UBS reports all transactions in UBS shares made by the members of the Board of Directors and members of the Group Executive Board of UBS Group AG (Group Senior Management). Reported transactions also include all types of financial instruments whose market price is primarily influenced by the market price of UBS shares.
Members of Group Senior Management receive part of their compensation in UBS shares. Blackout periods – defined as the period immediately prior to the publication of UBS quarterly financial results, during which restricted persons such as the Group Senior Management are not permitted to trade UBS shares – and synchronized dates for the unblocking or vesting of UBS shares granted as compensation may lead to management transactions being concentrated in short periods.
Group Senior Management is subject to pre-clearance and disclosure requirements, which specifically require all transactions in UBS shares and related instruments to be pre-approved by the firm's compliance organization.
Prior to the repatriation of SWX Europe London to SIX Swiss Exchange Zurich on 4 May 2009, management transactions were disclosed, as a regulatory requirement, to the German regulator BaFin.
As of 4 May 2009, the list of management transactions can be found on the website of SIX Swiss Exchange (there were no management transactions between 1 January 2009 and 3 May 2009):
