UBS Group AG and UBS AG filed a Form 6-K with the U.S. Securities and Exchange Commission on October 28, 2026, furnishing their Pillar 3 Report as of September 30, 2026, covering capital adequacy, risk-weighted assets, leverage, and liquidity for UBS Group and its significant regulated subsidiaries and sub-groups.

Key Highlights

  • Share repurchases in Q3 2026: According to the filing, UBS repurchased USD 1,807m of shares under its 2026 share repurchase programs during the third quarter of 2026.
  • USD 3bn repurchase program: The company disclosed it expects to complete its current USD 3bn share repurchase program by the time of publication of its fourth-quarter 2026 results.
  • CET1 capital ratio target: The filing states UBS intends to maintain a CET1 capital ratio of around 14%.
  • Council of States proposal: In September 2026, Switzerland's Council of States supported a proposal requiring systemically important banks to deduct 90% of the carrying value of foreign participations from CET1 capital, which the filing states would require UBS AG to hold approximately USD 16bn of additional CET1 capital if enacted in that form.
  • Additional ordinance-level CET1 requirement: The filing disclosed that around USD 2bn of additional CET1 capital would be required at UBS AG as a result of ordinance-level measures announced earlier in 2026.
  • Post-Credit Suisse incremental capital: If the Council of States decision is confirmed, UBS disclosed it would be required to hold a total of around USD 33bn of incremental CET1 capital since the acquisition of Credit Suisse, with a total annual capital-related cost resulting from the acquisition of around USD 2.5bn.
  • Swiss too-big-to-fail consultations: In August 2026, the Swiss Federal Council launched two public consultations on further too-big-to-fail reform measures, with entry into force of related changes expected no earlier than the beginning of 2029.

UBS Group's September 2026 Pillar 3 Disclosures: Capital Requirements and Regulatory Developments

The filing, made by both UBS Group AG (Commission File Number 1-36764) and UBS AG (Commission File Number 1-15060) and listed on NYSE:UBS, presents Pillar 3 regulatory disclosures as required under the Swiss Financial Market Supervisory Authority (FINMA) Ordinance on the Disclosure Obligations of Banks and Securities Firms and the underlying Basel Committee on Banking Supervision framework. The report covers UBS Group as well as UBS AG consolidated and standalone, UBS Switzerland AG standalone, UBS Europe SE consolidated, and UBS Americas Holding LLC consolidated.

A significant portion of the filing addresses Swiss regulatory developments. The filing states that in August 2026, the Swiss Federal Council launched public consultations on legislative measures and proposed amendments to the Swiss Liquidity Ordinance, both concluding in November 2026. The legislative proposal is expected to be submitted to the Swiss Parliament in the first half of 2027, with entry into force of resulting changes expected no earlier than the beginning of 2029. Separately, the filing notes that the proposed amendments to the Swiss Liquidity Ordinance include "quantitative minimum requirements for borrowing capacity for emergency liquidity assistance," also expected to enter into force no earlier than 2029, with a phase-in period of four years.

Regarding capital, the filing discloses that existing regulations already require UBS AG to hold approximately USD 15bn of CET1 capital following the Credit Suisse acquisition, comprising around USD 9bn related to regulatory concessions granted to Credit Suisse and around USD 6bn to meet current progressive requirements. The filing also notes that, once implemented, the ordinance-level changes announced earlier in 2026 would "eliminate an estimated USD 4bn of CET1 capital at the Group level." The company's characterizations of future regulatory timelines and capital impacts are forward-looking and subject to its cautionary statement included in the filing.

What Was Disclosed

UBS Group AG and UBS AG submitted their September 30, 2026 Pillar 3 Report via Form 6-K, disclosing capital metrics, leverage, liquidity, and key Swiss regulatory developments, including pending legislative proposals and their potential CET1 capital implications for UBS AG.