05:14 AM EDT, 09/23/2026 (MT Newswires) -- The Swiss parliament's upper house backed a proposal that would require UBS Group (UBSG.SW) to back its foreign units with 90% common equity tier 1 capital, Bloomberg News reported Wednesday. The Council of States passed the proposal by a 29-16 vote in a session held the same day. The proposal, which faced opposition from the Swiss lender, falls short of the full 100% requirement that the government had sought. The bill will now head to the lower house, with a final ruling unlikely before 2027 at the earliest, and could also go to a plebiscite.

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