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UBS amends its policies pertaining to controversial weapons

Zurich | | Corporate Responsibility

On 1 February 2013, the revised "Swiss Federal Act on War Materials” has come into force.

It follows Switzerland's ratification of the Convention on Cluster Munitions (known as the Oslo convention of 2010) in 2012. The revised law bans the use, stockpiling, production and transfer of cluster munitions and anti-personnel mines because of their indiscriminate impact on civilian populations during and after armed conflict and bans direct and indirect financing of these controversial weapons.

UBS welcomed Switzerland's ratification of the Convention on Cluster Munitions. We announced at the time that we would be carefully analyzing the changes, which were to be made to Swiss law, and would amend our policies accordingly. Consequently, we have decided that we will not provide credit facilities, capital market transactions as well as buying and holding equity and/or bonds (including derivatives) of companies that are involved in the development, production or purchase of these controversial weapons.