to investigate the emergency takeover of Credit Suisse by its rival UBS has approved its investigation concept. It announced on Friday that the committee’s work is on schedule and hearings should begin soon.
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The powerful political committee began its work on June 8 and announced that it would conduct its investigation in four phases. The second of these, the investigation concept, has now been completed, according to a statement from the parliamentary services. Now the actual investigation should begin.
The committee of enquiry now wants to evaluate documents. It also wants to hear from “representatives” of the Federal Council, the Federal Department of Finance, the Swiss Financial Market Supervisory Authority (FINMA) and the Swiss National Bank (SNB).
The enquiry is examining four main phases: the first covers the events between 2015 and summer 2022, the second covers the period from autumn 2022 to mid-March 2023, and the third covers the days from March 15 to March 19, when the merger between UBS and Credit Suisse was announced. The fourth phase is the implementation of the emergency merger.
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