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") has transferred its 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.
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").
For further information on the legal process by which the transfer was carried out, please see our Frequently Asked Questions
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.