The Competition Commission’s remit was limited to commenting on the emergency sale of Credit Suisse. The competition authority’s report has been under lock and key at Finma since last October – apparently partly because of requests from UBS.
UBS has reportedly asked for parts of the report by the Competition Commission (Weko) on the takeover of Credit Suisse (CS) to be redacted. The banking giant wants to protect trade secrets and client information, Swiss newspaper Tagesanzeiger (article behind paywall) reports, citing anonymous sources.
This seems to have led to delays in its release. According to Deputy Weko Director Frank Stüssi, the report was submitted to the Swiss Financial Market Supervisory Authority (Finma) at the end of October. The authority must now decide which of the measures recommended by the competition watchdog should be implemented.
Re-examining Everthing Again
Finma spokesperson Vinzenz Mathys says the Financial Market Supervisory Authority is re-examining everything, it goes on to report. But he won’t say when the results of Finma’s deliberations and therefore the Weko report will be published.
Requests from UBS would also lead to a delay. «UBS has asked for business secrets and client information to be redacted in the report,» UBS spokesperson Tobias Plangg confirmed to the newspaper. However, he denied it is trying to block its release.
