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Swiss parliament has criticized the previous leadership of the country’s financial regulator, Finma, for their handling of the collapse of Credit Suisse last year. In a landmark inquiry, a specially-convened commission found that Finma’s decision to grant Credit Suisse relief from capital requirements in 2017 obscured the true state of the bank and prevented corrective measures from being taken on time. The commission placed primary blame for the crisis on the leadership of Credit Suisse over many years, but also criticized Finma for not fully addressing the deficiencies it had identified. The collapse of Credit Suisse, one of Switzerland’s largest banks, shook the confidence in the country’s financial services industry and ultimately led to an emergency takeover by UBS Group AG. The report, which covers the period from 2015 to June 2023, also found that Finma’s decision to grant the regulatory filter was not communicated to its supervisory board. The former CEO of Finma, Mark Branson, who is now the head of Germany’s financial regulator, Bafin, was heavily criticized for his role in the crisis. The report also highlighted that Finma did not do everything wrong and operated with limited options. The criticism from the parliament comes as Finma is working to strengthen its supervision and implement lessons learned from the Credit Suisse case. The report is expected to have a significant impact on the financial industry in Switzerland and could lead to stricter regulations and oversight in the future.