The United Kingdom (“UK”) and the European Union (“EU“) agreed on 24 December 2020 a post-Brexit "EU-UK Trade and Cooperation" Agreement. Financial services remain subject to separate equivalence decisions.
As part of UBS's Brexit planning strategy in response to the decision of the UK to leave the EU, UBS Limited ("UBSL") transferred its business into UBS's German incorporated subsidiary UBS Europe SE ("UBS ESE") in March 2019, to ensure the undisrupted continuity of service to our European clients. The transfer was carried out by means of a combined banking business transfer under Part VII of the UK Financial Services and Markets Act ("FSMA") (the "Part VII") and a cross-border merger under the European Cross Border Mergers Directive (the "Merger").
UBS continues to closely monitor the ongoing EU-UK discussions to ensure we are well positioned to respond to changes quickly and effectively. Please contact your Relationship Manager with any questions regarding how Brexit impacts your relationship with UBS.
Both the Part VII and Merger involved court processes with the UK High Court. The Part VII and Merger were approved by the High Court; the relevant German registration requirements were complied with; and the transfer took effect on 1 March 2019. Please see below for a list of the key dates in the transfer process.