As part of UBS's Brexit planning strategy in response to the decision of the United Kingdom ("UK") to leave the European Union ("EU") ("Brexit"), UBS Limited ("UBSL") is seeking to transfer certain business into UBS's German incorporated subsidiary UBS Europe SE ("UBS ESE") in advance of the UK's anticipated departure from the EU on 29 March 2019 (the "Brexit Date"). This is to ensure that UBS can continue to service existing investment bank customers, and continue to provide services, in certain EU jurisdictions after Brexit.
It is envisaged that the transfer will be 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"). The Part VII and Merger are undertaken pursuant to separate court processes, although they will be undertaken in parallel.
For further information on the legal process by which the transfer will be carried out, please see our Frequently Asked Questions .
Key anticipated dates:
Both the Part VII and Merger involve court processes with the UK High Court. If the Part VII and Merger are approved by the High Court and the relevant German registration requirements are complied with, the transfer is expected to take effect on 1 March 2019. Please see below for a list of the key dates in the transfer process. To the extent that any of these dates change, we will publish an update on this website. The Final Part VII Sanction Hearing is due to occur in the Rolls Building, Fetter Lane, London EC4A 1NL on 5 February 2019.
- 24 January 2019: Cross Border Merger Pre-Merger Certificate Hearing
- 5 February 2019: Final Part VII Sanction Hearing
- 1 March 2019: Part VII and Merger become effective
Would you like to find out more? Get in touch