Swiss government set to water down part of UBS capital rules, sources say 

The Swiss government is set to soften part of a banking regulation package that could force UBS to add as much as $24 billion in capital, three people familiar with the matter said. Shares in UBS closed up 4% after the Reuters report on Dec. 5, the biggest daily move since June.   

Why it matters 

Weakening the proposed rules would be a boost for UBS, which has said repeatedly that the wealth manager and Switzerland will be harmed. Industry groups, cantonal governments and influential lawmakers have joined the firm in recent weeks in warning that banking could be rendered uncompetitive.