Swiss parliament begins investigation into Credit Suisse emergency merger

The Swiss Parliamentary Commission of Inquiry tasked with shedding light on the federal authorities' management of the emergency merger of Credit Suisse with UBS has begun its work.

In a statement on 13 July, the commission said it had today gathered information on the legal bases in force and learned about the important preliminary work carried out by the Management Committees. It also approved its communication strategy, drew up an initial inventory and defined the stages of its investigation.

The CEP met on July 13, 2023 in Bern, under the chairmanship of State Councilor Isabelle Chassot (Le Centre, FR).

On June 8, 2023, the Federal Chambers had set up a Parliamentary Inquiry Commission (CEP) to investigate the management of the federal authorities in the context of Credit Suisse's emergency merger with UBS.

"The main task of the CEP is to examine the legality, expediency and effectiveness of the management of the competent authorities and bodies in the context of the Credit Suisse crisis and to draw up a report for the Federal Chambers on the results of his investigation", it said. 

On June 14, 2023, the Bureau of the National Council and that of the Council of States elected the presidency and the members of the CEP. Its secretariat has also been set up in the meantime and has already carried out important preparatory work for the survey by preparing various basic documents, the statement further said. 

After a first constitutive meeting on June 16, 2023, the CEP met today for its first ordinary meeting in order to lay the groundwork for its investigation.

She first inquired about the current state of the work and the relevant legal bases, and in particular took note of the important preparatory work carried out by the Management Committees of the two Chambers. The PIU, which has extensive powers, must respect specific procedural and participation rights during its investigation. Being the first CEP to work under the Act on Parliament (LParl), which came into force in 2003, it focused in particular on the rules now applicable.

The CEP essentially works with information and documents classified as "confidential" and sometimes "secret". In addition to the principle of confidentiality of the deliberations of the committees within the meaning of art. 47 LParl, the CEP is subject to the obligation of secrecy, in accordance with art. 169 LParl.

This obligation applies to all persons who take part in the sessions and hearings. The CEP has today adopted its information security and data protection strategy covering measures relating to the protection of its sources of information and the secrecy of committee meetings as well as compliance with the obligation to keep the secret.

Because of the keen interest that its work arouses among the public, the CEP must also have a clearly regulated communication. It has therefore adopted directives relating to its communication during the investigation.

These directives, which will be published, specify in particular which general elements can be the subject of public communication and which are those on which the CEP cannot communicate during the investigation.

The PIU also discussed the timing of its investigation and defined four major work phases. It is a question, first of all, of preparing the bases of its work at the levels of organization and content, then, in a second step, of developing the concept of investigation concretizing the mandate that the Federal Chambers have given it entrusts. The third phase is that of carrying out the investigative work, in particular the hearings. Finally, the last phase is that of writing the report, which will be submitted to both Chambers. According to current planning, phases one and two should be completed by the next fall semester.

With a view to drawing up its concept of inquiry, the committee has also drawn up an initial inventory, which aims to give concrete expression to Parliament's general mandate, to define the circle of people to be heard and to set a timetable .

The CEP confirmed on 13 July that it is necessary to investigate not only the events that occurred in March 2023, but also relevant developments that occurred in previous years.