Credit Suisse Securities (Europe)

Credit Suisse Securities (Europe) Limited (“CSSEL”) has undertaken significant efforts to manage the current and future return of money and securities held on behalf of its legacy clients and counterparties wherever possible.

We set out below what will happen to any securities and money that has not been returned to clients/counterparties of CSSEL or will be received from 1 May 2025 for clients./counterparties of CSSEL.

Unclaimed client money and client securities - claim from UBS AG London Branch

Where clients have not responded to CSSEL’s efforts to return their money and/or securities   or where CSSEL was not able to locate the clients in order to return such money or securities, such unclaimed money and cash proceeds from liquidating these securities have been donated in accordance with the FCA Handbook’s CASS 6.2.10R and CASS 7.11.50R (as each rule has been varied by application to the FCA) to a registered charity chosen by CSSEL.

Despite this payment to charity, if an impacted client of CSSEL wishes to come forward to now claim the relevant money or securities, it may do so by requesting and providing to UBS AG London Branch (“UBS AGLB”) appropriate evidence of the money or securities owed by CSSEL. In this regard, UBS AGLB has entered into a deed of undertaking whereby UBS AGLB has undertaken to pay any impacted clients such money or proceeds from liquidating such securities. Impacted clients of CSSEL may request a copy of this deed poll from UBS AGLB which allows for the clients to enforce the undertaking against UBS AGLB.

Client money that cannot be treated as unclaimed or is otherwise required to be retained by CSSEL - claim from UBS AG London Branch

Where a return or transfer of client money cannot be accommodated for other reasons (such as sanctions or the unclaimed client money rules not being satisfied yet), such client money sum has been transferred in accordance with CASS 7.11.42R (as varied by application to the FCA) from CSSEL to UBS AGLB in order to allow CSSEL to no longer hold any remaining client money. Upon such transfer to UBS AGLB:

• UBS AGLB will instead hold such transferred sum received from CSSEL as a deposit in UBS AGLB’s capacity as banker pursuant to UBS AGLB’s terms of business (which can be reviewed here at: https://www.ubs.com/global/en/investment-bank/regulatory.html), so that such transferred sum will no longer be held as client money under the FCA Handbook CASS 7 rules;
• such transferred sum will not be protected under the UK Depositor’s Guarantee Scheme or the UK Financial  Services Compensation Scheme (FSCS) or any other protection scheme; and
• each impacted client should going forward, make any requests to UBS AGLB (rather than CSSEL) for payment of the sum transferred to UBS AGLB by providing to UBS AGLB appropriate evidence of the sum owed from CSSEL. Any payments by UBS AGLB remain subject to any applicable financial sanctions and restrictions. To support an impacted client’s ability to assert such a right, UBS AGLB has entered into a deed poll under which their legal entitlement may be enforced. Impacted clients of CSSEL may request a copy of this deed poll from UBS AGLB.

Money and securities belonging to clients, counterparties and creditors of CSSEL that may be received by CSSEL in the future - claim from UBS AG London Branch

In anticipation of the cancellation of its Part 4A permissions and the full closure of CSSEL, CSSEL and UBS AGLB have entered into an arrangement so that UBS AGLB (will instead of CSSEL) receive from 1 May 2025 any securities or money belonging to CSSEL’s clients, counterparties or other creditors (together, “Creditors”) (e.g., arising whether due to a corporate action or class action, etc relating to the time of ownership by the relevant client) and deliver such securities or pay such cash to CSSEL’s Creditors. Any such money received by UBS AGLB will solely be held as pursuant to its terms of business(which can be reviewed here at: https://www.ubs.com/global/en/investment-bank/regulatory.html)] Any securities received by UBS AGLB will held in custody pursuant to its terms of business  (which can be reviewed here at: https://www.ubs.com/global/en/investment-bank/regulatory.html). Any payments and deliveries made by UBS AGLB remain subject to any applicable financial sanctions and restrictions. To support an impacted Creditor’s ability to assert a right to be paid or delivered such securities or cash due in the future, UBS AGLB has entered into a deed poll under which their legal entitlement may be enforced. Impacted Creditors of CSSEL may request a copy of this deed poll from UBS AGLB.