UBS, the biggest bank in Switzerland, is reportedly in talks with the China Securities Regulatory Commission (CSRC) about its intention to apply for a mutual fund licence in the country. According to reports, the bank plans to submit the application as soon as possible. UBS was the first foreign bank to take a majority stake in a Chinese securities joint venture in 2018. Both UBS and CSRC have not officially made a statement regarding the plan. The CSRC 18 February 2023 launched a draft consultation on new capital rules that implement the international final Basel III standard for large- and medium-sized commercial banks.
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