UBS faces tougher rules under Swiss proposals

SWITZERLAND'S GOVERNMENT SAID on Wednesday that UBS and three other systemically relevant banks must face tougher capital requirements to shield the country's wider economy, a year after the rescue of Credit Suisse.

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In 209 pages of recommendations on how to police banks deemed "too big to fail", the Swiss government pitched 22 measures for direct implementation.

It stopped short of saying how far stricter capital requirements should go. The TBTF plan will come under close scrutiny in Switzerland and beyond because if UBS were to unravel, there are no local rivals left that could absorb it.