Switzerland's upper house of parliament backed a proposal requiring UBS to cover 90% of the capital in its foreign units with common equity tier-one capital, Reuters reported on September 23.
The proposal is part of Switzerland's post-Credit Suisse effort to strengthen financial safeguards. UBS has warned that excessively demanding rules could affect its willingness to remain headquartered in Switzerland.
The parliamentary vote is one step in the legislative process. The final form and timing of the rules remain subject to additional political and regulatory decisions.