Following completion of the merger of UBS AG and Credit Suisse AG, Credit Suisse AG’s business was transferred to UBS AG, and Credit Suisse AG ceased to exist. At this time however, the two entities did not operationally merge and, as a result, we continue to have two sets of operational infrastructure and processes during this transitionary period.
Consequently UBS AG is now the sole parent entity and all direct subsidiaries of Credit Suisse AG have become direct subsidiaries of UBS AG, and all branches of Credit Suisse AG have been absorbed into existing or established as new branches of UBS AG (as the case may be). As such, Credit Suisse AG’s branches have been renamed as UBS Branches, with the exceptions of Credit Suisse AG, Taipei Securities Branch and Credit Suisse AG Shanghai Branch.
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References to Credit Suisse include all of the subsidiaries and affiliates of Credit Suisse AG operating under its Investment Banking division. For more information on our structure, please follow the attached link:
https://www.credit-suisse.com/us/en/about-us/our-company.html
This material has been prepared by individual sales and/or trading personnel of Credit Suisse Securities (Europe) Limited ("CSSEL"), Credit Suisse International ("CSI"), Credit Suisse Bank (Europe), S.A. ("CSEB") and/or Credit Suisse (Deutschland) AG ("CSD") or its subsidiaries or affiliates (collectively "Credit Suisse") and not by Credit Suisse's research department. It is not investment research, or a research recommendation for the purposes of the rules of the Financial Conduct Authority in the United Kingdom or of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments, as it does not constitute substantive research or analysis. All Credit Suisse research recommendations can be accessed through the following hyperlink: http://www.credit-suisse.com/researchandanalytics subject to the use of a suitable login. This material is provided for information purposes, is intended for your use only and does not constitute an invitation or offer to subscribe for or purchase any of the products or services mentioned. The information provided is not intended to provide a sufficient basis on which to make an investment decision and is not a personal recommendation or investment advice. It is intended only to provide observations and views of the said individual sales and/or trading personnel, which may be different from, or inconsistent with, the observations and views of Credit Suisse analysts or other Credit Suisse sales and/or trading personnel, or the proprietary positions of Credit Suisse. Observations and views of the salesperson or trader may change at any time without notice. Information and opinions presented in this material have been obtained or derived from sources believed by Credit Suisse to be reliable, but Credit Suisse makes no representation as to their accuracy or completeness. Credit Suisse accepts no liability for loss arising from the use of this material. This material is not for distribution to retail clients and is directed exclusively at Credit Suisse's market professional and institutional clients as defined by the relevant rules. Moreover, any investment or service to which this material may relate, will not be made available by Credit Suisse to such retail customers. All valuations are subject to Credit Suisse valuation terms. Information provided on trades executed with Credit Suisse will not constitute an official confirmation of the trade details. CSSEL, CSI and CSD do not hold an Australian Financial Services License ("AFSL") and are exempt from the requirement to hold an AFSL. CSSEL and CSI are authorised and regulated under UK laws, and CSD under German laws, which differ from Australian laws.
CSEB is authorised as a credit institution by the European Central Bank and supervised and regulated by the Bank of Spain with reference number 0243 and, where applicable, regulated by the Comisión Nacional del Mercado de Valores, for the provision of investment services and activities and is acting either through its headquarter in Madrid or through the appropriate branch located in Amsterdam, Italy, Paris or Stockholm. CSEB is a sole shareholder company (sociedad unipersonal) incorporated in Spain, registered with the Commercial Registry of Madrid with tax identification number A-79192258, under volume 4194, section 8, sheet M-69786, page 198, whose registered office is at Calle Ayala 42, 3 Planta-B, Madrid, 28001, Spain.
These materials are not for distribution to Retail Clients, as defined by the Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments ("MiFID II") transposition into Spanish Law. Any investment or services to which these materials may relate will not be made available to Retail Clients.
To the extent you conduct business with CSEB through a branch that is outside the EU Member State in which you are located, Spanish conduct of business rules will apply. CSEB, when acting through its Paris branch located at 86, boulevard Haussmann, 75008 Paris, France, is also supervised in France by Autorité des marchés financiers ("AMF") and Autorité de contrôle prudentiel et de résolution ("ACPR"). These materials are not for distribution to Retail Clients as defined under MiFID II and its transposition into French Law.
CSSEL and CSI are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom.
Credit Suisse (Deutschland) AG ("CSD") is authorised by the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) and supervised by the BaFin and the German Central Bank (Deutsche Bundesbank).
