Credit Suisse and UBS expect to miss Basel data deadline by a year

Finma said to be considering penalties

Swiss banks have data mountain to climb

Credit Suisse and UBS will not meet the 2016 deadline for new international principles on risk data, officials at the banks have said. A more realistic date for full compliance is 2017, which may result in some form of penalty from the Eidgenössische Finanzmarktaufsicht (Finma).

"We certainly don't think we will be compliant before the end of this year and this is a pretty open discussion we have been having with our primary regulator, Finma. We haven't put a definite date on when it would be

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