{"id":23465,"date":"2025-10-17T08:12:21","date_gmt":"2025-10-17T07:12:21","guid":{"rendered":"https:\/\/lindemannlaw.ch\/?p=23465"},"modified":"2025-10-17T17:21:09","modified_gmt":"2025-10-17T16:21:09","slug":"spisanie-cs-at1-neudacha-nadzornogo-organa-perezagruzka-shvejcarskogo-antikrizisnogo-upravleniya","status":"publish","type":"post","link":"https:\/\/lindemannlaw.ch\/ru\/insights\/spisanie-cs-at1-neudacha-nadzornogo-organa-perezagruzka-shvejcarskogo-antikrizisnogo-upravleniya\/","title":{"rendered":"\u0421\u043f\u0438\u0441\u0430\u043d\u0438\u0435 CS-AT1: \u043d\u0435\u0443\u0434\u0430\u0447\u0430 \u0434\u043b\u044f \u043d\u0430\u0434\u0437\u043e\u0440\u043d\u043e\u0433\u043e \u043e\u0440\u0433\u0430\u043d\u0430 &#8212; \u0438 \u043f\u0435\u0440\u0435\u0437\u0430\u0433\u0440\u0443\u0437\u043a\u0430 \u0434\u043b\u044f \u0448\u0432\u0435\u0439\u0446\u0430\u0440\u0441\u043a\u043e\u0433\u043e \u0430\u043d\u0442\u0438\u043a\u0440\u0438\u0437\u0438\u0441\u043d\u043e\u0433\u043e \u0443\u043f\u0440\u0430\u0432\u043b\u0435\u043d\u0438\u044f"},"content":{"rendered":"<p>\u042d\u0442\u043e\u0442 \u0438\u043d\u0441\u0430\u0439\u0442 \u0434\u043e\u043f\u043e\u043b\u043d\u044f\u0435\u0442 \u043d\u0430\u0448 \u043f\u0440\u0435\u0434\u044b\u0434\u0443\u0449\u0438\u0439 <a href=\"https:\/\/lindemannlaw.ch\/ru\/insights\/slianie-credit-suisse-ubs-sudebnaya-praktika-bger-2e1-2024-sdny-2025\/\"><strong>\u0432\u0442\u043e\u0440\u043d\u0438\u0447\u043d\u044b\u0439 \u0430\u043d\u0430\u043b\u0438\u0437 \u0440\u0435\u0448\u0435\u043d\u0438\u0439 \u043e \u0441\u043b\u0438\u044f\u043d\u0438\u0438 Credit Suisse \u0438 UBS (BGer 2E_1\/2024 \u0438 SDNY 2025).<\/strong><\/a> &#8212; \u0412\u043c\u0435\u0441\u0442\u0435 \u043e\u043d\u0438 \u043f\u0440\u043e\u0441\u043b\u0435\u0436\u0438\u0432\u0430\u044e\u0442 \u0440\u0430\u0437\u0432\u0438\u0442\u0438\u0435 \u0441\u0443\u0434\u0435\u0431\u043d\u043e\u0439 \u043f\u0440\u0430\u043a\u0442\u0438\u043a\u0438, \u0441\u0432\u044f\u0437\u0430\u043d\u043d\u043e\u0439 \u0441\u043e \u0441\u043f\u0430\u0441\u0435\u043d\u0438\u0435\u043c CS \u0438 \u0435\u0433\u043e \u0434\u043e\u043b\u0433\u0438\u043c\u0438 \u044e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u0438\u043c\u0438 \u043f\u043e\u0441\u043b\u0435\u0434\u0441\u0442\u0432\u0438\u044f\u043c\u0438.<\/p>\n<h2>\u0412\u0432\u0435\u0434\u0435\u043d\u0438\u0435<\/h2>\n<p>Credit Suisse Group AG (&#171;CS&#187;) \u0438 UBS Group AG (&#171;UBS&#187;) \u0434\u043e\u043b\u0433\u043e\u0435 \u0432\u0440\u0435\u043c\u044f \u043e\u043f\u0440\u0435\u0434\u0435\u043b\u044f\u043b\u0438 \u0448\u0432\u0435\u0439\u0446\u0430\u0440\u0441\u043a\u0438\u0439 \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u044b\u0439 \u0446\u0435\u043d\u0442\u0440. \u041f\u043e\u0441\u043b\u0435 \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0438\u0442\u0435\u043b\u044c\u043d\u043e\u0433\u043e \u0441\u043f\u0430\u0434\u0430 \u043a\u0440\u0438\u0437\u0438\u0441 \u0434\u043e\u0441\u0442\u0438\u0433 \u043a\u0443\u043b\u044c\u043c\u0438\u043d\u0430\u0446\u0438\u0438 \u0432 \u043c\u0430\u0440\u0442\u0435 2023 \u0433\u043e\u0434\u0430. \u0412 \u0447\u0440\u0435\u0437\u0432\u044b\u0447\u0430\u0439\u043d\u043e\u043c \u043f\u043e\u0441\u0442\u0430\u043d\u043e\u0432\u043b\u0435\u043d\u0438\u0438 \u043e\u0442 19 \u043c\u0430\u0440\u0442\u0430 2023 \u0433. FINMA \u043f\u0440\u0435\u0434\u043f\u0438\u0441\u0430\u043b\u0430 CS, \u0441\u0440\u0435\u0434\u0438 \u043f\u0440\u043e\u0447\u0438\u0445, \u0441\u043f\u0438\u0441\u0430\u0442\u044c \u0432\u0441\u0435 \u0438\u043d\u0441\u0442\u0440\u0443\u043c\u0435\u043d\u0442\u044b \u0434\u043e\u043f\u043e\u043b\u043d\u0438\u0442\u0435\u043b\u044c\u043d\u043e\u0433\u043e \u043a\u0430\u043f\u0438\u0442\u0430\u043b\u0430 \u043f\u0435\u0440\u0432\u043e\u0433\u043e \u0443\u0440\u043e\u0432\u043d\u044f (&#171;AT1&#187;). \u041d\u043e\u043c\u0438\u043d\u0430\u043b\u044c\u043d\u0430\u044f \u0441\u0442\u043e\u0438\u043c\u043e\u0441\u0442\u044c \u0442\u0430\u043a\u0438\u0445 \u043e\u0431\u043b\u0438\u0433\u0430\u0446\u0438\u0439 AT1 \u0441\u043e\u0441\u0442\u0430\u0432\u043b\u044f\u043b\u0430 \u043f\u0440\u0438\u043c\u0435\u0440\u043d\u043e 16,5 \u043c\u043b\u0440\u0434. \u0448\u0432\u0435\u0439\u0446\u0430\u0440\u0441\u043a\u0438\u0445 \u0444\u0440\u0430\u043d\u043a\u043e\u0432. \u041e\u043a\u043e\u043b\u043e 3&#8217;000 \u0434\u0435\u0440\u0436\u0430\u0442\u0435\u043b\u0435\u0439 \u043e\u0431\u043b\u0438\u0433\u0430\u0446\u0438\u0439, \u0441\u0440\u0435\u0434\u0438 \u043a\u043e\u0442\u043e\u0440\u044b\u0445 \u0431\u044b\u043b\u0438 \u0441\u0442\u043e\u0440\u043e\u043d\u044b, \u043f\u0440\u0435\u0434\u0441\u0442\u0430\u0432\u043b\u0435\u043d\u043d\u044b\u0435 LINDEMANNLAW, \u043f\u043e\u0434\u0430\u043b\u0438 \u0430\u043f\u0435\u043b\u043b\u044f\u0446\u0438\u0438 \u043d\u0430 \u044d\u0442\u043e \u043f\u043e\u0441\u0442\u0430\u043d\u043e\u0432\u043b\u0435\u043d\u0438\u0435 FINMA \u0432 \u0440\u0430\u043c\u043a\u0430\u0445 \u043e\u043a\u043e\u043b\u043e 360 \u0440\u0430\u0437\u0431\u0438\u0440\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432 \u0432 \u0424\u0435\u0434\u0435\u0440\u0430\u043b\u044c\u043d\u043e\u043c \u0430\u0434\u043c\u0438\u043d\u0438\u0441\u0442\u0440\u0430\u0442\u0438\u0432\u043d\u043e\u043c \u0441\u0443\u0434\u0435 (&#171;FAC&#187;). \u041f\u043e\u0441\u043b\u0435 \u0431\u043e\u043b\u0435\u0435 \u0447\u0435\u043c \u0434\u0432\u0443\u0445\u043b\u0435\u0442\u043d\u0435\u0433\u043e \u043e\u0436\u0438\u0434\u0430\u043d\u0438\u044f \u043a\u0440\u0435\u0434\u0438\u0442\u043e\u0440\u044b \u0434\u043e\u0431\u0438\u043b\u0438\u0441\u044c \u043d\u0435\u043e\u0436\u0438\u0434\u0430\u043d\u043d\u043e\u0433\u043e \u0443\u0441\u043f\u0435\u0445\u0430 \u0431\u043b\u0430\u0433\u043e\u0434\u0430\u0440\u044f \u0447\u0430\u0441\u0442\u0438\u0447\u043d\u043e\u043c\u0443 \u0440\u0435\u0448\u0435\u043d\u0438\u044e FAC \u043e\u0442 1 \u043e\u043a\u0442\u044f\u0431\u0440\u044f 2025 \u0433\u043e\u0434\u0430 \u043f\u043e \u043e\u0434\u043d\u043e\u0439 \u0442\u0438\u043f\u043e\u0432\u043e\u0439 \u043f\u0440\u043e\u0446\u0435\u0434\u0443\u0440\u0435, \u043a\u043e\u0442\u043e\u0440\u043e\u0435 \u0431\u044b\u043b\u043e \u043e\u043f\u0443\u0431\u043b\u0438\u043a\u043e\u0432\u0430\u043d\u043e 14 \u043e\u043a\u0442\u044f\u0431\u0440\u044f 2025 \u0433\u043e\u0434\u0430.<\/p>\n<p>\u0421\u043e\u0433\u043b\u0430\u0441\u043d\u043e \u044d\u0442\u043e\u043c\u0443 \u0440\u0435\u0448\u0435\u043d\u0438\u044e FAC, \u043f\u043e\u0441\u0442\u0430\u043d\u043e\u0432\u043b\u0435\u043d\u0438\u0435 FINMA \u043e\u0442 19 \u043c\u0430\u0440\u0442\u0430 2023 \u0433. \u0434\u043e\u043b\u0436\u043d\u043e \u0431\u044b\u0442\u044c \u043e\u0442\u043c\u0435\u043d\u0435\u043d\u043e, \u0430 \u0438\u043c\u0443\u0449\u0435\u0441\u0442\u0432\u0435\u043d\u043d\u044b\u0435 \u043f\u0440\u0430\u0432\u0430 \u043a\u0440\u0435\u0434\u0438\u0442\u043e\u0440\u043e\u0432 &#8212; \u0441\u043e\u0431\u043b\u044e\u0434\u0435\u043d\u044b. \u042d\u0442\u043e \u043e\u0433\u0440\u043e\u043c\u043d\u044b\u0439 \u0443\u0441\u043f\u0435\u0445 \u043a\u0430\u043a \u0434\u043b\u044f \u043a\u0440\u0435\u0434\u0438\u0442\u043e\u0440\u043e\u0432, \u0442\u0430\u043a \u0438 \u0434\u043b\u044f \u0448\u0432\u0435\u0439\u0446\u0430\u0440\u0441\u043a\u043e\u0433\u043e \u043f\u0440\u0430\u0432\u043e\u0432\u043e\u0433\u043e \u0433\u043e\u0441\u0443\u0434\u0430\u0440\u0441\u0442\u0432\u0430 \u0438 \u0448\u0432\u0435\u0439\u0446\u0430\u0440\u0441\u043a\u043e\u0439 \u043f\u0440\u0430\u0432\u043e\u0432\u043e\u0439 \u0441\u0438\u0441\u0442\u0435\u043c\u044b. \u041c\u044b \u043f\u043e\u0437\u0434\u0440\u0430\u0432\u043b\u044f\u0435\u043c \u0438\u0445 \u0441 \u044d\u0442\u0438\u043c \u043e\u0433\u0440\u043e\u043c\u043d\u044b\u043c \u0443\u0441\u043f\u0435\u0445\u043e\u043c! \u041e\u0441\u043e\u0431\u044b\u0435 \u043f\u043e\u0437\u0434\u0440\u0430\u0432\u043b\u0435\u043d\u0438\u044f \u0438 \u0431\u043b\u0430\u0433\u043e\u0434\u0430\u0440\u043d\u043e\u0441\u0442\u044c \u043d\u0430\u0448\u0438\u043c \u043a\u043b\u0438\u0435\u043d\u0442\u0430\u043c, \u043a\u043e\u0442\u043e\u0440\u044b\u0445 \u043c\u044b \u0438\u043c\u0435\u0435\u043c \u0447\u0435\u0441\u0442\u044c \u043f\u0440\u0435\u0434\u0441\u0442\u0430\u0432\u043b\u044f\u0442\u044c \u0432 \u044d\u0442\u0438\u0445 \u0441\u043b\u043e\u0436\u043d\u044b\u0445 \u0434\u0435\u043b\u0430\u0445!<\/p>\n<h2>1) \u0427\u0442\u043e \u043e\u0437\u043d\u0430\u0447\u0430\u0435\u0442 \u044d\u0442\u043e \u043d\u0435\u0434\u0430\u0432\u043d\u0435\u0435 \u0440\u0435\u0448\u0435\u043d\u0438\u0435 FAC \u0434\u043b\u044f AT1-\u043a\u0440\u0435\u0434\u0438\u0442\u043e\u0440\u043e\u0432 \u0438 \u0447\u0442\u043e \u0431\u044b\u043b\u043e \u0440\u0435\u0448\u0435\u043d\u043e?<\/h2>\n<p>\u042d\u0442\u043e \u0447\u0430\u0441\u0442\u0438\u0447\u043d\u043e\u0435 \u0440\u0435\u0448\u0435\u043d\u0438\u0435 \u0432 \u0442\u0438\u043f\u043e\u0432\u043e\u0439 \u043f\u0440\u043e\u0446\u0435\u0434\u0443\u0440\u0435. \u042d\u0442\u043e \u0441\u0442\u0430\u043d\u0434\u0430\u0440\u0442\u043d\u044b\u0439 \u043f\u043e\u0434\u0445\u043e\u0434 \u0432 \u0442\u0430\u043a\u0438\u0445 \u0441\u043b\u043e\u0436\u043d\u044b\u0445 \u0441\u0443\u0434\u0435\u0431\u043d\u044b\u0445 \u0440\u0430\u0437\u0431\u0438\u0440\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u0430\u0445. \u041f\u0440\u0435\u0434\u043c\u0435\u0442\u043e\u043c \u0434\u0430\u043d\u043d\u043e\u0433\u043e \u0447\u0430\u0441\u0442\u0438\u0447\u043d\u043e\u0433\u043e \u0440\u0435\u0448\u0435\u043d\u0438\u044f \u044f\u0432\u043b\u044f\u0435\u0442\u0441\u044f \u043f\u0440\u043e\u0441\u044c\u0431\u0430 \u0437\u0430\u044f\u0432\u0438\u0442\u0435\u043b\u044f \u043e\u0431 \u043e\u0442\u043c\u0435\u043d\u0435 \u043f\u043e\u0441\u0442\u0430\u043d\u043e\u0432\u043b\u0435\u043d\u0438\u044f FINMA \u043e\u0442 19 \u043c\u0430\u0440\u0442\u0430 2023 \u0433\u043e\u0434\u0430.<\/p>\n<p>\u0412 \u044d\u0442\u043e\u043c \u0447\u0430\u0441\u0442\u0438\u0447\u043d\u043e\u043c \u0440\u0435\u0448\u0435\u043d\u0438\u0438 FAC \u043e\u0442\u043c\u0435\u043d\u0438\u043b \u0440\u0435\u0448\u0435\u043d\u0438\u0435 FINMA, \u0443\u0441\u0442\u0430\u043d\u043e\u0432\u0438\u0432 (\u0441\u0440\u0435\u0434\u0438 \u043f\u0440\u043e\u0447\u0435\u0433\u043e), \u0447\u0442\u043e \u043d\u0438 \u0427\u0440\u0435\u0437\u0432\u044b\u0447\u0430\u0439\u043d\u043e\u0435 \u043f\u043e\u0441\u0442\u0430\u043d\u043e\u0432\u043b\u0435\u043d\u0438\u0435, \u043d\u0438 \u0443\u0441\u043b\u043e\u0432\u0438\u044f \u0438\u043d\u0441\u0442\u0440\u0443\u043c\u0435\u043d\u0442\u043e\u0432 \u043d\u0435 \u043f\u0440\u0435\u0434\u043e\u0441\u0442\u0430\u0432\u043b\u044f\u043b\u0438 \u0447\u0435\u0442\u043a\u043e\u0439 \u043f\u0440\u0430\u0432\u043e\u0432\u043e\u0439 \u043e\u0441\u043d\u043e\u0432\u044b, \u043d\u0435\u043e\u0431\u0445\u043e\u0434\u0438\u043c\u043e\u0439 \u0434\u043b\u044f \u0442\u0430\u043a\u043e\u0433\u043e \u0441\u0435\u0440\u044c\u0435\u0437\u043d\u043e\u0433\u043e \u0432\u043c\u0435\u0448\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u0430 \u0432 \u043f\u0440\u0430\u0432\u0430 \u0441\u043e\u0431\u0441\u0442\u0432\u0435\u043d\u043d\u043e\u0441\u0442\u0438. \u0421\u0443\u0434 \u043f\u043e\u0434\u0447\u0435\u0440\u043a\u043d\u0443\u043b, \u0447\u0442\u043e 19 \u043c\u0430\u0440\u0442\u0430 2023 \u0433. CS \u0432\u0441\u0435 \u0435\u0449\u0435 \u0441\u043e\u043e\u0442\u0432\u0435\u0442\u0441\u0442\u0432\u043e\u0432\u0430\u043b \u043c\u0438\u043d\u0438\u043c\u0430\u043b\u044c\u043d\u044b\u043c \u0442\u0440\u0435\u0431\u043e\u0432\u0430\u043d\u0438\u044f\u043c \u043a \u043a\u0430\u043f\u0438\u0442\u0430\u043b\u0443, \u0438 \u0447\u0442\u043e \u0433\u043e\u0441\u0443\u0434\u0430\u0440\u0441\u0442\u0432\u0435\u043d\u043d\u0430\u044f \u043f\u043e\u0434\u0434\u0435\u0440\u0436\u043a\u0430, \u043d\u0430\u043f\u0440\u0430\u0432\u043b\u0435\u043d\u043d\u0430\u044f \u043d\u0430 \u043e\u0431\u0435\u0441\u043f\u0435\u0447\u0435\u043d\u0438\u0435 \u0434\u043e\u0432\u0435\u0440\u0438\u044f \u0438 \u043b\u0438\u043a\u0432\u0438\u0434\u043d\u043e\u0441\u0442\u0438, \u043d\u0435 \u043f\u0440\u0435\u0434\u0441\u0442\u0430\u0432\u043b\u044f\u043b\u0430 \u0441\u043e\u0431\u043e\u0439 \u043d\u0438 \u043d\u0435\u043f\u0440\u0435\u0434\u0432\u0438\u0434\u0435\u043d\u043d\u043e\u0433\u043e, \u043d\u0438 \u0436\u0438\u0437\u043d\u0435\u0441\u043f\u043e\u0441\u043e\u0431\u043d\u043e\u0433\u043e \u0441\u043e\u0431\u044b\u0442\u0438\u044f \u0432 \u0441\u043c\u044b\u0441\u043b\u0435 \u0443\u0441\u043b\u043e\u0432\u0438\u0439 \u0434\u043e\u0433\u043e\u0432\u043e\u0440\u0430 AT1.<\/p>\n<p>\u0421\u043e\u0433\u043b\u0430\u0441\u043d\u043e FAC, \u0432\u0441\u0435 \u043e\u0441\u0442\u0430\u043b\u044c\u043d\u044b\u0435 \u0441\u0432\u044f\u0437\u0430\u043d\u043d\u044b\u0435 \u0441 \u044d\u0442\u0438\u043c \u043f\u0440\u043e\u0446\u0435\u0434\u0443\u0440\u044b \u043f\u0440\u0438\u043e\u0441\u0442\u0430\u043d\u043e\u0432\u043b\u0435\u043d\u044b \u0434\u043e \u0442\u0435\u0445 \u043f\u043e\u0440, \u043f\u043e\u043a\u0430 \u043d\u0435 \u0431\u0443\u0434\u0435\u0442 \u043f\u0440\u0438\u043d\u044f\u0442\u043e \u043e\u043a\u043e\u043d\u0447\u0430\u0442\u0435\u043b\u044c\u043d\u043e\u0435 \u0440\u0435\u0448\u0435\u043d\u0438\u0435 \u043e\u0442\u043d\u043e\u0441\u0438\u0442\u0435\u043b\u044c\u043d\u043e \u044e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u043e\u0439 \u0441\u0438\u043b\u044b \u044d\u0442\u043e\u0433\u043e \u043f\u043e\u0441\u0442\u0430\u043d\u043e\u0432\u043b\u0435\u043d\u0438\u044f FINMA. FINMA \u0443\u0436\u0435 \u043e\u0431\u044a\u044f\u0432\u0438\u043b\u0430 \u043e \u043f\u043e\u0434\u0430\u0447\u0435 \u0430\u043f\u0435\u043b\u043b\u044f\u0446\u0438\u0438 \u0432 \u0424\u0435\u0434\u0435\u0440\u0430\u043b\u044c\u043d\u044b\u0439 \u0412\u0435\u0440\u0445\u043e\u0432\u043d\u044b\u0439 \u0421\u0443\u0434. [1]<\/p>\n<h2>2) \u041f\u043e\u0447\u0435\u043c\u0443 \u044d\u0442\u043e \u0432\u0430\u0436\u043d\u043e?<\/h2>\n<p>\u042d\u0442\u043e \u0440\u0435\u0448\u0435\u043d\u0438\u0435 \u043e\u0433\u0440\u0430\u043d\u0438\u0447\u0438\u0432\u0430\u0435\u0442 \u0441\u0432\u043e\u0431\u043e\u0434\u0443 \u0434\u0435\u0439\u0441\u0442\u0432\u0438\u0439 \u0432 \u043a\u0440\u0438\u0437\u0438\u0441\u043d\u043e\u0435 \u0432\u0440\u0435\u043c\u044f: \u0434\u0430\u0436\u0435 \u043f\u043e\u0434 \u0434\u0430\u0432\u043b\u0435\u043d\u0438\u0435\u043c \u043d\u0430\u0434\u0437\u043e\u0440\u043d\u044b\u0435 \u043f\u043e\u043b\u043d\u043e\u043c\u043e\u0447\u0438\u044f \u0442\u0440\u0435\u0431\u0443\u044e\u0442 \u0442\u043e\u0447\u043d\u044b\u0445 \u0437\u0430\u043a\u043e\u043d\u043e\u0434\u0430\u0442\u0435\u043b\u044c\u043d\u044b\u0445 \u0438 \u0434\u043e\u0433\u043e\u0432\u043e\u0440\u043d\u044b\u0445 \u043e\u0441\u043d\u043e\u0432\u0430\u043d\u0438\u0439. \u041f\u043e\u0434\u0445\u043e\u0434 \u0424\u0410\u0421 \u043f\u043e\u0434\u0447\u0435\u0440\u043a\u0438\u0432\u0430\u0435\u0442 \u043f\u0440\u0430\u0432\u043e\u0432\u0443\u044e \u043e\u043f\u0440\u0435\u0434\u0435\u043b\u0435\u043d\u043d\u043e\u0441\u0442\u044c \u043a\u0430\u043a \u043a\u0440\u0430\u0435\u0443\u0433\u043e\u043b\u044c\u043d\u044b\u0439 \u043a\u0430\u043c\u0435\u043d\u044c \u0434\u043e\u0432\u0435\u0440\u0438\u044f \u0440\u044b\u043d\u043a\u0430, \u043e\u0441\u0442\u0430\u0432\u043b\u044f\u044f \u0441\u0440\u0435\u0434\u0441\u0442\u0432\u0430 \u043f\u0440\u0430\u0432\u043e\u0432\u043e\u0439 \u0437\u0430\u0449\u0438\u0442\u044b (\u0432\u043e\u0441\u0441\u0442\u0430\u043d\u043e\u0432\u043b\u0435\u043d\u0438\u0435 \u0432 \u043f\u0440\u0430\u0432\u0430\u0445 \u0438\u043b\u0438 \u043a\u043e\u043c\u043f\u0435\u043d\u0441\u0430\u0446\u0438\u044f) \u043d\u0430 \u0431\u043e\u043b\u0435\u0435 \u043f\u043e\u0437\u0434\u043d\u0438\u0435 \u044d\u0442\u0430\u043f\u044b \u0438 \u043a\u043e\u043c\u043f\u0435\u0442\u0435\u043d\u0442\u043d\u044b\u0435 \u0441\u0443\u0434\u044b.<\/p>\n<h2>3) \u041e\u0441\u043d\u043e\u0432\u043d\u044b\u0435 \u044e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u0438\u0435 \u043d\u0435\u0434\u043e\u0441\u0442\u0430\u0442\u043a\u0438, \u0432\u044b\u044f\u0432\u043b\u0435\u043d\u043d\u044b\u0435 \u0424\u0410\u041a, \u0432\u043a\u0440\u0430\u0442\u0446\u0435<\/h2>\n<p><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/16.0.1\/svg\/2714.svg\" alt=\"\u2714\" \/> \u0414\u043e\u0433\u043e\u0432\u043e\u0440 \u043f\u0440\u043e\u0442\u0438\u0432 \u0440\u0435\u0433\u0443\u043b\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u044f. FAC \u043f\u0440\u043e\u0447\u0438\u0442\u0430\u043b \u044f\u0437\u044b\u043a \u043f\u0440\u043e\u0441\u043f\u0435\u043a\u0442\u0430 AT1 (\u0432 \u0447\u0430\u0441\u0442\u043d\u043e\u0441\u0442\u0438, \u0442\u0440\u0438\u0433\u0433\u0435\u0440 &#171;\u0436\u0438\u0437\u043d\u0435\u0441\u043f\u043e\u0441\u043e\u0431\u043d\u043e\u0441\u0442\u044c&#187;, \u0441\u0432\u044f\u0437\u0430\u043d\u043d\u044b\u0439 \u0441 \u0434\u043e\u0441\u0442\u0430\u0442\u043e\u0447\u043d\u043e\u0441\u0442\u044c\u044e \u043a\u0430\u043f\u0438\u0442\u0430\u043b\u0430) \u0431\u043e\u043b\u0435\u0435 \u0443\u0437\u043a\u043e, \u0447\u0435\u043c \u043a\u0440\u0438\u0437\u0438\u0441\u043d\u043e\u0435 \u043f\u0440\u043e\u0447\u0442\u0435\u043d\u0438\u0435 FINMA, \u0438 \u0431\u043b\u0438\u0436\u0435 \u043a \u0442\u043e\u043c\u0443, \u043a\u0430\u043a \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u044b \u043e\u0436\u0438\u0434\u0430\u043b\u0438 \u0431\u044b \u0435\u0433\u043e \u043f\u0440\u0438\u043c\u0435\u043d\u0435\u043d\u0438\u044f.<br \/>\n<img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/16.0.1\/svg\/2714.svg\" alt=\"\u2714\" \/> \u0427\u0440\u0435\u0437\u0432\u044b\u0447\u0430\u0439\u043d\u044b\u0435 \u043f\u043e\u043b\u043d\u043e\u043c\u043e\u0447\u0438\u044f. \u0421\u0443\u0434 \u0440\u0430\u0441\u0446\u0435\u043d\u0438\u043b \u041f\u043e\u0441\u0442\u0430\u043d\u043e\u0432\u043b\u0435\u043d\u0438\u0435 \u043e \u0447\u0440\u0435\u0437\u0432\u044b\u0447\u0430\u0439\u043d\u043e\u043c \u043f\u043e\u043b\u043e\u0436\u0435\u043d\u0438\u0438 \u043a\u0430\u043a \u043d\u0435\u0434\u043e\u0441\u0442\u0430\u0442\u043e\u0447\u043d\u0443\u044e (\u0438 \u043f\u043e\u0442\u0435\u043d\u0446\u0438\u0430\u043b\u044c\u043d\u043e \u0447\u0440\u0435\u0437\u043c\u0435\u0440\u043d\u043e \u0440\u0430\u0441\u0448\u0438\u0440\u0435\u043d\u043d\u0443\u044e) \u043e\u0441\u043d\u043e\u0432\u0443 \u0432 \u0443\u0441\u043b\u043e\u0432\u0438\u044f\u0445, \u043a\u043e\u0433\u0434\u0430 \u0441\u0438\u0441\u0442\u0435\u043c\u0430 &#171;\u0441\u043b\u0438\u0448\u043a\u043e\u043c \u0431\u043e\u043b\u044c\u0448\u043e\u0439, \u0447\u0442\u043e\u0431\u044b \u043e\u0431\u0430\u043d\u043a\u0440\u043e\u0442\u0438\u0442\u044c\u0441\u044f&#187; \u0443\u0436\u0435 \u043e\u0431\u0435\u0441\u043f\u0435\u0447\u0438\u043b\u0430 \u0438\u043d\u0434\u0438\u0432\u0438\u0434\u0443\u0430\u043b\u044c\u043d\u044b\u0439 \u0437\u0430\u043a\u043e\u043d\u043e\u0434\u0430\u0442\u0435\u043b\u044c\u043d\u044b\u0439 \u043f\u0443\u0442\u044c.<br \/>\n<img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/16.0.1\/svg\/2714.svg\" alt=\"\u2714\" \/> \u041f\u0440\u0430\u0432\u043e\u043c\u043e\u0447\u043d\u043e\u0441\u0442\u044c \u0438 \u043f\u0435\u0440\u0435\u0441\u043c\u043e\u0442\u0440. \u0418\u043c\u0443\u0449\u0435\u0441\u0442\u0432\u0435\u043d\u043d\u044b\u0435 \u0438\u043d\u0442\u0435\u0440\u0435\u0441\u044b \u0434\u0435\u0440\u0436\u0430\u0442\u0435\u043b\u0435\u0439 \u043e\u0431\u043b\u0438\u0433\u0430\u0446\u0438\u0439 \u043e\u043f\u0440\u0430\u0432\u0434\u044b\u0432\u0430\u044e\u0442 \u0441\u0443\u0434\u0435\u0431\u043d\u044b\u0439 \u043f\u0435\u0440\u0435\u0441\u043c\u043e\u0442\u0440; \u0443\u043f\u0440\u0430\u0432\u043b\u0435\u043d\u0438\u0435 \u043a\u0440\u0438\u0437\u0438\u0441\u043e\u043c \u043d\u0435 \u0437\u0430\u0442\u043c\u0435\u0432\u0430\u0435\u0442 \u043d\u0430\u0434\u043b\u0435\u0436\u0430\u0449\u0443\u044e \u043f\u0440\u0430\u0432\u043e\u0432\u0443\u044e \u043f\u0440\u043e\u0446\u0435\u0434\u0443\u0440\u0443.<\/p>\n<p>\u0412 \u0441\u043e\u0432\u043e\u043a\u0443\u043f\u043d\u043e\u0441\u0442\u0438 \u044d\u0442\u0438 \u0442\u0435\u043c\u044b \u0443\u043a\u0430\u0437\u044b\u0432\u0430\u044e\u0442 \u043d\u0430 \u043d\u0435\u043e\u0431\u0445\u043e\u0434\u0438\u043c\u043e\u0441\u0442\u044c \u043f\u0435\u0440\u0435\u0441\u043c\u043e\u0442\u0440\u0435\u0442\u044c \u043f\u0440\u0430\u043a\u0442\u0438\u043a\u0443 \u0440\u0430\u0437\u0440\u0435\u0448\u0435\u043d\u0438\u044f \u0448\u0432\u0435\u0439\u0446\u0430\u0440\u0441\u043a\u0438\u0445 \u0441\u043f\u043e\u0440\u043e\u0432 \u0432 \u0441\u0442\u043e\u0440\u043e\u043d\u0443 \u0431\u043e\u043b\u0435\u0435 \u0442\u043e\u0447\u043d\u043e\u0433\u043e \u0441\u043b\u0435\u0434\u043e\u0432\u0430\u043d\u0438\u044f \u0442\u0435\u043a\u0441\u0442\u0443 \u0438 \u0431\u043e\u043b\u0435\u0435 \u0447\u0435\u0442\u043a\u043e\u0433\u043e \u0437\u0430\u043a\u0440\u0435\u043f\u043b\u0435\u043d\u0438\u044f \u0432 \u0437\u0430\u043a\u043e\u043d\u0435 \u043f\u0440\u0438 \u0431\u0443\u0434\u0443\u0449\u0438\u0445 \u0432\u043c\u0435\u0448\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u0430\u0445. (\u0421\u043c. \u0441\u043f\u0440\u0430\u0432\u043e\u0447\u043d\u0443\u044e \u0438\u043d\u0444\u043e\u0440\u043c\u0430\u0446\u0438\u044e \u0438 \u0440\u0435\u0437\u044e\u043c\u0435 \u0441\u0443\u0434\u0435\u0431\u043d\u044b\u0445 \u0437\u0430\u0441\u0435\u0434\u0430\u043d\u0438\u0439).<\/p>\n<h2>4) \u0427\u0442\u043e \u044d\u0442\u043e \u0437\u043d\u0430\u0447\u0438\u0442 \u0434\u043b\u044f \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u043e\u0432 \u0438 UBS \u0441\u0435\u0439\u0447\u0430\u0441?<\/h2>\n<p>UBS, \u043a\u0430\u043a \u043f\u0440\u0435\u0435\u043c\u043d\u0438\u043a CS, \u043d\u0430\u0445\u043e\u0434\u0438\u0442\u0441\u044f \u043d\u0430 \u043f\u0435\u0440\u0435\u0441\u0435\u0447\u0435\u043d\u0438\u0438 \u0432\u044b\u0433\u043e\u0434\u044b \u0438 \u0431\u0440\u0435\u043c\u0435\u043d\u0438: \u043e\u043d \u043f\u043e\u043b\u0443\u0447\u0438\u043b \u043e\u0431\u043b\u0435\u0433\u0447\u0435\u043d\u0438\u0435 \u0431\u0430\u043b\u0430\u043d\u0441\u0430 \u043e\u0442 \u0441\u043f\u0438\u0441\u0430\u043d\u0438\u044f \u0432 2023 \u0433\u043e\u0434\u0443, \u043d\u043e \u043c\u043e\u0436\u0435\u0442 \u0441\u0442\u043e\u043b\u043a\u043d\u0443\u0442\u044c\u0441\u044f \u0441 \u0442\u0440\u0435\u0431\u043e\u0432\u0430\u043d\u0438\u044f\u043c\u0438 \u043a\u043e\u043c\u043f\u0435\u043d\u0441\u0430\u0446\u0438\u0438, \u0435\u0441\u043b\u0438 \u0440\u0435\u0448\u0435\u043d\u0438\u0435 \u043e\u0441\u0442\u0430\u043d\u0435\u0442\u0441\u044f \u0432 \u0441\u0438\u043b\u0435. \u0420\u044b\u043d\u043e\u0447\u043d\u044b\u0435 \u043a\u043e\u043c\u043c\u0435\u043d\u0442\u0430\u0442\u043e\u0440\u044b \u043e\u0442\u043c\u0435\u0447\u0430\u044e\u0442, \u0447\u0442\u043e \u0434\u0430\u0436\u0435 \u043d\u0435\u0431\u043b\u0430\u0433\u043e\u043f\u0440\u0438\u044f\u0442\u043d\u044b\u0439 \u0438\u0441\u0445\u043e\u0434 \u0432\u0440\u044f\u0434 \u043b\u0438 \u043f\u043e\u0441\u0442\u0430\u0432\u0438\u0442 \u043f\u043e\u0434 \u0443\u0433\u0440\u043e\u0437\u0443 \u0443\u0441\u0442\u043e\u0439\u0447\u0438\u0432\u043e\u0441\u0442\u044c \u043a\u0430\u043f\u0438\u0442\u0430\u043b\u0430 UBS, \u043d\u043e \u044e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u0430\u044f \u043d\u0430\u0433\u0440\u0443\u0437\u043a\u0430 \u0440\u0435\u0430\u043b\u044c\u043d\u0430 \u0438 \u0431\u0443\u0434\u0435\u0442 \u0443\u0441\u0442\u0440\u0430\u043d\u0435\u043d\u0430 \u0442\u043e\u043b\u044c\u043a\u043e \u0441 \u0440\u0435\u0448\u0435\u043d\u0438\u0435\u043c \u0424\u0435\u0434\u0435\u0440\u0430\u043b\u044c\u043d\u043e\u0433\u043e \u0412\u0435\u0440\u0445\u043e\u0432\u043d\u043e\u0433\u043e \u0421\u0443\u0434\u0430. \u0422\u0435\u043c \u0432\u0440\u0435\u043c\u0435\u043d\u0435\u043c, \u0442\u043e\u0440\u0433\u043e\u0432\u043b\u044f \u0438\u0441\u043a\u0430\u043c\u0438, \u0441\u0432\u044f\u0437\u0430\u043d\u043d\u044b\u043c\u0438 \u0441\u043e \u0441\u043f\u0438\u0441\u0430\u043d\u043d\u044b\u043c\u0438 AT1, \u043f\u043e\u0434\u0441\u043a\u043e\u0447\u0438\u043b\u0430 \u043d\u0430 \u0444\u043e\u043d\u0435 \u0440\u0435\u0448\u0435\u043d\u0438\u044f \u0441\u0443\u0434\u0430 &#8212; \u0441\u0438\u0433\u043d\u0430\u043b \u0440\u044b\u043d\u043a\u0430 \u043e \u0442\u043e\u043c, \u0447\u0442\u043e \u043f\u0440\u0435\u0434\u043f\u043e\u043b\u0430\u0433\u0430\u0435\u043c\u0430\u044f \u0432\u0435\u0440\u043e\u044f\u0442\u043d\u043e\u0441\u0442\u044c \u0432\u044b\u043f\u043b\u0430\u0442 \u0432\u043e\u0437\u0440\u043e\u0441\u043b\u0430, \u0445\u043e\u0442\u044f \u0438 \u043e\u0441\u0442\u0430\u0435\u0442\u0441\u044f \u043d\u0438\u0436\u0435 \u0443\u0440\u043e\u0432\u043d\u044f \u0443\u0432\u0435\u0440\u0435\u043d\u043d\u043e\u0441\u0442\u0438. [3]<\/p>\n<h2>5) \u0427\u0442\u043e \u0431\u0443\u0434\u0435\u0442 \u0434\u0430\u043b\u044c\u0448\u0435?<\/h2>\n<p>\u041f\u0443\u0442\u044c \u043a \u0430\u043f\u0435\u043b\u043b\u044f\u0446\u0438\u0438. FINMA \u0443\u0436\u0435 \u043e\u0431\u044a\u044f\u0432\u0438\u043b\u0430 \u043e \u043f\u043e\u0434\u0430\u0447\u0435 \u0430\u043f\u0435\u043b\u043b\u044f\u0446\u0438\u0438; \u0434\u043e \u043e\u043a\u043e\u043d\u0447\u0430\u0442\u0435\u043b\u044c\u043d\u043e\u0433\u043e \u0440\u0435\u0448\u0435\u043d\u0438\u044f \u0447\u0430\u0441\u0442\u0438\u0447\u043d\u0430\u044f \u043f\u043e\u0431\u0435\u0434\u0430 FAC \u0441\u0430\u043c\u0430 \u043f\u043e \u0441\u0435\u0431\u0435 \u043d\u0435 \u0432\u043e\u0441\u0441\u0442\u0430\u043d\u0430\u0432\u043b\u0438\u0432\u0430\u0435\u0442 \u0443\u0431\u044b\u0442\u043a\u0438 \u0438 \u043d\u0435 \u043f\u0440\u0438\u0441\u0443\u0436\u0434\u0430\u0435\u0442 \u0432\u043e\u0437\u043c\u0435\u0449\u0435\u043d\u0438\u0435 \u0443\u0449\u0435\u0440\u0431\u0430. [4] \u041f\u043e\u0441\u043a\u043e\u043b\u044c\u043a\u0443 \u0448\u0432\u0435\u0439\u0446\u0430\u0440\u0441\u043a\u043e\u0435 \u0437\u0430\u043a\u043e\u043d\u043e\u0434\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u043e \u043e \u0432\u043e\u0437\u043c\u0435\u0449\u0435\u043d\u0438\u0438 \u0443\u0431\u044b\u0442\u043a\u043e\u0432 \u0442\u0440\u0435\u0431\u0443\u0435\u0442 \u0441\u043e\u0432\u043e\u043a\u0443\u043f\u043d\u043e\u0433\u043e \u0434\u043e\u043a\u0430\u0437\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u0430:<\/p>\n<p><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/16.0.1\/svg\/2714.svg\" alt=\"\u2714\" \/> \u043d\u0435\u0437\u0430\u043a\u043e\u043d\u043d\u043e\u0441\u0442\u044c,<br \/>\n<img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/16.0.1\/svg\/2714.svg\" alt=\"\u2714\" \/> \u043f\u043e\u0432\u0440\u0435\u0436\u0434\u0435\u043d\u0438\u044f (\u043d\u0430\u0434\u0435\u0436\u043d\u0430\u044f \u043a\u043e\u043b\u0438\u0447\u0435\u0441\u0442\u0432\u0435\u043d\u043d\u0430\u044f \u043e\u0446\u0435\u043d\u043a\u0430),<br \/>\n<img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/16.0.1\/svg\/2714.svg\" alt=\"\u2714\" \/> \u041f\u0440\u0438\u0447\u0438\u043d\u043d\u043e-\u0441\u043b\u0435\u0434\u0441\u0442\u0432\u0435\u043d\u043d\u0430\u044f \u0441\u0432\u044f\u0437\u044c (\u0435\u0441\u0442\u0435\u0441\u0442\u0432\u0435\u043d\u043d\u0430\u044f \u0438 \u0430\u0434\u0435\u043a\u0432\u0430\u0442\u043d\u0430\u044f), \u0438\u0441\u0442\u0446\u044b \u043c\u043e\u0433\u0443\u0442 \u043e\u0436\u0438\u0434\u0430\u0442\u044c, \u0447\u0442\u043e \u0441\u0443\u0434\u044b \u0431\u0443\u0434\u0443\u0442 \u0442\u0449\u0430\u0442\u0435\u043b\u044c\u043d\u043e \u043f\u0440\u043e\u0432\u0435\u0440\u044f\u0442\u044c \u043c\u043e\u0434\u0435\u043b\u0438 \u0443\u0431\u044b\u0442\u043a\u043e\u0432 \u0438 \u043f\u0440\u0438\u0447\u0438\u043d\u043d\u043e-\u0441\u043b\u0435\u0434\u0441\u0442\u0432\u0435\u043d\u043d\u0443\u044e \u0441\u0432\u044f\u0437\u044c.<\/p>\n<p>\u0421\u0438\u0441\u0442\u0435\u043c\u043d\u044b\u0439 \u0432\u0437\u0433\u043b\u044f\u0434. \u041f\u0430\u0440\u043b\u0430\u043c\u0435\u043d\u0442\u0441\u043a\u0430\u044f \u0440\u0430\u0431\u043e\u0442\u0430 \u043d\u0430\u0434 \u043a\u0440\u0438\u0437\u0438\u0441\u043e\u043c CS (PUK) \u043f\u043e\u0434\u0447\u0435\u0440\u043a\u043d\u0443\u043b\u0430 \u0433\u043e\u0442\u043e\u0432\u043d\u043e\u0441\u0442\u044c, \u043d\u043e \u043f\u0440\u0438 \u044d\u0442\u043e\u043c \u0432\u044b\u044f\u0432\u0438\u043b\u0430 \u0442\u043e\u0447\u043a\u0438 \u0434\u0430\u0432\u043b\u0435\u043d\u0438\u044f \u0432 \u043d\u0430\u0434\u0437\u043e\u0440\u0435 \u0438 \u043e\u0431\u043b\u0435\u0433\u0447\u0435\u043d\u0438\u0438 \u043a\u0430\u043f\u0438\u0442\u0430\u043b\u0430 &#8212; \u043a\u043e\u043d\u0442\u0435\u043a\u0441\u0442, \u043a\u043e\u0442\u043e\u0440\u044b\u0439 \u0441\u0443\u0434\u044b \u0438 \u043f\u043e\u043b\u0438\u0442\u0438\u043a\u0438 \u0431\u0443\u0434\u0443\u0442 \u043e\u0446\u0435\u043d\u0438\u0432\u0430\u0442\u044c \u043f\u0440\u0438 \u0440\u0430\u0437\u0440\u0430\u0431\u043e\u0442\u043a\u0435 \u0431\u0443\u0434\u0443\u0449\u0438\u0445 \u0440\u0430\u043c\u043e\u043a. [5]<\/p>\n<h2>\u0417\u0430\u043a\u043b\u044e\u0447\u0435\u043d\u0438\u0435<\/h2>\n<p>\u0428\u0432\u0435\u0439\u0446\u0430\u0440\u0441\u043a\u0438\u0435 \u0441\u0443\u0434\u044b \u043f\u0440\u043e\u0432\u0435\u043b\u0438 \u0447\u0435\u0442\u043a\u0443\u044e \u043b\u0438\u043d\u0438\u044e: \u0447\u0440\u0435\u0437\u0432\u044b\u0447\u0430\u0439\u043d\u043e\u0435 \u043f\u043e\u043b\u043e\u0436\u0435\u043d\u0438\u0435 \u043d\u0435 \u043e\u0442\u043c\u0435\u043d\u044f\u0435\u0442 \u0437\u0430\u043a\u043e\u043d\u043d\u043e\u0441\u0442\u0438. \u041f\u043e\u0441\u0442\u0430\u043d\u043e\u0432\u043b\u0435\u043d\u0438\u0435 FAC \u0432\u043d\u043e\u0432\u044c \u0430\u043a\u0446\u0435\u043d\u0442\u0438\u0440\u0443\u0435\u0442 \u0432\u043d\u0438\u043c\u0430\u043d\u0438\u0435 \u043d\u0430 \u044f\u0441\u043d\u043e\u0441\u0442\u0438 \u0437\u0430\u043a\u043e\u043d\u043e\u0434\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u0430 \u0438 pacta sunt servanda \u043f\u0440\u0438 \u0440\u0430\u0437\u0440\u0435\u0448\u0435\u043d\u0438\u0438 \u0431\u0430\u043d\u043a\u043e\u0432\u0441\u043a\u0438\u0445 \u0441\u043f\u043e\u0440\u043e\u0432. \u0422\u0435\u043f\u0435\u0440\u044c \u0432\u043d\u0438\u043c\u0430\u043d\u0438\u0435 \u043f\u0435\u0440\u0435\u043a\u043b\u044e\u0447\u0438\u0442\u0441\u044f \u043d\u0430 \u041b\u043e\u0437\u0430\u043d\u043d\u0443: \u0424\u0435\u0434\u0435\u0440\u0430\u043b\u044c\u043d\u044b\u0439 \u0412\u0435\u0440\u0445\u043e\u0432\u043d\u044b\u0439 \u0441\u0443\u0434 \u0443\u0441\u0442\u0430\u043d\u043e\u0432\u0438\u0442 \u043e\u043a\u043e\u043d\u0447\u0430\u0442\u0435\u043b\u044c\u043d\u044b\u0435 \u043a\u043e\u043e\u0440\u0434\u0438\u043d\u0430\u0442\u044b \u0438 \u043f\u0440\u0438\u043c\u0435\u0442 \u043e\u0431\u044f\u0437\u0430\u0442\u0435\u043b\u044c\u043d\u043e\u0435 \u0440\u0435\u0448\u0435\u043d\u0438\u0435 \u043e \u044e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u043e\u0439 \u0441\u0438\u043b\u0435 \u043f\u043e\u0441\u0442\u0430\u043d\u043e\u0432\u043b\u0435\u043d\u0438\u044f FINMA \u043e\u0442 19 \u043c\u0430\u0440\u0442\u0430 2023 \u0433\u043e\u0434\u0430. \u0414\u043b\u044f \u0440\u044b\u043d\u043a\u043e\u0432 \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0442\u043e\u0432 \u044d\u0442\u043e \u043a\u043e\u043d\u0441\u0442\u0440\u0443\u043a\u0442\u0438\u0432\u043d\u0430\u044f \u043f\u0435\u0440\u0435\u0437\u0430\u0433\u0440\u0443\u0437\u043a\u0430 &#8212; \u0432\u043e\u0437\u043c\u043e\u0436\u043d\u043e\u0441\u0442\u044c \u0443\u043a\u0440\u0435\u043f\u0438\u0442\u044c \u0443\u043f\u0440\u0430\u0432\u043b\u0435\u043d\u0438\u0435, \u0447\u0442\u043e\u0431\u044b \u0441\u0442\u0430\u0431\u0438\u043b\u044c\u043d\u043e\u0441\u0442\u044c \u0438 \u0437\u0430\u043a\u043e\u043d\u043d\u043e\u0441\u0442\u044c \u0434\u0432\u0438\u0433\u0430\u043b\u0438\u0441\u044c \u0432 \u043d\u043e\u0433\u0443&#187;. [6]<\/p>\n<p><strong>\u0413\u0434\u0435 LINDEMANNLAW \u0434\u043e\u0431\u0430\u0432\u043b\u044f\u0435\u0442 \u0446\u0435\u043d\u043d\u043e\u0441\u0442\u044c<\/strong><\/p>\n<p>LINDEMANNLAW \u0440\u0430\u0441\u043f\u043e\u043b\u0430\u0433\u0430\u0435\u0442 \u043e\u043f\u044b\u0442\u043d\u044b\u043c \u0438 \u0432\u044b\u0441\u043e\u043a\u043e\u043a\u0432\u0430\u043b\u0438\u0444\u0438\u0446\u0438\u0440\u043e\u0432\u0430\u043d\u043d\u044b\u043c \u043e\u0442\u0434\u0435\u043b\u043e\u043c \u0441\u0443\u0434\u0435\u0431\u043d\u044b\u0445 \u0440\u0430\u0437\u0431\u0438\u0440\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432, \u043a\u043e\u0442\u043e\u0440\u044b\u0439 \u0432 \u043d\u0430\u0441\u0442\u043e\u044f\u0449\u0435\u0435 \u0432\u0440\u0435\u043c\u044f \u043f\u043e\u0434\u0440\u043e\u0431\u043d\u043e \u0438\u0437\u0443\u0447\u0430\u0435\u0442 \u043e\u0431\u044a\u0435\u043c\u043d\u043e\u0435 \u0447\u0430\u0441\u0442\u0438\u0447\u043d\u043e\u0435 \u0440\u0435\u0448\u0435\u043d\u0438\u0435 \u0438 \u0435\u0433\u043e \u043a\u043b\u044e\u0447\u0435\u0432\u044b\u0435 \u044e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u0438\u0435 \u043c\u043e\u043c\u0435\u043d\u0442\u044b. \u0412\u044b \u043c\u043e\u0436\u0435\u0442\u0435 \u043e\u0436\u0438\u0434\u0430\u0442\u044c \u043e\u0442 \u043d\u0430\u0441 \u0441\u0432\u043e\u0435\u0432\u0440\u0435\u043c\u0435\u043d\u043d\u043e\u0433\u043e \u044e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u043e\u0433\u043e \u0437\u0430\u043a\u043b\u044e\u0447\u0435\u043d\u0438\u044f \u0441 \u043f\u043e\u0434\u0440\u043e\u0431\u043d\u044b\u043c \u0430\u043d\u0430\u043b\u0438\u0437\u043e\u043c \u0447\u0430\u0441\u0442\u0438\u0447\u043d\u043e\u0433\u043e \u0440\u0435\u0448\u0435\u043d\u0438\u044f.<\/p>\n<p>LINDEMANNLAW \u043f\u0440\u0435\u0434\u0441\u0442\u0430\u0432\u043b\u044f\u0435\u0442 \u0438\u043d\u0442\u0435\u0440\u0435\u0441\u044b \u043a\u043b\u0438\u0435\u043d\u0442\u043e\u0432 \u0432\u043e \u0432\u0441\u0435\u0445 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\u0412\u0430\u0448\u0435\u0433\u043e \u0438\u0441\u043a\u0430.<\/p>\n<p><em>\u041e\u0442\u043a\u0430\u0437 \u043e\u0442 \u043e\u0442\u0432\u0435\u0442\u0441\u0442\u0432\u0435\u043d\u043d\u043e\u0441\u0442\u0438: \u0414\u0430\u043d\u043d\u0430\u044f \u043f\u0443\u0431\u043b\u0438\u043a\u0430\u0446\u0438\u044f \u0441\u043e\u0434\u0435\u0440\u0436\u0438\u0442 \u0442\u043e\u043b\u044c\u043a\u043e \u043e\u0431\u0449\u0443\u044e \u0438\u043d\u0444\u043e\u0440\u043c\u0430\u0446\u0438\u044e \u0438 \u043d\u0435 \u044f\u0432\u043b\u044f\u0435\u0442\u0441\u044f \u044e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u043e\u0439 \u043a\u043e\u043d\u0441\u0443\u043b\u044c\u0442\u0430\u0446\u0438\u0435\u0439. \u0427\u0442\u043e\u0431\u044b \u043f\u043e\u043b\u0443\u0447\u0438\u0442\u044c \u0441\u043e\u0432\u0435\u0442 \u043f\u043e \u0412\u0430\u0448\u0435\u0439 \u043a\u043e\u043d\u043a\u0440\u0435\u0442\u043d\u043e\u0439 \u0441\u0438\u0442\u0443\u0430\u0446\u0438\u0438, \u043f\u043e\u0436\u0430\u043b\u0443\u0439\u0441\u0442\u0430, \u0441\u0432\u044f\u0436\u0438\u0442\u0435\u0441\u044c \u0441 \u043d\u0430\u043c\u0438 \u043d\u0430\u043f\u0440\u044f\u043c\u0443\u044e. <\/em><\/p>\n<p><strong>\u0418\u0441\u0442\u043e\u0447\u043d\u0438\u043a<\/strong><\/p>\n<p>[1] <a href=\"https:\/\/www.reuters.com\/business\/finance\/finma-appeal-credit-suisse-at1-court-ruling-2025-10-16\/\">https:\/\/www.reuters.com\/business\/finance\/finma-appeal-credit-suisse-at1-court-ruling-2025-10-16\/,<\/a> <a href=\"https:\/\/www.srf.ch\/news\/wirtschaft\/at1-urteil-bundesverwaltungsgericht-hebt-abschreibung-der-credit-suisse-anleihen-auf\">https:\/\/www.srf.ch\/news\/wirtschaft\/at1-urteil-bundesverwaltungsgericht-hebt-abschreibung-der-credit-suisse-anleihen-auf,<\/a> <a href=\"https:\/\/www.nzz.ch\/wirtschaft\/at1-anleihen-finma-gerichtsurteil-credit-suisse-ld.1834512\">https:\/\/www.nzz.ch\/wirtschaft\/at1-anleihen-finma-gerichtsurteil-credit-suisse-ld.1834512<\/a><\/p>\n<p>[2] <a href=\"https:\/\/www.srf.ch\/news\/wirtschaft\/das-sind-die-zentralen-punkte-des-at1-urteils\">https:\/\/www.srf.ch\/news\/wirtschaft\/das-sind-die-zentralen-punkte-des-at1-urteils,<\/a> <a href=\"https:\/\/www.parlament.ch\/centers\/documents\/de\/puk-bericht-credit-suisse-2024.pdf\">https:\/\/www.parlament.ch\/centers\/documents\/de\/puk-bericht-credit-suisse-2024.pdf<\/a><\/p>\n<p>[3] <a href=\"https:\/\/www.ft.com\/content\/ubs-credit-suisse-at1-compensation-2025\">https:\/\/www.ft.com\/content\/ubs-credit-suisse-at1-compensation-2025,<\/a> <a href=\"https:\/\/www.reuters.com\/business\/finance\/ubs-capital-impact-credit-suisse-at1-court-2025-10-16\/\">https:\/\/www.reuters.com\/business\/finance\/ubs-capital-impact-credit-suisse-at1-court-2025-10-16\/,<\/a> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-10-15\/credit-suisse-at1-claims-jump-after-swiss-court-decision\">https:\/\/www.bloomberg.com\/news\/articles\/2025-10-15\/credit-suisse-at1-claims-jump-after-swiss-court-decision<\/a><\/p>\n<p>[4] <a href=\"https:\/\/www.reuters.com\/business\/finance\/finma-confirms-appeal-credit-suisse-at1-case-2025-10-16\/\">https:\/\/www.reuters.com\/business\/finance\/finma-confirms-appeal-credit-suisse-at1-case-2025-10-16\/,<\/a> <a href=\"https:\/\/www.parlament.ch\/de\/services\/news\/Seiten\/2024\/2024-12-20-puk-credit-suisse.aspx\">https:\/\/www.parlament.ch\/de\/services\/news\/Seiten\/2024\/2024-12-20-puk-credit-suisse.aspx<\/a><\/p>\n<p>[5] <a href=\"https:\/\/www.bvger.ch\/bvger\/de\/home\/medien\/medienmitteilungen.html\">https:\/\/www.bvger.ch\/bvger\/de\/home\/medien\/medienmitteilungen.html,<\/a> <a href=\"https:\/\/www.ft.com\/content\/swiss-at1-ruling-emergency-powers-2025\">https:\/\/www.ft.com\/content\/swiss-at1-ruling-emergency-powers-2025<\/a><\/p>\n<p>[6] <a href=\"https:\/\/www.news.admin.ch\/en\/newnsb\/MnGHBti72ClCHjs5tE7GM?utm_source=chatgpt.com\">https:\/\/www.news.admin.ch\/en\/newnsb\/MnGHBti72ClCHjs5tE7GM?utm_source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u042d\u0442\u043e\u0442 \u0438\u043d\u0441\u0430\u0439\u0442 \u0434\u043e\u043f\u043e\u043b\u043d\u044f\u0435\u0442 \u043d\u0430\u0448 \u043f\u0440\u0435\u0434\u044b\u0434\u0443\u0449\u0438\u0439 \u0432\u0442\u043e\u0440\u043d\u0438\u0447\u043d\u044b\u0439 \u0430\u043d\u0430\u043b\u0438\u0437 \u0440\u0435\u0448\u0435\u043d\u0438\u0439 \u043e \u0441\u043b\u0438\u044f\u043d\u0438\u0438 Credit Suisse \u0438 UBS (BGer 2E_1\/2024 \u0438 SDNY 2025). &#8212; \u0412\u043c\u0435\u0441\u0442\u0435 \u043e\u043d\u0438 \u043f\u0440\u043e\u0441\u043b\u0435\u0436\u0438\u0432\u0430\u044e\u0442 \u0440\u0430\u0437\u0432\u0438\u0442\u0438\u0435 \u0441\u0443\u0434\u0435\u0431\u043d\u043e\u0439 \u043f\u0440\u0430\u043a\u0442\u0438\u043a\u0438, \u0441\u0432\u044f\u0437\u0430\u043d\u043d\u043e\u0439 \u0441\u043e \u0441\u043f\u0430\u0441\u0435\u043d\u0438\u0435\u043c CS \u0438 \u0435\u0433\u043e \u0434\u043e\u043b\u0433\u0438\u043c\u0438 \u044e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u0438\u043c\u0438 \u043f\u043e\u0441\u043b\u0435\u0434\u0441\u0442\u0432\u0438\u044f\u043c\u0438. \u0412\u0432\u0435\u0434\u0435\u043d\u0438\u0435 Credit Suisse Group AG (&#171;CS&#187;) \u0438 UBS Group AG (&#171;UBS&#187;) \u0434\u043e\u043b\u0433\u043e\u0435 \u0432\u0440\u0435\u043c\u044f \u043e\u043f\u0440\u0435\u0434\u0435\u043b\u044f\u043b\u0438 \u0448\u0432\u0435\u0439\u0446\u0430\u0440\u0441\u043a\u0438\u0439 \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u044b\u0439 \u0446\u0435\u043d\u0442\u0440. \u041f\u043e\u0441\u043b\u0435 \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0438\u0442\u0435\u043b\u044c\u043d\u043e\u0433\u043e \u0441\u043f\u0430\u0434\u0430 [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":23472,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_focuskw":"\u041f\u043e\u0433\u043b\u043e\u0449\u0435\u043d\u0438\u0435 Credit Suisse \u043a\u043e\u043c\u043f\u0430\u043d\u0438\u0435\u0439 UBS \u0441\u0443\u0434\u0435\u0431\u043d\u043e\u0435 \u0440\u0430\u0437\u0431\u0438\u0440\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u043e 2025","_yoast_wpseo_title":"","_yoast_wpseo_metadesc":"\u0410\u043d\u0430\u043b\u0438\u0437 2025 \u0448\u0432\u0435\u0439\u0446\u0430\u0440\u0441\u043a\u0438\u0445 \u0438 \u0430\u043c\u0435\u0440\u0438\u043a\u0430\u043d\u0441\u043a\u0438\u0445 \u043f\u043e\u0441\u0442\u0430\u043d\u043e\u0432\u043b\u0435\u043d\u0438\u0439 \u043f\u043e \u0434\u0435\u043b\u0443 \u043e \u043f\u043e\u0433\u043b\u043e\u0449\u0435\u043d\u0438\u0438 UBS \u043a\u043e\u043c\u043f\u0430\u043d\u0438\u0438 Credit Suisse, \u043f\u043e\u0442\u0435\u0440\u044f\u0445 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u043e\u0432, \u043e\u0442\u0432\u0435\u0442\u0441\u0442\u0432\u0435\u043d\u043d\u043e\u0441\u0442\u0438 \u0433\u043e\u0441\u0443\u0434\u0430\u0440\u0441\u0442\u0432\u0430 \u0438 \u043f\u0440\u0435\u0442\u0435\u043d\u0437\u0438\u044f\u0445 \u0434\u0435\u0440\u0436\u0430\u0442\u0435\u043b\u0435\u0439 \u043e\u0431\u043b\u0438\u0433\u0430\u0446\u0438\u0439 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CS-AT1: \u043d\u0435\u0443\u0434\u0430\u0447\u0430 \u0434\u043b\u044f \u043d\u0430\u0434\u0437\u043e\u0440\u043d\u043e\u0433\u043e \u043e\u0440\u0433\u0430\u043d\u0430 - \u0438 \u043f\u0435\u0440\u0435\u0437\u0430\u0433\u0440\u0443\u0437\u043a\u0430 \u0434\u043b\u044f \u0448\u0432\u0435\u0439\u0446\u0430\u0440\u0441\u043a\u043e\u0433\u043e \u0430\u043d\u0442\u0438\u043a\u0440\u0438\u0437\u0438\u0441\u043d\u043e\u0433\u043e \u0443\u043f\u0440\u0430\u0432\u043b\u0435\u043d\u0438\u044f | Lindemann 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