The "Directives on the Independence of Financial Research", issued by the Board of Directors of the Swiss Bankers Association (SBA), came into force on 1 July 2003, and were revised on 1 July 2008. One of the purposes of the Directives is to avoid or limit any potential conflicts of interest associated with the preparation of financial research reports, or at least to require proper disclosure. Clients who make their investment decisions based in part on recommendations made by financial analysts should be able to rely upon the objectivity, good faith and due diligence of analysts' research.

UBS Wealth Management Research (WMR) fully complies with the requirements of these SBA Directives. WMR has strictly defined research principles, processes and methods that support WMR analysts and other staff to ensure that they meet the compliance rules during the production of research.