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.
SBA Directives pdf , 617 KB
UBS Chief Investment Office WM (CIO) fully complies with the requirements of these SBA Directives. CIO has strictly defined research principles, processes and methods that support CIO analysts and other staff to ensure that they meet the compliance rules during the production of research.