{"id":24335,"date":"2025-10-31T11:06:07","date_gmt":"2025-10-31T10:06:07","guid":{"rendered":"https:\/\/lindemannlaw.ch\/?p=24335"},"modified":"2026-02-23T17:18:24","modified_gmt":"2026-02-23T16:18:24","slug":"at1-bonds","status":"publish","type":"post","link":"https:\/\/lindemannlaw.ch\/ru\/insights\/at1-bonds\/","title":{"rendered":"AT1 Bonds"},"content":{"rendered":"<h2>\u0412\u0432\u0435\u0434\u0435\u043d\u0438\u0435<\/h2>\n<p>\u0421\u043f\u0438\u0441\u0430\u043d\u0438\u0435 \u043e\u0431\u043b\u0438\u0433\u0430\u0446\u0438\u0439 Credit Suisse AT1 \u043e\u0441\u0442\u0430\u0435\u0442\u0441\u044f \u043e\u0434\u043d\u043e\u0439 \u0438\u0437 \u0441\u0430\u043c\u044b\u0445 \u0441\u043f\u043e\u0440\u043d\u044b\u0445 \u0433\u043b\u0430\u0432 \u0432 \u043d\u0435\u0434\u0430\u0432\u043d\u0435\u0439 \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u043e\u0439 \u0438 \u0440\u0435\u0433\u0443\u043b\u044f\u0442\u043e\u0440\u043d\u043e\u0439 \u0438\u0441\u0442\u043e\u0440\u0438\u0438 \u0428\u0432\u0435\u0439\u0446\u0430\u0440\u0438\u0438. \u041d\u0435\u0434\u0430\u0432\u043d\u043e \u0434\u0435\u0431\u0430\u0442\u044b \u043f\u043e\u043b\u0443\u0447\u0438\u043b\u0438 \u043d\u043e\u0432\u044b\u0439 \u0438\u043c\u043f\u0443\u043b\u044c\u0441 \u0431\u043b\u0430\u0433\u043e\u0434\u0430\u0440\u044f \u0442\u0440\u0435\u043c \u0440\u0435\u0448\u0435\u043d\u0438\u044f\u043c: (i) BGer 2E_1\/2024 (\u043e\u0441\u043d\u043e\u0432\u043d\u043e\u0435 \u0441\u043b\u0443\u0448\u0430\u043d\u0438\u0435 23 \u043c\u0430\u044f 2025 \u0433.; \u043e\u043f\u0443\u0431\u043b\u0438\u043a\u043e\u0432\u0430\u043d\u043e 26 \u0441\u0435\u043d\u0442\u044f\u0431\u0440\u044f 2025 \u0433.), (ii) \u0440\u0435\u0448\u0435\u043d\u0438\u0435 \u043e\u043a\u0440\u0443\u0436\u043d\u043e\u0433\u043e \u0441\u0443\u0434\u0430 \u0421\u0428\u0410, \u042e\u0436\u043d\u044b\u0439 \u043e\u043a\u0440\u0443\u0433 \u041d\u044c\u044e-\u0419\u043e\u0440\u043a\u0430, \u043e\u0442 30 \u0441\u0435\u043d\u0442\u044f\u0431\u0440\u044f 2025 \u0433. \u0438 (iii) \u0447\u0430\u0441\u0442\u0438\u0447\u043d\u043e\u0435 \u0440\u0435\u0448\u0435\u043d\u0438\u0435 \u0424\u0435\u0434\u0435\u0440\u0430\u043b\u044c\u043d\u043e\u0433\u043e \u0430\u0434\u043c\u0438\u043d\u0438\u0441\u0442\u0440\u0430\u0442\u0438\u0432\u043d\u043e\u0433\u043e \u0441\u0443\u0434\u0430 (\u00abFAC\u00bb) \u043e\u0442 1 \u043e\u043a\u0442\u044f\u0431\u0440\u044f 2025 \u0433. \u043f\u043e \u0442\u0438\u043f\u043e\u0432\u043e\u043c\u0443 \u0434\u0435\u043b\u0443 B-2334\/2023.\u202f\u0412 \u0434\u043e\u043f\u043e\u043b\u043d\u0435\u043d\u0438\u0435 \u043a \u0434\u0430\u043d\u043d\u043e\u043c\u0443 \u043e\u0431\u0437\u043e\u0440\u0443 \u043c\u044b \u0442\u0430\u043a\u0436\u0435 \u0441\u0441\u044b\u043b\u0430\u0435\u043c\u0441\u044f \u043d\u0430 \u043d\u0430\u0448\u0438 \u043f\u0440\u0435\u0434\u044b\u0434\u0443\u0449\u0438\u0435 \u043e\u0431\u0437\u043e\u0440\u044b \u043f\u043e \u044d\u0442\u0438\u043c \u0440\u0435\u0448\u0435\u043d\u0438\u044f\u043c: <a href=\"https:\/\/lindemannlaw.ch\/ru\/insights\/spisanie-cs-at1-neudacha-nadzornogo-organa-perezagruzka-shvejcarskogo-antikrizisnogo-upravleniya\/\">https:\/\/lindemannlaw.ch\/de\/insights2\/cs-at1-abschreibung-rueckschlag-aufseher-neustart-schweizer-krisenbewaeltigung\/<\/a> \u0438 <a href=\"https:\/\/lindemannlaw.ch\/ru\/insights\/slianie-credit-suisse-ubs-sudebnaya-praktika-bger-2e1-2024-sdny-2025\/\">https:\/\/lindemannlaw. ch\/de\/insights2\/credit-suisse-ubs-fusion-rechtsprechung-bger-2e1-2024-sdny-2025\/<\/a>. \u0427\u0430\u0441\u0442\u0438\u0447\u043d\u043e\u0435 \u0440\u0435\u0448\u0435\u043d\u0438\u0435 FAC \u043e\u0442\u043c\u0435\u043d\u0438\u043b\u043e \u043f\u043e\u0441\u0442\u0430\u043d\u043e\u0432\u043b\u0435\u043d\u0438\u0435 FINMA \u043e\u0442 19 \u043c\u0430\u0440\u0442\u0430 2023 \u0433\u043e\u0434\u0430; FINMA \u043e\u0431\u0436\u0430\u043b\u043e\u0432\u0430\u043b\u0430 \u044d\u0442\u043e \u0440\u0435\u0448\u0435\u043d\u0438\u0435 \u0432 \u0424\u0435\u0434\u0435\u0440\u0430\u043b\u044c\u043d\u043e\u043c \u0432\u0435\u0440\u0445\u043e\u0432\u043d\u043e\u043c \u0441\u0443\u0434\u0435 (\u00abFSC\u00bb). \u042d\u0442\u043e \u0432\u043d\u043e\u0432\u044c \u0441\u0442\u0430\u0432\u0438\u0442 \u0432 \u0446\u0435\u043d\u0442\u0440 \u0432\u043d\u0438\u043c\u0430\u043d\u0438\u044f \u0432\u043e\u0437\u043c\u043e\u0436\u043d\u043e\u0441\u0442\u0438, \u0440\u0438\u0441\u043a\u0438 \u0438 \u0441\u0440\u043e\u043a\u0438.<\/p>\n<div class=\"ast-oembed-container \" style=\"height: 100%;\"><iframe title=\"AT1 Bonds RU\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/YtBAcv9Cl_w?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<h2>\u0412\u043e\u043f\u0440\u043e\u0441 1: \u041a\u0430\u043a\u043e\u0432\u044b \u0441\u0440\u043e\u043a\u0438 \u0440\u0430\u0441\u0441\u043c\u043e\u0442\u0440\u0435\u043d\u0438\u044f \u043d\u0430\u0445\u043e\u0434\u044f\u0449\u0438\u0445\u0441\u044f \u043d\u0430 \u0440\u0430\u0441\u0441\u043c\u043e\u0442\u0440\u0435\u043d\u0438\u0438 \u0430\u0434\u043c\u0438\u043d\u0438\u0441\u0442\u0440\u0430\u0442\u0438\u0432\u043d\u044b\u0445 \u0434\u0435\u043b?<\/h2>\n<p>FINMA \u043f\u0435\u0440\u0435\u0434\u0430\u043b\u0430 \u0447\u0430\u0441\u0442\u0438\u0447\u043d\u043e\u0435 \u0440\u0435\u0448\u0435\u043d\u0438\u0435 FAC \u043e\u0431 \u043e\u0442\u043c\u0435\u043d\u0435 \u0447\u0440\u0435\u0437\u0432\u044b\u0447\u0430\u0439\u043d\u043e\u0433\u043e \u043f\u043e\u0441\u0442\u0430\u043d\u043e\u0432\u043b\u0435\u043d\u0438\u044f \u0432 FSC. \u0412 \u0442\u043e \u0436\u0435 \u0432\u0440\u0435\u043c\u044f \u0434\u0440\u0443\u0433\u0438\u0435 \u0441\u0432\u044f\u0437\u0430\u043d\u043d\u044b\u0435 \u0441 \u044d\u0442\u0438\u043c \u0434\u0435\u043b\u0430 \u0431\u044b\u043b\u0438 \u0432 \u043f\u0440\u0438\u043d\u0446\u0438\u043f\u0435 \u043f\u0440\u0438\u043e\u0441\u0442\u0430\u043d\u043e\u0432\u043b\u0435\u043d\u044b \u0434\u043e \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u044f \u044e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u0438 \u043e\u0431\u044f\u0437\u0430\u0442\u0435\u043b\u044c\u043d\u043e\u0433\u043e \u0440\u0435\u0448\u0435\u043d\u0438\u044f \u043e\u0431 \u043e\u0442\u043c\u0435\u043d\u0435. FAC \u0442\u0430\u043a\u0436\u0435 \u0435\u0449\u0435 \u043d\u0435 \u0432\u044b\u043d\u0435\u0441\u043b\u0430 \u0440\u0435\u0448\u0435\u043d\u0438\u0435 \u043e\u0431 \u043e\u0442\u043c\u0435\u043d\u0435 (\u043f\u043e\u0432\u0442\u043e\u0440\u043d\u043e\u043c \u0437\u0430\u0447\u0438\u0441\u043b\u0435\u043d\u0438\u0438\/\u0432\u043e\u0441\u0441\u0442\u0430\u043d\u043e\u0432\u043b\u0435\u043d\u0438\u0438 \u0442\u0440\u0435\u0431\u043e\u0432\u0430\u043d\u0438\u0439 \u0438 \u043a\u0443\u043f\u043e\u043d\u043e\u0432).<\/p>\n<p>\u041e\u0444\u0438\u0446\u0438\u0430\u043b\u044c\u043d\u0430\u044f \u0441\u0442\u0430\u0442\u0438\u0441\u0442\u0438\u043a\u0430 FSC \u0434\u0430\u0435\u0442 \u043d\u0430\u0434\u0435\u0436\u043d\u044b\u0435 \u0443\u043a\u0430\u0437\u0430\u043d\u0438\u044f \u043d\u0430 \u043e\u0436\u0438\u0434\u0430\u0435\u043c\u0443\u044e \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0438\u0442\u0435\u043b\u044c\u043d\u043e\u0441\u0442\u044c: \u0432 2024 \u0433\u043e\u0434\u0443 \u0441\u0440\u0435\u0434\u043d\u0438\u0439 \u0441\u0440\u043e\u043a \u0432\u044b\u043d\u0435\u0441\u0435\u043d\u0438\u044f \u0440\u0435\u0448\u0435\u043d\u0438\u044f \u043f\u043e \u0430\u043f\u0435\u043b\u043b\u044f\u0446\u0438\u044f\u043c \u043f\u043e \u0432\u043e\u043f\u0440\u043e\u0441\u0430\u043c \u043f\u0443\u0431\u043b\u0438\u0447\u043d\u043e\u0433\u043e \u043f\u0440\u0430\u0432\u0430 \u0441\u043e\u0441\u0442\u0430\u0432\u043b\u044f\u043b 202 \u0434\u043d\u044f, \u0430 \u0432\u0435\u0441\u044c \u043f\u0440\u043e\u0446\u0435\u0441\u0441 \u0437\u0430\u043d\u0438\u043c\u0430\u043b 224 \u0434\u043d\u044f; \u0432 2023 \u0433\u043e\u0434\u0443 \u044d\u0442\u0438 \u043f\u043e\u043a\u0430\u0437\u0430\u0442\u0435\u043b\u0438 \u0441\u043e\u0441\u0442\u0430\u0432\u043b\u044f\u043b\u0438 197 \u0438 217 \u0434\u043d\u0435\u0439 \u0441\u043e\u043e\u0442\u0432\u0435\u0442\u0441\u0442\u0432\u0435\u043d\u043d\u043e. \u042d\u0442\u0438 \u0446\u0438\u0444\u0440\u044b \u043e\u0441\u0442\u0430\u044e\u0442\u0441\u044f \u043d\u0435\u0438\u0437\u043c\u0435\u043d\u043d\u044b\u043c\u0438 \u043d\u0430 \u043f\u0440\u043e\u0442\u044f\u0436\u0435\u043d\u0438\u0438 \u043c\u043d\u043e\u0433\u0438\u0445 \u043b\u0435\u0442 \u0438, \u0441 \u0443\u0447\u0435\u0442\u043e\u043c \u0432\u043e\u0437\u043c\u043e\u0436\u043d\u044b\u0445 \u043f\u0435\u0440\u0435\u0434\u0430\u0447 \u0434\u0435\u043b \u0432 \u0441\u0443\u0434\u044b \u043d\u0438\u0437\u0448\u0435\u0439 \u0438\u043d\u0441\u0442\u0430\u043d\u0446\u0438\u0438, \u0443\u043a\u0430\u0437\u044b\u0432\u0430\u044e\u0442 \u043d\u0430 \u043c\u043d\u043e\u0433\u043e\u044d\u0442\u0430\u043f\u043d\u043e\u0441\u0442\u044c \u043f\u0440\u043e\u0446\u0435\u0434\u0443\u0440\u044b.<\/p>\n<p>\u0421\u0442\u0430\u0442\u044c\u044f 61, \u043f\u0443\u043d\u043a\u0442 1 APA \u043f\u043e\u0437\u0432\u043e\u043b\u044f\u0435\u0442 FAC \u0441\u0430\u043c\u043e\u0441\u0442\u043e\u044f\u0442\u0435\u043b\u044c\u043d\u043e \u043f\u0440\u0438\u043d\u044f\u0442\u044c \u0440\u0435\u0448\u0435\u043d\u0438\u0435 \u043e\u0431 \u043e\u0442\u043c\u0435\u043d\u0435 \u0438\u043b\u0438 \u0432\u0435\u0440\u043d\u0443\u0442\u044c \u0434\u0435\u043b\u043e \u0432 FINMA \u0441 \u043e\u0431\u044f\u0437\u0430\u0442\u0435\u043b\u044c\u043d\u044b\u043c\u0438 \u0438\u043d\u0441\u0442\u0440\u0443\u043a\u0446\u0438\u044f\u043c\u0438 \u2014 \u0441 \u0432\u043e\u0437\u043c\u043e\u0436\u043d\u043e\u0441\u0442\u044c\u044e \u0434\u0430\u043b\u044c\u043d\u0435\u0439\u0448\u0435\u0439 \u0430\u043f\u0435\u043b\u043b\u044f\u0446\u0438\u0438 \u0432 FSC. \u041f\u043e\u044d\u0442\u043e\u043c\u0443 \u0440\u0435\u0430\u043b\u0438\u0441\u0442\u0438\u0447\u043d\u043e \u043e\u0436\u0438\u0434\u0430\u0442\u044c \u043e\u043a\u043e\u043d\u0447\u0430\u0442\u0435\u043b\u044c\u043d\u044b\u0445 \u0440\u0435\u0448\u0435\u043d\u0438\u0439 \u043f\u043e \u0432\u0441\u0435\u043c \u0430\u0434\u043c\u0438\u043d\u0438\u0441\u0442\u0440\u0430\u0442\u0438\u0432\u043d\u044b\u043c \u0434\u0435\u043b\u0430\u043c \u043d\u0435 \u0440\u0430\u043d\u0435\u0435 2027 \u0433\u043e\u0434\u0430.<\/p>\n<h2>\u0412\u043e\u043f\u0440\u043e\u0441 2: \u0427\u0442\u043e \u043e\u0437\u043d\u0430\u0447\u0430\u0435\u0442 \u043e\u0442\u043c\u0435\u043d\u0430 \u0440\u0435\u0448\u0435\u043d\u0438\u044f FINMA \u043e\u0442 19 \u043c\u0430\u0440\u0442\u0430 2023 \u0433\u043e\u0434\u0430? \u041f\u0440\u0438\u043c\u0435\u043d\u044f\u0435\u0442\u0441\u044f \u043b\u0438 \u044d\u0442\u043e \u0442\u0430\u043a\u0436\u0435 \u043a \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u0430\u043c, \u043d\u0435 \u043f\u043e\u0434\u0430\u0432\u0448\u0438\u043c \u0436\u0430\u043b\u043e\u0431\u0443 \u0432 FAC?<\/h2>\n<p>\u041f\u0440\u0435\u0434\u043f\u043e\u043b\u0430\u0433\u0430\u044f, \u0447\u0442\u043e FSC \u043f\u043e\u0434\u0442\u0432\u0435\u0440\u0434\u0438\u0442 \u0447\u0430\u0441\u0442\u0438\u0447\u043d\u043e\u0435 \u0440\u0435\u0448\u0435\u043d\u0438\u0435 FAC \u043f\u043e \u0442\u0438\u043f\u043e\u0432\u043e\u0439 \u043f\u0440\u043e\u0446\u0435\u0434\u0443\u0440\u0435, \u0440\u0435\u0437\u0443\u043b\u044c\u0442\u0430\u0442 FC \u043e\u0441\u0442\u0430\u0435\u0442\u0441\u044f \u043f\u0440\u0435\u0436\u043d\u0438\u043c: \u043d\u0438\u043a\u0430\u043a\u043e\u0433\u043e <i>\u0441\u043e\u0431\u044b\u0442\u0438\u044f, \u0432\u043b\u0438\u044f\u044e\u0449\u0435\u0433\u043e \u043d\u0430 \u0436\u0438\u0437\u043d\u0435\u0441\u043f\u043e\u0441\u043e\u0431\u043d\u043e\u0441\u0442\u044c<\/i>, \u043d\u0435 \u043f\u0440\u043e\u0438\u0437\u043e\u0448\u043b\u043e, \u0438 \u0440\u0435\u0448\u0435\u043d\u0438\u0435 FINMA \u0431\u0443\u0434\u0435\u0442 \u043e\u0442\u043c\u0435\u043d\u0435\u043d\u043e \u0441\u0443\u0434\u043e\u043c. \u042d\u0442\u043e \u043e\u0437\u043d\u0430\u0447\u0430\u0435\u0442, \u0447\u0442\u043e \u043f\u0440\u0430\u0432\u043e\u0432\u0430\u044f \u043e\u0441\u043d\u043e\u0432\u0430 \u0434\u043b\u044f \u043f\u0440\u0435\u0434\u043f\u0438\u0441\u0430\u043d\u043d\u043e\u0433\u043e \u0441\u043f\u0438\u0441\u0430\u043d\u0438\u044f \u0438\u043d\u0441\u0442\u0440\u0443\u043c\u0435\u043d\u0442\u043e\u0432 AT1 (\u043d\u043e\u043c\u0438\u043d\u0430\u043b\u044c\u043d\u0430\u044f \u0441\u0442\u043e\u0438\u043c\u043e\u0441\u0442\u044c \u043e\u043a\u043e\u043b\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) \u0431\u043e\u043b\u044c\u0448\u0435 \u043d\u0435 \u0434\u0435\u0439\u0441\u0442\u0432\u0443\u0435\u0442. \u0412 \u0440\u0435\u0437\u0443\u043b\u044c\u0442\u0430\u0442\u0435 \u0440\u0435\u0448\u0435\u043d\u0438\u0435 \u0440\u0430\u0441\u0441\u043c\u0430\u0442\u0440\u0438\u0432\u0430\u0435\u0442\u0441\u044f \u043a\u0430\u043a \u043d\u0435 \u0438\u043c\u0435\u044e\u0449\u0435\u0435 \u043e\u0431\u044f\u0437\u0430\u0442\u0435\u043b\u044c\u043d\u043e\u0439 \u0441\u0438\u043b\u044b. \u041f\u043e \u0441\u0443\u0442\u0438, \u043e\u0442\u043c\u0435\u043d\u0430 \u0437\u0430\u0442\u0440\u0430\u0433\u0438\u0432\u0430\u0435\u0442 \u0432\u0441\u0435 \u0441\u043f\u0438\u0441\u0430\u043d\u043d\u044b\u0435 \u0442\u0440\u0430\u043d\u0448\u0438 AT1, \u043e\u0434\u043d\u0430\u043a\u043e \u043a\u043e\u043d\u043a\u0440\u0435\u0442\u043d\u044b\u0439 \u043f\u043e\u0440\u044f\u0434\u043e\u043a \u043e\u0442\u043c\u0435\u043d\u044b \u0435\u0449\u0435 \u043d\u0435 \u043e\u043f\u0440\u0435\u0434\u0435\u043b\u0435\u043d.<\/p>\n<h2>\u0412\u043e\u043f\u0440\u043e\u0441 3: \u041a\u0430\u043a\u0438\u0435 \u043f\u0440\u0430\u0432\u043e\u0432\u044b\u0435 \u0432\u043e\u0437\u043c\u043e\u0436\u043d\u043e\u0441\u0442\u0438 \u0438\u043c\u0435\u044e\u0442 \u0432\u043b\u0430\u0434\u0435\u043b\u044c\u0446\u044b AT1?<\/h2>\n<p>\u0421\u0442\u043e\u0440\u043e\u043d\u044b \u0440\u0430\u0437\u0431\u0438\u0440\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u0430 \u0432 FAC \u043e\u0436\u0438\u0434\u0430\u044e\u0442 \u0440\u0435\u0448\u0435\u043d\u0438\u044f \u043e\u0431 \u043e\u0442\u043c\u0435\u043d\u0435 (\u043f\u043e\u0432\u0442\u043e\u0440\u043d\u043e\u0435 \u0437\u0430\u0447\u0438\u0441\u043b\u0435\u043d\u0438\u0435\/\u0432\u043e\u0441\u0441\u0442\u0430\u043d\u043e\u0432\u043b\u0435\u043d\u0438\u0435 \u0442\u0440\u0435\u0431\u043e\u0432\u0430\u043d\u0438\u0439 \u0438 \u043a\u0443\u043f\u043e\u043d\u043e\u0432). \u0414\u0440\u0443\u0433\u0438\u0435 \u0440\u0430\u0437\u0431\u0438\u0440\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u0430, \u043a\u0430\u043a \u043f\u0440\u0430\u0432\u0438\u043b\u043e, \u043f\u0440\u0438\u043e\u0441\u0442\u0430\u043d\u0430\u0432\u043b\u0438\u0432\u0430\u044e\u0442\u0441\u044f \u0434\u043e \u0442\u0435\u0445 \u043f\u043e\u0440, \u043f\u043e\u043a\u0430 \u043e\u0442\u043c\u0435\u043d\u0430 \u043d\u0435 \u0441\u0442\u0430\u043d\u0435\u0442 \u044e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u0438 \u043e\u0431\u044f\u0437\u0430\u0442\u0435\u043b\u044c\u043d\u043e\u0439.<\/p>\n<p>\u041d\u0435\u0437\u0430\u0432\u0438\u0441\u0438\u043c\u043e \u043e\u0442 \u0442\u043e\u0433\u043e, \u0431\u044b\u043b\u0430 \u043b\u0438 \u043f\u043e\u0434\u0430\u043d\u0430 \u0436\u0430\u043b\u043e\u0431\u0430 \u0432 FAC, \u0432\u043e\u0437\u043c\u043e\u0436\u043d\u043e \u043f\u0440\u0435\u0434\u044a\u044f\u0432\u043b\u0435\u043d\u0438\u0435 \u0438\u0441\u043a\u0430 \u043e \u0433\u043e\u0441\u0443\u0434\u0430\u0440\u0441\u0442\u0432\u0435\u043d\u043d\u043e\u0439 \u043e\u0442\u0432\u0435\u0442\u0441\u0442\u0432\u0435\u043d\u043d\u043e\u0441\u0442\u0438 \u043d\u0430 \u043e\u0441\u043d\u043e\u0432\u0430\u043d\u0438\u0438 \u0417\u0430\u043a\u043e\u043d\u0430 \u043e\u0431 \u043e\u0442\u0432\u0435\u0442\u0441\u0442\u0432\u0435\u043d\u043d\u043e\u0441\u0442\u0438 (\u00abVG\u00bb). \u0418\u0441\u043a \u043e \u0432\u043e\u0437\u043c\u0435\u0449\u0435\u043d\u0438\u0438 \u0443\u0449\u0435\u0440\u0431\u0430 \u043f\u0440\u043e\u0442\u0438\u0432 \u0428\u0432\u0435\u0439\u0446\u0430\u0440\u0441\u043a\u043e\u0439 \u041a\u043e\u043d\u0444\u0435\u0434\u0435\u0440\u0430\u0446\u0438\u0438 \u043d\u0430 \u043e\u0441\u043d\u043e\u0432\u0430\u043d\u0438\u0438 \u0441\u0442. 3 \u043f. 1 VG \u0434\u043e\u043b\u0436\u0435\u043d \u0441\u043d\u0430\u0447\u0430\u043b\u0430 \u0431\u044b\u0442\u044c \u043f\u043e\u0434\u0430\u043d \u0432 \u0424\u0435\u0434\u0435\u0440\u0430\u043b\u044c\u043d\u044b\u0439 \u0434\u0435\u043f\u0430\u0440\u0442\u0430\u043c\u0435\u043d\u0442 \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432 (\u00abFDF\u00bb). \u0421\u0442\u0430\u0442\u044c\u044f 20 VG \u0441\u0441\u044b\u043b\u0430\u0435\u0442\u0441\u044f \u043d\u0430 \u043f\u0440\u0430\u0432\u0438\u043b\u0430 \u0434\u0435\u043b\u0438\u043a\u0442\u043d\u043e\u0433\u043e \u043f\u0440\u0430\u0432\u0430 \u0432 \u0441\u043e\u043e\u0442\u0432\u0435\u0442\u0441\u0442\u0432\u0438\u0438 \u0441 \u0428\u0432\u0435\u0439\u0446\u0430\u0440\u0441\u043a\u0438\u043c \u043a\u043e\u0434\u0435\u043a\u0441\u043e\u043c \u043e\u0431\u044f\u0437\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432 \u0432 \u043e\u0442\u043d\u043e\u0448\u0435\u043d\u0438\u0438 \u0441\u0440\u043e\u043a\u0430 \u0438\u0441\u043a\u043e\u0432\u043e\u0439 \u0434\u0430\u0432\u043d\u043e\u0441\u0442\u0438; \u043f\u0438\u0441\u044c\u043c\u0435\u043d\u043d\u043e\u0435 \u0437\u0430\u044f\u0432\u043b\u0435\u043d\u0438\u0435 \u0432 FDF \u043f\u0440\u0435\u0440\u044b\u0432\u0430\u0435\u0442 \u0441\u0440\u043e\u043a \u0438\u0441\u043a\u043e\u0432\u043e\u0439 \u0434\u0430\u0432\u043d\u043e\u0441\u0442\u0438. \u0415\u0441\u043b\u0438 \u041a\u043e\u043d\u0444\u0435\u0434\u0435\u0440\u0430\u0446\u0438\u044f \u043d\u0435 \u043e\u0442\u0432\u0435\u0447\u0430\u0435\u0442 \u0432 \u0442\u0435\u0447\u0435\u043d\u0438\u0435 \u0442\u0440\u0435\u0445 \u043c\u0435\u0441\u044f\u0446\u0435\u0432 \u0438\u043b\u0438 \u043e\u0442\u043a\u0430\u0437\u044b\u0432\u0430\u0435\u0442\u0441\u044f \u043e\u0442\u0432\u0435\u0447\u0430\u0442\u044c, \u0438\u0441\u043a \u0434\u043e\u043b\u0436\u0435\u043d \u0431\u044b\u0442\u044c \u043f\u043e\u0434\u0430\u043d \u0432 \u0442\u0435\u0447\u0435\u043d\u0438\u0435 \u0441\u043b\u0435\u0434\u0443\u044e\u0449\u0438\u0445 \u0448\u0435\u0441\u0442\u0438 \u043c\u0435\u0441\u044f\u0446\u0435\u0432, \u043f\u0440\u0438\u0447\u0435\u043c FSC \u044f\u0432\u043b\u044f\u0435\u0442\u0441\u044f \u0435\u0434\u0438\u043d\u0441\u0442\u0432\u0435\u043d\u043d\u043e\u0439 \u0438\u043d\u0441\u0442\u0430\u043d\u0446\u0438\u0435\u0439.<\/p>\n<p>\u041d\u0430\u043f\u0440\u0438\u043c\u0435\u0440, \u043d\u0435\u0441\u043a\u043e\u043b\u044c\u043a\u043e \u043f\u0435\u043d\u0441\u0438\u043e\u043d\u043d\u044b\u0445 \u0444\u043e\u043d\u0434\u043e\u0432 \u0443\u0436\u0435 \u043e\u0431\u044a\u044f\u0432\u0438\u043b\u0438 \u0438\u043b\u0438 \u0438\u043d\u0438\u0446\u0438\u0438\u0440\u043e\u0432\u0430\u043b\u0438 \u0441\u0443\u0434\u0435\u0431\u043d\u044b\u0435 \u0438\u0441\u043a\u0438: \u043f\u0435\u043d\u0441\u0438\u043e\u043d\u043d\u044b\u0439 \u0444\u043e\u043d\u0434 Migros \u0432\u043c\u0435\u0441\u0442\u0435 \u0441 \u0434\u0440\u0443\u0433\u0438\u043c\u0438 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u0430\u043c\u0438 \u0432\u043e\u0437\u0431\u0443\u0434\u0438\u043b \u0441\u0443\u0434\u0435\u0431\u043d\u043e\u0435 \u0440\u0430\u0437\u0431\u0438\u0440\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u043e \u0432 \u0441\u0432\u044f\u0437\u0438 \u0441\u043e \u0441\u043f\u0438\u0441\u0430\u043d\u0438\u0435\u043c AT1. \u0412 \u0446\u0435\u043b\u043e\u043c, \u0432 \u043d\u0430\u0441\u0442\u043e\u044f\u0449\u0435\u0435 \u0432\u0440\u0435\u043c\u044f \u0432 \u0428\u0432\u0435\u0439\u0446\u0430\u0440\u0438\u0438 \u0440\u0430\u0441\u0441\u043c\u0430\u0442\u0440\u0438\u0432\u0430\u0435\u0442\u0441\u044f \u043c\u043d\u043e\u0436\u0435\u0441\u0442\u0432\u043e \u0434\u0435\u043b \u043f\u0440\u043e\u0442\u0438\u0432 \u0444\u0435\u0434\u0435\u0440\u0430\u043b\u044c\u043d\u043e\u0433\u043e \u043f\u0440\u0430\u0432\u0438\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u0430 \u0432 \u0441\u0432\u044f\u0437\u0438 \u0441 \u0447\u0440\u0435\u0437\u0432\u044b\u0447\u0430\u0439\u043d\u044b\u043c \u0441\u043b\u0438\u044f\u043d\u0438\u0435\u043c\/\u0441\u043f\u0438\u0441\u0430\u043d\u0438\u0435\u043c AT1. \u042d\u0442\u043e \u0435\u0449\u0435 \u043e\u0434\u0438\u043d \u043f\u0440\u0438\u0437\u043d\u0430\u043a \u0442\u043e\u0433\u043e, \u0447\u0442\u043e \u0438\u0441\u043a\u0438 \u043e \u0433\u043e\u0441\u0443\u0434\u0430\u0440\u0441\u0442\u0432\u0435\u043d\u043d\u043e\u0439 \u043e\u0442\u0432\u0435\u0442\u0441\u0442\u0432\u0435\u043d\u043d\u043e\u0441\u0442\u0438 \u0434\u043e\u043b\u0436\u043d\u044b \u0431\u044b\u0442\u044c \u0430\u043a\u0442\u0438\u0432\u043d\u043e \u0440\u0430\u0441\u0441\u043c\u043e\u0442\u0440\u0435\u043d\u044b \u0438 \u043e\u0431\u0435\u0441\u043f\u0435\u0447\u0435\u043d\u044b \u0441\u0432\u043e\u0435\u0432\u0440\u0435\u043c\u0435\u043d\u043d\u044b\u043c \u043e\u0431\u0440\u0430\u0437\u043e\u043c.<\/p>\n<p>\u041d\u0430\u043f\u0440\u0438\u043c\u0435\u0440, \u043d\u0435\u0441\u043a\u043e\u043b\u044c\u043a\u043e \u043f\u0435\u043d\u0441\u0438\u043e\u043d\u043d\u044b\u0445 \u0444\u043e\u043d\u0434\u043e\u0432 \u0443\u0436\u0435 \u043e\u0431\u044a\u044f\u0432\u0438\u043b\u0438 \u0438\u043b\u0438 \u0438\u043d\u0438\u0446\u0438\u0438\u0440\u043e\u0432\u0430\u043b\u0438 \u0441\u0443\u0434\u0435\u0431\u043d\u044b\u0435 \u0438\u0441\u043a\u0438: \u043f\u0435\u043d\u0441\u0438\u043e\u043d\u043d\u044b\u0439 \u0444\u043e\u043d\u0434 Migros \u0432\u043c\u0435\u0441\u0442\u0435 \u0441 \u0434\u0440\u0443\u0433\u0438\u043c\u0438 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u0430\u043c\u0438 \u0432\u043e\u0437\u0431\u0443\u0434\u0438\u043b \u0441\u0443\u0434\u0435\u0431\u043d\u043e\u0435 \u0440\u0430\u0437\u0431\u0438\u0440\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u043e \u0432 \u0441\u0432\u044f\u0437\u0438 \u0441\u043e \u0441\u043f\u0438\u0441\u0430\u043d\u0438\u0435\u043c AT1. \u0412 \u0446\u0435\u043b\u043e\u043c, \u0432 \u043d\u0430\u0441\u0442\u043e\u044f\u0449\u0435\u0435 \u0432\u0440\u0435\u043c\u044f \u0432 \u0428\u0432\u0435\u0439\u0446\u0430\u0440\u0438\u0438 \u0440\u0430\u0441\u0441\u043c\u0430\u0442\u0440\u0438\u0432\u0430\u0435\u0442\u0441\u044f \u043c\u043d\u043e\u0436\u0435\u0441\u0442\u0432\u043e \u0438\u0441\u043a\u043e\u0432 \u043f\u0440\u043e\u0442\u0438\u0432 \u0444\u0435\u0434\u0435\u0440\u0430\u043b\u044c\u043d\u043e\u0433\u043e \u043f\u0440\u0430\u0432\u0438\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u0430 \u0432 \u0441\u0432\u044f\u0437\u0438 \u0441 \u0447\u0440\u0435\u0437\u0432\u044b\u0447\u0430\u0439\u043d\u044b\u043c \u0441\u043b\u0438\u044f\u043d\u0438\u0435\u043c\/\u0441\u043f\u0438\u0441\u0430\u043d\u0438\u0435\u043c AT1. \u042d\u0442\u043e \u0435\u0449\u0435 \u043e\u0434\u0438\u043d \u043f\u0440\u0438\u0437\u043d\u0430\u043a \u0442\u043e\u0433\u043e, \u0447\u0442\u043e \u0438\u0441\u043a\u0438 \u043e \u0433\u043e\u0441\u0443\u0434\u0430\u0440\u0441\u0442\u0432\u0435\u043d\u043d\u043e\u0439 \u043e\u0442\u0432\u0435\u0442\u0441\u0442\u0432\u0435\u043d\u043d\u043e\u0441\u0442\u0438 \u0434\u043e\u043b\u0436\u043d\u044b \u0431\u044b\u0442\u044c \u0430\u043a\u0442\u0438\u0432\u043d\u043e \u0440\u0430\u0441\u0441\u043c\u043e\u0442\u0440\u0435\u043d\u044b \u0438 \u043e\u0431\u0435\u0441\u043f\u0435\u0447\u0435\u043d\u044b \u0441\u0432\u043e\u0435\u0432\u0440\u0435\u043c\u0435\u043d\u043d\u044b\u043c \u043e\u0431\u0440\u0430\u0437\u043e\u043c.<\/p>\n<p>\u041f\u043e\u0441\u043b\u0435 \u043e\u0442\u043c\u0435\u043d\u044b \u0440\u0435\u0448\u0435\u043d\u0438\u044f FINMA \u0448\u0430\u043d\u0441\u044b \u043d\u0430 \u0443\u0441\u043f\u0435\u0445 \u0433\u0440\u0430\u0436\u0434\u0430\u043d\u0441\u043a\u043e\u0433\u043e \u0438\u0441\u043a\u0430 \u043f\u0440\u043e\u0442\u0438\u0432 UBS \u0442\u0430\u043a\u0436\u0435 \u0432\u043e\u0437\u0440\u0430\u0441\u0442\u0430\u044e\u0442, \u043f\u0440\u0438 \u0443\u0441\u043b\u043e\u0432\u0438\u0438, \u0447\u0442\u043e \u0441\u043e\u043e\u0442\u0432\u0435\u0442\u0441\u0442\u0432\u0443\u044e\u0449\u0438\u0435 \u0443\u0441\u043b\u043e\u0432\u0438\u044f AT1 (\u0432\u043a\u043b\u044e\u0447\u0430\u044f <i>\u0441\u043e\u0431\u044b\u0442\u0438\u0435 \u0436\u0438\u0437\u043d\u0435\u0441\u043f\u043e\u0441\u043e\u0431\u043d\u043e\u0441\u0442\u0438<\/i>) \u043d\u0435 \u0431\u044b\u043b\u0438 \u0432\u044b\u043f\u043e\u043b\u043d\u0435\u043d\u044b. \u0420\u0435\u0447\u044c \u0438\u0434\u0435\u0442 \u0432 \u043f\u0435\u0440\u0432\u0443\u044e \u043e\u0447\u0435\u0440\u0435\u0434\u044c \u043e \u0432\u044b\u043f\u043e\u043b\u043d\u0435\u043d\u0438\u0438 \u0438\u043b\u0438 \u043e\u0442\u043c\u0435\u043d\u0435 \u043e\u0431\u044f\u0437\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432 \u0438, \u0432\u043e\u0437\u043c\u043e\u0436\u043d\u043e, \u043e \u0432\u043e\u0437\u043c\u0435\u0449\u0435\u043d\u0438\u0438 \u0443\u0431\u044b\u0442\u043a\u043e\u0432. \u0421\u043f\u0435\u0446\u0438\u0430\u043b\u0438\u0441\u0442\u044b \u0432\u0438\u0434\u044f\u0442 \u0437\u0434\u0435\u0441\u044c \u0441\u0443\u0449\u0435\u0441\u0442\u0432\u0435\u043d\u043d\u044b\u0435 \u0442\u043e\u0447\u043a\u0438 \u0430\u0442\u0430\u043a\u0438 \u0432 \u0440\u0430\u043c\u043a\u0430\u0445 \u0433\u0440\u0430\u0436\u0434\u0430\u043d\u0441\u043a\u043e\u0433\u043e \u043f\u0440\u0430\u0432\u0430; \u0441\u043e\u043e\u0442\u0432\u0435\u0442\u0441\u0442\u0432\u0443\u044e\u0449\u0438\u0435 \u0434\u043e\u0433\u043e\u0432\u043e\u0440\u043d\u044b\u0435 \u0443\u0441\u043b\u043e\u0432\u0438\u044f AT1 \u0434\u043e\u043b\u0436\u043d\u044b \u0431\u044b\u0442\u044c \u0440\u0430\u0441\u0441\u043c\u043e\u0442\u0440\u0435\u043d\u044b \u0432 \u043a\u0430\u0436\u0434\u043e\u043c \u043a\u043e\u043d\u043a\u0440\u0435\u0442\u043d\u043e\u043c \u0441\u043b\u0443\u0447\u0430\u0435.<\/p>\n<p>\u0414\u043b\u044f \u043d\u0435\u043a\u043e\u0442\u043e\u0440\u044b\u0445 \u0438\u043d\u043e\u0441\u0442\u0440\u0430\u043d\u043d\u044b\u0445 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u043e\u0432 \u043c\u043e\u0433\u0443\u0442 \u0431\u044b\u0442\u044c \u0430\u043a\u0442\u0443\u0430\u043b\u044c\u043d\u044b \u0441\u043e\u0433\u043b\u0430\u0448\u0435\u043d\u0438\u044f \u043e \u0437\u0430\u0449\u0438\u0442\u0435 \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u0439 \u0438 \u0430\u0440\u0431\u0438\u0442\u0440\u0430\u0436\u043d\u044b\u0435 \u0440\u0430\u0437\u0431\u0438\u0440\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u0430 (\u0432\u043e\u0437\u043c\u043e\u0436\u043d\u043e, \u0432 \u041c\u0426\u0423\u0418\u0421); \u043f\u043e\u043c\u0438\u043c\u043e \u0441\u0440\u0435\u0434\u0441\u0442\u0432 \u043f\u0440\u0430\u0432\u043e\u0432\u043e\u0439 \u0437\u0430\u0449\u0438\u0442\u044b \u0438 \u0430\u043f\u0435\u043b\u043b\u044f\u0446\u0438\u0439, \u043f\u0440\u0435\u0434\u0443\u0441\u043c\u043e\u0442\u0440\u0435\u043d\u043d\u044b\u0445 \u0448\u0432\u0435\u0439\u0446\u0430\u0440\u0441\u043a\u0438\u043c \u0437\u0430\u043a\u043e\u043d\u043e\u0434\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432\u043e\u043c, \u043e\u043d\u0438 \u0442\u0430\u043a\u0436\u0435 \u0434\u043e\u043b\u0436\u043d\u044b \u0431\u044b\u0442\u044c \u0440\u0430\u0441\u0441\u043c\u043e\u0442\u0440\u0435\u043d\u044b \u0432 \u043a\u0430\u0436\u0434\u043e\u043c \u043a\u043e\u043d\u043a\u0440\u0435\u0442\u043d\u043e\u043c \u0441\u043b\u0443\u0447\u0430\u0435. \u041d\u0430\u043f\u0440\u0438\u043c\u0435\u0440, \u0441\u0438\u043d\u0433\u0430\u043f\u0443\u0440\u0441\u043a\u0430\u044f \u044e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u0430\u044f \u0444\u0438\u0440\u043c\u0430 Drew &amp; Napier, \u043f\u0440\u0435\u0434\u0441\u0442\u0430\u0432\u043b\u044f\u044e\u0449\u0430\u044f \u043e\u043a\u043e\u043b\u043e 560 \u0434\u0435\u0440\u0436\u0430\u0442\u0435\u043b\u0435\u0439 \u043e\u0431\u043b\u0438\u0433\u0430\u0446\u0438\u0439 \u0438\u0437 \u042f\u043f\u043e\u043d\u0438\u0438, \u0413\u043e\u043d\u043a\u043e\u043d\u0433\u0430 \u0438 \u0421\u0438\u043d\u0433\u0430\u043f\u0443\u0440\u0430, \u043e\u0431\u044a\u044f\u0432\u0438\u043b\u0430, \u0447\u0442\u043e \u0431\u0443\u0434\u0435\u0442 \u043f\u0440\u0435\u0434\u044a\u044f\u0432\u043b\u044f\u0442\u044c \u0438\u0441\u043a\u0438 \u043a \u0428\u0432\u0435\u0439\u0446\u0430\u0440\u0441\u043a\u043e\u0439 \u041a\u043e\u043d\u0444\u0435\u0434\u0435\u0440\u0430\u0446\u0438\u0438 \u043d\u0430 \u043e\u0441\u043d\u043e\u0432\u0430\u043d\u0438\u0438 \u0434\u0432\u0443\u0441\u0442\u043e\u0440\u043e\u043d\u043d\u0438\u0445 \u0441\u043e\u0433\u043b\u0430\u0448\u0435\u043d\u0438\u0439 \u043e \u0437\u0430\u0449\u0438\u0442\u0435 \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u0439 \u0438 \u043f\u0440\u0438 \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u043e\u0439 \u043f\u043e\u0434\u0434\u0435\u0440\u0436\u043a\u0435 \u043a\u043e\u043c\u043f\u0430\u043d\u0438\u0438 Omni Bridgeway, \u0437\u0430\u043d\u0438\u043c\u0430\u044e\u0449\u0435\u0439\u0441\u044f \u0444\u0438\u043d\u0430\u043d\u0441\u0438\u0440\u043e\u0432\u0430\u043d\u0438\u0435\u043c \u0441\u0443\u0434\u0435\u0431\u043d\u044b\u0445 \u043f\u0440\u043e\u0446\u0435\u0441\u0441\u043e\u0432 (\u043f\u043e\u0441\u043b\u0435 \u043e\u0442\u043f\u0440\u0430\u0432\u043a\u0438 \u0432 \u0434\u0435\u043a\u0430\u0431\u0440\u0435 2024 \u0433\u043e\u0434\u0430 \u0438 \u043c\u0430\u0435 2025 \u0433\u043e\u0434\u0430 \u043f\u0438\u0441\u0435\u043c \u0441 \u0442\u0440\u0435\u0431\u043e\u0432\u0430\u043d\u0438\u0435\u043c \u043e \u0432\u043e\u0437\u0431\u0443\u0436\u0434\u0435\u043d\u0438\u0438 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\u0434\u043e\u0433\u043e\u0432\u043e\u0440\u043e\u0432 \u0442\u0430\u043a\u0436\u0435 \u043c\u043e\u0433\u0443\u0442 \u043f\u0440\u0435\u0434\u0441\u0442\u0430\u0432\u043b\u044f\u0442\u044c \u0441\u043e\u0431\u043e\u0439 \u0440\u0435\u0430\u043b\u0438\u0441\u0442\u0438\u0447\u043d\u044b\u0435 \u0432\u0430\u0440\u0438\u0430\u043d\u0442\u044b \u0434\u0435\u0439\u0441\u0442\u0432\u0438\u0439 \u0434\u043b\u044f \u043e\u043f\u0440\u0435\u0434\u0435\u043b\u0435\u043d\u043d\u044b\u0445 \u043f\u0440\u043e\u0444\u0438\u043b\u0435\u0439 \u0438\u043d\u0432\u0435\u0441\u0442\u043e\u0440\u043e\u0432.<\/p>\n<h2>\u0412\u043e\u043f\u0440\u043e\u0441 4: \u041a\u0430\u043a\u043e\u0432\u044b \u0440\u0438\u0441\u043a\u0438 \u0434\u0430\u043b\u044c\u043d\u0435\u0439\u0448\u0438\u0445 \u0441\u0443\u0434\u0435\u0431\u043d\u044b\u0445 \u0438\u0441\u043a\u043e\u0432?<\/h2>\n<p>\u0414\u043e \u043f\u0440\u0438\u043d\u044f\u0442\u0438\u044f \u0440\u0435\u0448\u0435\u043d\u0438\u044f FSC \u043e\u0431 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\u0434\u0430\u043b\u044c\u043d\u0435\u0439\u0448\u0435\u0439 \u0430\u043f\u0435\u043b\u043b\u044f\u0446\u0438\u0438 \u0432 FSC.<\/p>\n<p>\u0412 \u0440\u0430\u043c\u043a\u0430\u0445 \u0440\u0430\u0437\u0431\u0438\u0440\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432 \u043f\u043e \u0434\u0435\u043b\u0443 \u043e \u043e\u0442\u0432\u0435\u0442\u0441\u0442\u0432\u0435\u043d\u043d\u043e\u0441\u0442\u0438 \u0432 \u0441\u043e\u043e\u0442\u0432\u0435\u0442\u0441\u0442\u0432\u0438\u0438 \u0441 VG \u0437\u0430\u043a\u043e\u043d\u043d\u043e\u0441\u0442\u044c \u044e\u0440\u0438\u0434\u0438\u0447\u0435\u0441\u043a\u0438 \u043e\u0431\u044f\u0437\u0430\u0442\u0435\u043b\u044c\u043d\u043e\u0433\u043e \u0430\u0434\u043c\u0438\u043d\u0438\u0441\u0442\u0440\u0430\u0442\u0438\u0432\u043d\u043e\u0433\u043e \u0430\u043a\u0442\u0430 \u0432 \u0441\u043e\u043e\u0442\u0432\u0435\u0442\u0441\u0442\u0432\u0438\u0438 \u0441\u043e \u0441\u0442. 12 VG \u043d\u0435 \u043c\u043e\u0436\u0435\u0442 \u0431\u044b\u0442\u044c (\u043f\u043e\u0432\u0442\u043e\u0440\u043d\u043e) \u043f\u0435\u0440\u0435\u0441\u043c\u043e\u0442\u0440\u0435\u043d\u0430. \u0418\u0441\u043a\u0438 \u043e \u0433\u043e\u0441\u0443\u0434\u0430\u0440\u0441\u0442\u0432\u0435\u043d\u043d\u043e\u0439 \u043e\u0442\u0432\u0435\u0442\u0441\u0442\u0432\u0435\u043d\u043d\u043e\u0441\u0442\u0438 \u0442\u0430\u043a\u0436\u0435 \u0441\u043e\u043f\u0440\u044f\u0436\u0435\u043d\u044b \u0441 \u043e\u043f\u0440\u0435\u0434\u0435\u043b\u0435\u043d\u043d\u044b\u043c \u043f\u043e\u043b\u0438\u0442\u0438\u0447\u0435\u0441\u043a\u0438\u043c \u0440\u0438\u0441\u043a\u043e\u043c \u0438 \u0442\u0440\u0435\u0431\u0443\u044e\u0442 \u0431\u043e\u043b\u044c\u0448\u043e\u0433\u043e \u043a\u043e\u043b\u0438\u0447\u0435\u0441\u0442\u0432\u0430 \u0434\u043e\u043a\u0430\u0437\u0430\u0442\u0435\u043b\u044c\u0441\u0442\u0432 (\u0435\u0441\u0442\u0435\u0441\u0442\u0432\u0435\u043d\u043d\u0430\u044f \u0438 \u0430\u0434\u0435\u043a\u0432\u0430\u0442\u043d\u0430\u044f \u043f\u0440\u0438\u0447\u0438\u043d\u043d\u043e-\u0441\u043b\u0435\u0434\u0441\u0442\u0432\u0435\u043d\u043d\u0430\u044f \u0441\u0432\u044f\u0437\u044c, \u043a\u043e\u043b\u0438\u0447\u0435\u0441\u0442\u0432\u0435\u043d\u043d\u0430\u044f \u043e\u0446\u0435\u043d\u043a\u0430 \u0443\u0449\u0435\u0440\u0431\u0430 \u0438 \u0442. \u0434.).<\/p>\n<p>\u0428\u0430\u043d\u0441\u044b \u043d\u0430 \u0443\u0441\u043f\u0435\u0445 \u0432 \u0433\u0440\u0430\u0436\u0434\u0430\u043d\u0441\u043a\u043e\u043c \u043f\u0440\u0430\u0432\u0435 \u043f\u0440\u043e\u0442\u0438\u0432 UBS \u0432\u044b\u0441\u043e\u043a\u0438 \u0442\u043e\u043b\u044c\u043a\u043e \u0432 \u0442\u043e\u043c \u0441\u043b\u0443\u0447\u0430\u0435, \u0435\u0441\u043b\u0438 \u0441\u0443\u0434\u044b (\u0432 \u043f\u043e\u0441\u043b\u0435\u0434\u043d\u0435\u0439 \u0438\u043d\u0441\u0442\u0430\u043d\u0446\u0438\u0438) \u043f\u0440\u0438\u0434\u0443\u0442 \u043a \u0432\u044b\u0432\u043e\u0434\u0443, \u0447\u0442\u043e \u043d\u0435 \u0431\u044b\u043b\u043e <i>\u0441\u043e\u0431\u044b\u0442\u0438\u044f \u0436\u0438\u0437\u043d\u0435\u0441\u043f\u043e\u0441\u043e\u0431\u043d\u043e\u0441\u0442\u0438<\/i> \u0438\u043b\u0438 \u0447\u0442\u043e \u0434\u043e\u0433\u043e\u0432\u043e\u0440\u043d\u044b\u0435 \u0442\u0440\u0435\u0431\u043e\u0432\u0430\u043d\u0438\u044f \u043d\u0435 \u0431\u044b\u043b\u0438 \u0432\u044b\u043f\u043e\u043b\u043d\u0435\u043d\u044b.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u0412\u0432\u0435\u0434\u0435\u043d\u0438\u0435 \u0421\u043f\u0438\u0441\u0430\u043d\u0438\u0435 \u043e\u0431\u043b\u0438\u0433\u0430\u0446\u0438\u0439 Credit Suisse AT1 \u043e\u0441\u0442\u0430\u0435\u0442\u0441\u044f \u043e\u0434\u043d\u043e\u0439 \u0438\u0437 \u0441\u0430\u043c\u044b\u0445 \u0441\u043f\u043e\u0440\u043d\u044b\u0445 \u0433\u043b\u0430\u0432 \u0432 \u043d\u0435\u0434\u0430\u0432\u043d\u0435\u0439 \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u043e\u0439 \u0438 \u0440\u0435\u0433\u0443\u043b\u044f\u0442\u043e\u0440\u043d\u043e\u0439 \u0438\u0441\u0442\u043e\u0440\u0438\u0438 \u0428\u0432\u0435\u0439\u0446\u0430\u0440\u0438\u0438. \u041d\u0435\u0434\u0430\u0432\u043d\u043e \u0434\u0435\u0431\u0430\u0442\u044b \u043f\u043e\u043b\u0443\u0447\u0438\u043b\u0438 \u043d\u043e\u0432\u044b\u0439 \u0438\u043c\u043f\u0443\u043b\u044c\u0441 \u0431\u043b\u0430\u0433\u043e\u0434\u0430\u0440\u044f \u0442\u0440\u0435\u043c \u0440\u0435\u0448\u0435\u043d\u0438\u044f\u043c: (i) BGer 2E_1\/2024 (\u043e\u0441\u043d\u043e\u0432\u043d\u043e\u0435 \u0441\u043b\u0443\u0448\u0430\u043d\u0438\u0435 23 \u043c\u0430\u044f 2025 \u0433.; \u043e\u043f\u0443\u0431\u043b\u0438\u043a\u043e\u0432\u0430\u043d\u043e 26 \u0441\u0435\u043d\u0442\u044f\u0431\u0440\u044f 2025 \u0433.), (ii) \u0440\u0435\u0448\u0435\u043d\u0438\u0435 \u043e\u043a\u0440\u0443\u0436\u043d\u043e\u0433\u043e \u0441\u0443\u0434\u0430 \u0421\u0428\u0410, \u042e\u0436\u043d\u044b\u0439 \u043e\u043a\u0440\u0443\u0433 \u041d\u044c\u044e-\u0419\u043e\u0440\u043a\u0430, \u043e\u0442 30 \u0441\u0435\u043d\u0442\u044f\u0431\u0440\u044f 2025 \u0433. \u0438 [&hellip;]<\/p>\n","protected":false},"author":19,"featured_media":23609,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_focuskw":"","_yoast_wpseo_title":"","_yoast_wpseo_metadesc":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[50],"tags":[],"related_contact":[201,424],"expertise":[159,283,524,523,290,163,567],"class_list":["post-24335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insights"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>AT1 Bonds | Lindemann Law<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lindemannlaw.ch\/ru\/insights\/at1-bonds\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AT1 Bonds\" \/>\n<meta property=\"og:description\" content=\"\u0412\u0432\u0435\u0434\u0435\u043d\u0438\u0435 \u0421\u043f\u0438\u0441\u0430\u043d\u0438\u0435 \u043e\u0431\u043b\u0438\u0433\u0430\u0446\u0438\u0439 Credit Suisse AT1 \u043e\u0441\u0442\u0430\u0435\u0442\u0441\u044f \u043e\u0434\u043d\u043e\u0439 \u0438\u0437 \u0441\u0430\u043c\u044b\u0445 \u0441\u043f\u043e\u0440\u043d\u044b\u0445 \u0433\u043b\u0430\u0432 \u0432 \u043d\u0435\u0434\u0430\u0432\u043d\u0435\u0439 \u0444\u0438\u043d\u0430\u043d\u0441\u043e\u0432\u043e\u0439 \u0438 \u0440\u0435\u0433\u0443\u043b\u044f\u0442\u043e\u0440\u043d\u043e\u0439 \u0438\u0441\u0442\u043e\u0440\u0438\u0438 \u0428\u0432\u0435\u0439\u0446\u0430\u0440\u0438\u0438. \u041d\u0435\u0434\u0430\u0432\u043d\u043e \u0434\u0435\u0431\u0430\u0442\u044b \u043f\u043e\u043b\u0443\u0447\u0438\u043b\u0438 \u043d\u043e\u0432\u044b\u0439 \u0438\u043c\u043f\u0443\u043b\u044c\u0441 \u0431\u043b\u0430\u0433\u043e\u0434\u0430\u0440\u044f \u0442\u0440\u0435\u043c \u0440\u0435\u0448\u0435\u043d\u0438\u044f\u043c: (i) BGer 2E_1\/2024 (\u043e\u0441\u043d\u043e\u0432\u043d\u043e\u0435 \u0441\u043b\u0443\u0448\u0430\u043d\u0438\u0435 23 \u043c\u0430\u044f 2025 \u0433.; \u043e\u043f\u0443\u0431\u043b\u0438\u043a\u043e\u0432\u0430\u043d\u043e 26 \u0441\u0435\u043d\u0442\u044f\u0431\u0440\u044f 2025 \u0433.), (ii) \u0440\u0435\u0448\u0435\u043d\u0438\u0435 \u043e\u043a\u0440\u0443\u0436\u043d\u043e\u0433\u043e \u0441\u0443\u0434\u0430 \u0421\u0428\u0410, \u042e\u0436\u043d\u044b\u0439 \u043e\u043a\u0440\u0443\u0433 \u041d\u044c\u044e-\u0419\u043e\u0440\u043a\u0430, \u043e\u0442 30 \u0441\u0435\u043d\u0442\u044f\u0431\u0440\u044f 2025 \u0433. \u0438 [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/lindemannlaw.ch\/ru\/insights\/at1-bonds\/\" \/>\n<meta property=\"og:site_name\" content=\"Lindemann Law\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-31T10:06:07+00:00\" \/>\n<meta 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