ZURICH - The Swiss government has commissioned two independent experts to investigate the failings of financial regulation during the recent crisis, it said on Tuesday.

The Swiss finance ministry said it had asked retired Zurich University economic professor Hans Geiger and former British regulator David Green to investigate, adding they should finish their work in the first quarter of 2010.

The move comes after the Swiss parliament asked the government to submit a report on the deficiencies of financial market supervision.

The Swiss National Bank and financial watchdog FINMA are working on tougher bank rules to curb risks to the broader economy, despite competition concerns among bankers.

Last week, the government asked separate experts to come up with solutions that would prevent big banks and insurers from sinking the whole economy if they fail.

Last year, the government bailout of Swiss bank giant UBS triggered discussions about how to limit the risks from large financial institutions for the Swiss economy.

UBS and Credit Suisse still have combined liabilities of almost six times Swiss gross domestic product (GDP) of around 540 billion Swiss francs ($535.2 billion). (Reporting by Emma Thomasson; editing by Chris Pizzey)

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