Swiss upper house backs 90% CET1 rule for UBS foreign units

Switzerland's upper house voted September 23 to require UBS to back foreign subsidiaries with 90% Common Equity Tier 1 capital — the core loss-absorbing cushion — according to Reuters, 10 points below the government's 100% demand. I'm watching whether the lighter calibration eases pressure on dividends and buybacks, but final text and phase-in remain unclear.