The Swiss Financial Market Supervisory Authority (FINMA) announced it will contest the Federal Administrative Court’s partial decision regarding the write-down of Credit Suisse Additional Tier 1 (AT1) capital instruments and will appeal to the Federal Supreme Court. FINMA had ordered the write-down of all Credit Suisse AT1 capital instruments on 19 March 2023, relying in part on the Federal Council’s Emergency Ordinance (PLB-EO), as part of a wider package to stabilise Credit Suisse through a merger with UBS involving extraordinary state support measures. The Federal Administrative Court’s press release described its partial decision as overturning FINMA’s ruling in the first of around 360 proceedings, while noting that the judgment does not yet address the consequences of the annulment and is not final. FINMA plans to file its appeal within the 30-day appeal period.
Swiss Financial Market Supervisory Authority (FINMA) 2025-10-15
Swiss Financial Market Supervisory Authority FINMA to appeal Federal Administrative Court partial annulment of Credit Suisse AT1 write-down
The Swiss Financial Market Supervisory Authority (FINMA) will appeal to the Federal Supreme Court against the Federal Administrative Court's partial decision overturning its write-down of Credit Suisse Additional Tier 1 (AT1) capital instruments. This action follows FINMA's March 2023 order, based on the Federal Council’s Emergency Ordinance, as part of measures to stabilize Credit Suisse through a merger with UBS.