Aviva Investors boss urges FCA to introduce 'kitemark' for private markets funds

Meanwhile, in Switzerland, a debate over the capital requirements for UBS is moving towards a compromise. A cross-party group of Swiss politicians has proposed watering down the government's original plans, which aimed to significantly increase the bank's capital requirements by up to $26 billion (CHF21 billion) following its acquisition of Credit Suisse. The original proposal centered on forcing UBS to fully back its international subsidiaries with capital at the parent bank, requiring an additional $23 billion in loss-absorbing capital. Currently, UBS is only required to match 60% of its international subsidiaries' capital at the parent level. The new compromise proposals suggest allowing UBS to use Additional Tier 1 (AT1) debt to cover up to half of the capitalisation of its foreign units, which is a cheaper form of capital than common equity tier one (CET1). This approach is seen as a way to reduce the overall capital hit for UBS and potentially break the deadlock in regulatory discussions. A parliamentary committee is focusing on reforms to AT1 instruments, with a vote expected on August 31.