The Swiss financial market regulator, FINMA, is scrutinizing the final 15 months of Credit Suisse's operation as an independent entity and its subsequent rescue by UBS Group AG, as reported by the Swiss newspaper SonntagsZeitung on Sunday.
According to the report, FINMA issued a 36-page directive to Credit Suisse, which now exists in name only, and to UBS in September 2023, specifying the scope of the investigation.
A spokesperson for UBS declined to comment, and representatives for both FINMA and the Swiss Finance Ministry also chose not to provide any statements.
The investigation by FINMA spans the period from January 1, 2022, to March 19, 2023, focusing not only on liquidity concerns but also on overall management practices and the state of Credit Suisse's equity during that time frame.
In May, UBS Group successfully completed the merger between UBS AG and Credit Suisse AG.
