Ubs Asset Management (Americas) LLC

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS AG
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.

PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
FOREIGN MONETARY AUTHORITY OF SINGAPORE (MAS)
2.
Principal Sanction:
Reprimand
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
11/14/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
OTC BONDS/STRUCTURED PRODUCTS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE MAS HAS IMPOSED A CIVIL PENALTY ON UBS AG (UBS), FOR ACTS OF ITS CLIENT ADVISORS THAT CONTRAVENED SECTION 201(B) OF THE
SECURITIES AND FUTURES ACT (SFA). UBS CLIENT ADVISORS HAD ENGAGED IN ACTS THAT DECEIVED OR WERE LIKELY TO DECEIVE CLIENTS ABOUT
THE SPREADS AND/OR INTERBANK PRICES FOR TRANSACTIONS IN OVER-THE-COUNTER (OTC) BONDS AND STRUCTURED PRODUCTS. THE ENFORCEMENT
ACTION FOLLOWED UBS'S REPORTING OF THE MISCONDUCT TO MAS, AND MAS'S SUBSEQUENT INVESTIGATIONS. THE ENFORCEMENT ACTION AND
PENALTY TOOK INTO ACCOUNT THE FACT THAT UBS HAS UNDERTAKEN TO COMPENSATE AFFECTED CLIENTS AND THE FACT THAT THE BANK RENDERED
FULL COOPERATION TO MAS DURING THE INVESTIGATION.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
11/14/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 11,200,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
CIVIL PENALTY OF SGD11.2 MILLION WAS PAID ON 14 NOVEMBER 2019.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THE MAS HAS IMPOSED A CIVIL PENALTY ON UBS AG (UBS), FOR ACTS OF ITS CLIENT ADVISORS THAT CONTRAVENED SECTION 201(B) OF THE
SECURITIES AND FUTURES ACT (SFA). UBS CLIENT ADVISORS HAD ENGAGED IN ACTS THAT DECEIVED OR WERE LIKELY TO DECEIVE CLIENTS ABOUT

THE SPREADS AND/OR INTERBANK PRICES FOR TRANSACTIONS IN OVER-THE-COUNTER (OTC) BONDS AND STRUCTURED PRODUCTS. THE ENFORCEMENT
ACTION FOLLOWED UBS'S REPORTING OF THE MISCONDUCT TO MAS, AND MAS'S SUBSEQUENT INVESTIGATIONS. THE ENFORCEMENT ACTION AND
PENALTY TOOK INTO ACCOUNT THE FACT THAT UBS HAS UNDERTAKEN TO COMPENSATE AFFECTED CLIENTS AND THE FACT THAT THE BANK RENDERED
FULL COOPERATION TO MAS DURING THE INVESTIGATION.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS AG
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
HONG KONG SECURITIES AND FUTURES COMMISSION (SFC)

2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
REPRIMAND
3.
Date Initiated (MM/DD/YYYY): 
11/11/2019
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
BONDS/STRUCTURED NOTES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE SFC FINED AND REPRIMANDED UBS AG (UBS) FOR OVERCHARGING SOME CLIENTS OVER A TEN-YEAR PERIOD AND FOR RELATED SERIOUS
SYSTEMIC INTERNAL CONTROL FAILURES. THE SFC'S INVESTIGATIONS REVEALED THAT BETWEEN 2008 AND 2015, THE CLIENT ADVISORS AND CLIENT
ADVISORS' ASSISTANTS IN UBS'S WEALTH MANAGEMENT DIVISION HAD OVERCHARGED CLIENTS WHEN CONDUCTING BOND AND STRUCTURED NOTE
TRADES BY INCREASING THE SPREAD CHARGED AFTER THE EXECUTION OF TRADES WITHOUT CLIENTS' KNOWLEDGE; BETWEEN 2008 AND 2017, UBS
HAD ALSO CHARGED ITS CLIENTS FEES IN EXCESS OF ITS STANDARD DISCLOSURES OR RATES. THE ENFORCEMENT ACTIONS FOLLOWED UBS'S
REPORTING TO THE RELEVANT REGULATORS IN HONG KONG IN 2016 AND SFC'S SUBSEQUENT INVESTIGATIONS. UBS HAS AGREED TO REPAY THE
AFFECTED CLIENTS BY REPAYING THEM THE FULL VALUE OF THE OVERCHARGED AMOUNT TOGETHER WITH INTEREST. UBS HAS ALREADY COMMENCED
THE REPAYMENT PROCESS TO AFFECTED CLIENTS ON 29 NOVEMBER 2019.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
11/11/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 51,000,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
AS PART OF THE SETTLEMENT, UBS AG HAS AGREED TO REPAY THE CLIENTS ALL OVERCHARGES, INCLUDING INTEREST. AMOUNT: ~$
51,000,000.00 (HK$400M)
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THE SFC FINED AND REPRIMANDED UBS AG (UBS) FOR OVERCHARGING SOME CLIENTS OVER A TEN-YEAR PERIOD AND FOR RELATED SERIOUS
SYSTEMIC INTERNAL CONTROL FAILURES. THE SFC'S INVESTIGATIONS REVEALED THAT BETWEEN 2008 AND 2015, THE CLIENT ADVISORS AND CLIENT
ADVISORS' ASSISTANTS IN UBS'S WEALTH MANAGEMENT DIVISION HAD OVERCHARGED CLIENTS WHEN CONDUCTING BOND AND STRUCTURED NOTE
TRADES BY INCREASING THE SPREAD CHARGED AFTER THE EXECUTION OF TRADES WITHOUT CLIENTS' KNOWLEDGE; BETWEEN 2008 AND 2017, UBS
HAD ALSO CHARGED ITS CLIENTS FEES IN EXCESS OF ITS STANDARD DISCLOSURES OR RATES. THE ENFORCEMENT ACTIONS FOLLOWED UBS'S

REPORTING TO THE RELEVANT REGULATORS IN HONG KONG IN 2016 AND SFC'S SUBSEQUENT INVESTIGATIONS. UBS HAS AGREED TO REPAY THE
AFFECTED CLIENTS BY REPAYING THEM THE FULL VALUE OF THE OVERCHARGED AMOUNT TOGETHER WITH INTEREST. UBS HAS ALREADY COMMENCED
THE REPAYMENT PROCESS TO AFFECTED CLIENTS ON 29 NOVEMBER 2019.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS AG
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
ICE FUTURES SECURITIES

2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
01/11/2021
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
REF: 14264 AND 14710
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
UBS AG LONDON BRANCH
6.
Principal Product Type:
Futures - Commodity
Other Product Types: 
FUTURES - FINANCES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE ICE FUTURES EUROPE EXCHANGE ALLEGES THAT UBS AG WERE IN BREACH OF THE FOLLOWING EXCHANGE RULES: G.17.1, G.17.4 AND G.17.5.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
01/12/2021
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 50,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
UBS WILL PAY A TOTAL SETTLEMENT AMOUNT OF 36,666.67 (APPROX. $50,000) THIS COMPRISES: (1) A FINE OF 55,000 FOR THE BEACHES OF
THE RULES DESCRIBED AT SECTION 7 ABOVE; (2) A DISCRETIONARY 1/3 DISCOUNT FROM 55,000 FOR EARLY SETTLEMENT.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
UBS AND THE SRO HAVE AGREED THE CONTENT OF A DRAFT CIRCULAR CAPTURING THE SETTLEMENT WHICH WILL BE PUBLISHED BY THE SRO IN DUE
COURSE. THIS PROVIDES FOR THE ABOVE SETTLEMENT AMOUNT AND CONFIRMS THAT UBS DID BREACH RULES G.17.1, G.17.4, AND G.17.5. THE DATE
OF PAYMENT HAS NOT BEEN AGREED.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.

Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS AG
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
CAPITAL MARKETS BOARD
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
04/26/2021
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
REF: 14264 AND 14710

5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
UBS AG
6.
Principal Product Type:
Other
Other Product Types: 
CASH ORDERS AND SWAP TRADES ON EQUITY SHARES RELATING TO FACILITATION OF CLIENT BUSINESS.
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE TURKISH CAPITAL MARKETS BOARD ALLEGED THAT UBS ENTERED INTO CERTAIN TRANSACTIONS ON 1JULY 2020 THAT CONSTITUTED SHORT
SELLING AND WERE NOT DISCLOSED AS SHORT SALES AS REQUIREDUNDER TURKISH REQUIREMENTS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Other
11. Resolution Date (MM/DD/YYYY):
05/03/2021
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 39,924.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
NONE
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
TOTAL AMOUNT OF FINE IMPOSED ON UBS AG LONDON BRANCH WAS TRY 328,706 AND WAS DUE FOR PAYMENT BY 2 JULY 2021. IF THE FINE IS
PAID BY 2 JULY 2021, THE FINE IS DISCOUNTED BY 25% AND THE AMOUNT PAYABLE IS TRY 246,529.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
UBS AG LONDON BRANCH HAS WRITTEN TO THE CMB TO NOTE THAT PAYMENT OF THE FINE IS NOT TO BE INTERPRETED AS: (I) ACCEPTANCE OF THE
ALLEGED BREACHES; OR (II) SUBMISSION TO THE JURISDICTION OF THE CMB. SUBJECT TO FURTHER CORRESPONDENCE FROM THE CMB, UBS
CONSIDERS THIS MATTER TO BE CLOSED.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 

One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS AG
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
THE SECURITIES AND FUTURES COMMISSION (SFC), HONG KONG
2.
Principal Sanction:
Reprimand
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
08/03/2021
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
(500/EN/6003, 500/EN/6012, 515/EN/6006 & 535/EN/6527
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
UBS AG
6.
Principal Product Type:
Other
Other Product Types: 
BREACHES CONCERNED UBS'S SYSTEMS AND CONTROLS.

7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE SFC FINED AND REPRIMANDED UBS AG AND UBS SECURITIES ASIA LIMITED (COLLECTIVELY "UBS") HK$9.8M AND HK$1.75M RESPECTIVELY OVER
VARIOUS REGULATORY BREACHES WHICH CONCERNED UBS'S SYSTEMS AND CONTROLS. THE SFC FOUND THAT UBS FAILED TO: - MAKE PROPER
DISCLOSURE OF ITS FINANCIAL INTERESTS IN SOME HONG KONG LISTED COMPANIES COVERED IN ITS RESEARCH REPORTS DUE TO MULTIPLE DATA
FEED LOGIC ERRORS IN A LEGACY DATA SOURCE USED BY UBS FOR TRACKING ITS SHAREHOLDING POSITIONS. - OBTAIN VALID STANDING
AUTHORITIES FROM 91 CLIENTS WHO WERE NOT QUALIFIED AS PROFESSIONAL INVESTORS AND ISSUE CONTRACT NOTES TO THEM IN RESPECT OF
913 SECURITIES POOLED LENDING TRANSACTIONS ENTERED INTO WITH THESE CLIENTS. - RECORD CLIENT ORDER INSTRUCTIONS RECEIVED
THROUGH 35 TELEPHONE LINES. - FOLLOW APPLICABLE REGULATORY GUIDELINES RELATING TO ASSESSMENT OF CLIENTS' DERIVATIVES KNOWLEDGE.
- DISCLOSE TO 15 CLIENTS A KEY FEATURE OF A STRUCTURED NOTE BEFORE SELLING THEM THE NOTE.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
08/03/2021
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 1,480,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
REPRIMAND
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
AS PART OF THE SETTLEMENT, UBS HAS AGREED TO PAY A FINE TO THE SFC IN THE AMOUNT OFHKD11.55M (~USD 1.48M).
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THE SFC FINED AND REPRIMANDED UBS AG AND UBS SECURITIES ASIA LIMITED (COLLECTIVELY "UBS") HK$9.8M AND HK$1.75M RESPECTIVELY OVER
VARIOUS REGULATORY BREACHES WHICH CONCERNED UBS'S SYSTEMS AND CONTROLS. THE SFC FOUND THAT UBS FAILED TO: -MAKE PROPER
DISCLOSURE OF ITS FINANCIAL INTERESTS IN SOME HONG KONG LISTED COMPANIES COVERED IN ITS RESEARCH REPORTS DUETO MULTIPLE DATA
FEED LOGIC ERROS IN A LEGACY DATA SOURCE USED BY UBS FOR TRACKING ITS SHAREHOLDING POSITIONS. -OBTAIN VALID STATNDING AUTHORITIES
FROM 91 CLIENTS WHO WERE NOTQUALIFIED AS PROFESSIONAL INVESTORS AND ISSUE CONTRACT NOTES TO THEM IN RESPECT OF 913SECURITIES
POOLED LENDING TRANSACTIONS ENTERED INTO WITH THESE CLIENTS. -RECORD CLIENT ORDERINSTRUCTIONS RECEIVED THROUGH 35 TELEPHONE
LINES. -FOLLOW APPLICABLE REGULATORY GUIDELINES RELATING TO ASSESSMENT OF CLIENTS' DERIVATIVES KNOWLEDGE. -DISCLOSE TO 15
CLIENTS A KEY FEATURE OF A STRUCTURED NOTE BEFORE SELLING THEM THE NOTE.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 

One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS AG
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
COMISSÃO DE VALORES MOBILIÁRIOS ("CVM") AKA BRAZIL SECUR
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
04/23/2021
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
NR. 19957.009486/2017-27 ("PAS")
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
UBS AG
6.
Principal Product Type:
Other
Other Product Types: 
SHARES FROM THE BRAZILIAN COMPANY "OI S.A." (OIBR3 AND OIBR4)
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):

IN 2017, THE COMISSAO DE VALORES MOBILIARIOS (CVM), OR THE BRAZIL SECURITIES COMMISSION, REVIEWED CERTAIN TRADES OCCURRING IN
APRIL 2014 BY A NUMBER OF FINANCIAL INSTITUTIONS, ALLEGING THAT SUCH TRADING WAS IN VIOLATION OF CVM INSTRUCTION 530/2012, WHICH
GENERALLY PROHIBITS INVESTORS FROM SHORT SELLING SHARES IN A COMPANY DURING CERTAIN DATES JUST PRIOR TO THE COMPANY'S
ANNOUNCEMENT OF A PUBLIC OFFERING OF CERTAIN SHARES AT CERTAIN PRICES. THE SHARES AT ISSUE WERE OIBR3 AND OIBR4 IN BRAZILIAN
COMPANY OI S.A.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
04/23/2021
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 53,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
NONE.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
ADMINISTRATIVE FINE OF 300,00 BRAZILIAN REALS (BR) (APPROXIMATELY $53,000) WAS PAID BY UBS LONDON BRANCH ON MARCH 4, 2021,
WITH RECEIPT OF PAYMENT ACKNOWLEDGED BY THE CVM ON MARCH 16, 2021, AND PROOF OF SOURCE OF FUNDS USED FOR PAYMENT OF THE
FINE ESTABLISHED ON APRIL 23, 2021. NO PORTION WAS WAIVED.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
UBS AG LONDON BRANCH MAINTAINED ITS POSITION THAT ITS APRIL 2014 TRADES IN OIBR3 AND OIBR4 WERE TO BE DISTINGUISHED FROM THOSE OF
OTHER FINANCIAL INSTITUTIONS ACTING AS INVESTOR, AS UBS AG LONDON BRANCH ACTED EXCLUSIVELY IN THE CAPACITY OF BROKER PROVIDING
GLOBAL SYNTHETIC PRIME BROKERAGE SERVICES. THE MATTER WITH UBS AG LONDON BRANCH SETTLED WITH AN ADMINISTRATIVE FINE LEVIED IN
THE AMOUNT OF 300,000 BRAZILIAN REALS (APPROXIMATELY $53,000),WITHOUTUBS AG LONDON BRANCH ADMITTING OR DENYING ANY FACTUAL
FINDINGS OR ANY LIABILITY, AND WITHOUT FURTHER PROCEEDINGS OR HEARING. UPON RECEIPT OF PROOF OF SOURCE OF FUNDS USED FOR
PAYMENT OF THE FINE, AS REQUIRED UNDER BRAZIL REGULATION, CVM CONFIRMED THE MATTER SATISFIED, FINAL AND CLOSED AS TO UBS AG
LONDON BRANCH, ON APRIL 23, 2021, WHILE THE LARGER MATTER REMAINS OPEN AS TO ONE OR MORE OF THE OTHER FINANCIAL INSTITUTIONS.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.

PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS AG
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
KOREA EXCHANGE ("KRX")
2.
Principal Sanction:
Suspension
Other Sanctions: 
ON 28 JULY 2021, KRX IMPOSED RESTRICTION ON UBS AG WHEN ENGAGING IN NEW SHORT SELLINGACTIVITY IN KOREA FOR A PERIOD OF 80 DAYS
WITH AN EFFECTIVE START DATE OF 29 JULY 2021. IF THERE ISCOVERED SHORT SELL ORDER BY UBS AG, THERE IS REQUIREMENT OF PRE-DELIVERY OF
BORROWED SHARES TO THE BROKER BEFORE ORDER (PRE-MARGINING REQUIREMENT).
3.
Date Initiated (MM/DD/YYYY): 
07/28/2021
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
KRX'S UNIQUE CASE NUMBER IN ENGLISH IS GAMSIGONGGAM-111
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
UBS AG
6.
Principal Product Type:
Other
Other Product Types: 
SYNTHETIC SHORT ACCESS PRODUCT RELATED TO KOREA MARKET
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):

g
g
y
(y
p
p
p
)
ON 25 MAY 2021, UBS AG INADVERTENTLY CONDUCTED PARTIALLY UNCOVERED SHORT SELLING IN KOREA.THIS IS A ONE-OFF INCIDENT INVOLVING
MIS-BOOKING BY HUMAN ERROR WHICH OCCURRED AS RESULT OF A STANDARD MANUAL PROCESS REQUIRED WHEN GLOBAL ONE (THE GLOBAL BOOKS
AND RECORDS FOR STOCK, BORROW & LENDING) WAS OFFLINE FOR ITS DAILY BATCH RUNS. THIS LED TO AN INCORRECT LEVEL OF AVAILABLE
INVENTORY RECORDED, RESULTING IN THE UNCOVERED TRADES. REMEDIATION ACTIONS HAVE BEEN PUT IN PLACE TO ENHANCE SYSTEMS
CONFIGURATIONS TO AVOID THE MANUAL PROCESS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Other
11. Resolution Date (MM/DD/YYYY):
07/28/2021
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
KRX IMPOSED RESTRICTION ON UBS AG WHEN ENGAGING IN NEW SHORT SELLING ACTIVITY IN KOREAFOR A PERIOD OF 80 DAYS. IF THERE IS
COVERED SHORT SELL ORDER BY UBS AG, THERE ISREQUIREMENT OF PRE-DELIVERY OF BORROWED SHARES TO THE BROKER BEFORE ORDER
(PRE-MARGINING REQUIREMENT).
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
THE RESTRICTION AND PRE-MARGINING REQUIREMENT IMPOSED ON UBS AG (AS DETAILED IN THERESPONSE TO ITEM 12B ABOVE) WAS
COMMUNICATED BY KRX ON 28 JULY 2021, WITH THE EFFECTIVE START DATE OF THE 80-DAY RESTRICTION OF 29 JULY 2021.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
UBS AG HAS REQUESTED CLIENTS THAT UTILIZE SYNTHETIC SHORT ACCESS PRODUCT RELATED TO KOREA MARKET OFFERED BY UBS AG TO TRADE
THROUGH ALTERNATIVE PROVIDERS DURING THIS PERIOD.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):

You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS AG
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
CFTC
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST ORDER
3.
Date Initiated (MM/DD/YYYY): 
10/14/2021
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
CFTC DOCKET NO 22-03
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
UBS AG
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE CFTC ALLEGED THAT DURING THE RELEVANT PERIOD (JULY 8, 2019 TO DECEMBER 23, 2019) UBS AG FAILED TO KEEP REQUIRED VOICE
RECORDING FILES CONTAINING ORAL COMMUNICATIONS RELATEDTOREGULATED SWAP ACTIVITY AND PRE-EXECUTION TRADE INFORMATION FROM,
DESPITE THE ONE­YEAR RETENTION PERIOD REQUIRED UNDER REGULATION 23.203(B)(2), 17 C.F.R. § 23.203(B)(2) (2020) ANDTHATTHESE FAILURES
VIOLATED SECTION 4S(G)(1) OF THE ACT AND REGULATIONS 23.201(A)(1), 23.202(A)(1)AND 23.203(B)(1).

8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Decision & Order of Offer of Settlement
11. Resolution Date (MM/DD/YYYY):
10/14/2021
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 500,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
FINE WAS PAID ON OR ABOUT NOVEMBER 10, 2021.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THE ORDER FINDS THAT PRIOR TO JUNE 2019, UBS, TO COMPLY WITH ITS RECORDKEEPING OBLIGATIONS AS A SWAP DEALER, IMPLEMENTED MULTIPLE
SOFTWARE SYSTEMS TO: (1) OPERATE ITS TRADER TURRET COMMUNICATION DEVICES; (2) RECORD CALLS OCCURRING ON THESE TRADER
TURRETS;AND (3) STORE THE VOICE RECORDING FILES THAT WERE GENERATED FROM THE RECORDED CALLS. THE RECORDING SYSTEM HAD A KNOWN
FAILURE IN WHICH, AT TIMES, THE MULTIPLE SYSTEMS FAILED TO SYNCHRONIZE CERTAIN CALL DATA, INCLUDING THE UBS TRADER'S IDENTITY, WHICH
WOULD NOT TRANSFER TO UBS'S VOICE RECORDING SYSTEM ALONG WITH THE CORRESPONDING VOICE RECORDING. THIS SYNCHRONIZATION
FAILURE CREATED A POPULATION OF VOICE RECORDING FILES THAT WERE NOT ASSIGNED TO A PARTICULAR TRADER. THESE UNASSIGNED VOICE
RECORDING FILES, CATEGORIZED AS "TRADER 0" RECORDINGS, WERE TRANSFERRED TO UBS AG'S LONG-TERM STORAGE SYSTEMS WHERE THEY WERE
TO BE RETAINED FOR FIVE YEARS. AS OF JULY 8,2019, UBS BEGAN PREMATURELY DELETING, AFTER ONLY ONE DAY OF RETENTION, VOICE RECORDING
FILES WHICH INCLUDED VOICE RECORDINGS CONTAINING PRE-EXECUTION SWAPS TRADE INFORMATION THAT WERE REQUIRED TO BE RETAINED FOR
ONE YEAR. THIS WAS A RESULT OF A TECHNOLOGY ANALYST BELIEVING THAT THE VOICE RECORDINGS WERE TEST FILES THAT DID NOT NEED TO BE
RETAINED AND RE-DESIGNATING THOSE FILES WHICH RESET THE RETENTION PERIOD FOR THESE FILES FROM FIVE YEARS TO ONE DAY. IN DECEMBER
2019, UBS INADVERTENTLY LEARNED ABOUT THE PREMATURE DELETION OF THESE AUDIO FILES FROM ITS SYSTEMS WHILE IT WAS SEARCHING FOR,
BUT NOT FINDING, SPECIFIC VOICE RECORDING FILES THAT IT KNEW SHOULD HAVE BEEN IN ITS RETENTION SYSTEMS. UPON DISCOVERY OF THE
ERRONEOUS DELETIONS OF RECORDINGS, UBS DID AN INTERNAL REVIEW TO DETERMINE THE UNIVERSE OF IMPACTED VOICE RECORDING FILES. THE
ANALYST'S ERROR RESULTED IN THEDELETION OF OVER 1,000 HOURS, OR ROUGHLY 2.76 PERCENT OF TOTAL U.S. RECORDED VOLUME, DURING JULY 8,
2019 THROUGH DECEMBER 23, 2019. THE DELETED FILES INCLUDED VOICE RECORDINGS CONTAINING PRE-EXECUTION SWAPS INFORMATION SUCH
AS QUOTES, SOLICITATIONS, BIDS, OFFERS, INSTRUCTIONS, TRADING, AND PRICES THAT LEAD TO THE EXECUTION OF SWAPS, ALL OF WHICH ARE
REQUIRED BY COMMISSION REGULATIONS TO BE RETAINED. UPON DISCOVERING ITS POTENTIAL VIOLATION OF CFTC REGULATIONS, UBS PROMPTLY
SELF-REPORTED THIS VIOLATION TO CFTC STAFF VIA TELEPHONE, FOLLOWED BY FORMALLY SUBMITTING A COMPREHENSIVE WRITTEN SELF-REPORT.
UBS COOPERATED WITH CFTC STAFF IN ITS INVESTIGATION AND PROACTIVELY ENGAGED IN REMEDIAL PROCEDURES TO ENSURE NO "TRADER 0"
RECORDINGS ARE PREMATURELY DELETED IN THE FUTURE.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS AG
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
U.S. COMMODITY FUTURES TRADING COMMISSION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
TOTAL CIVIL MONETARY FINE OF $75,000,000 ASSESSED AGAINST ALL RESPONDENTS JOINTLY, AND JOINTUNDERTAKINGS.
3.
Date Initiated (MM/DD/YYYY): 
09/27/2022
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
22-42
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 

7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE COMMODITY FUTURES TRADING COMMISSION ("COMMISSION") FOUND THAT FROM 2018 TO SEPTEMBER2022 ("RELEVANT PERIOD") UBS
FINANCIAL SERVICES INC., UBS SECURITIES LLC, AND UBS AG(COLLECTIVELY "UBS" OR "RESPONDENTS") VIOLATED SECTIONS 4G,4S(F)(1)(C), 4S(G)
(1) AND (3), AND4S(H)(1)(B) OF THE COMMODITY EXCHANGE ACT ("ACT"), 7 U.S.C. §§ 6G,6S(F)(1)(C), 6S(G)(1), (3), 6S(H)(1)(B), AND COMMISSION
REGULATIONS ("REGULATIONS") 1.31, 1.35,23.201(A), 23.202(A)(1) AND (B)(1),23.602(A), AND 166.3, 17 C.F.R. §§ 1.31, 1.35, 23.201(A), 23.202(A)
(1),(B)(1), 23.602(A), 166.3 (2021). THECOMMISSION FOUND THAT DURING THE RELEVANT PERIOD, UBS EMPLOYEES, INCLUDING THOSE AT
SENIORLEVELS, COMMUNICATED BOTH INTERNALLY AND EXTERNALLY USING UNAPPROVED METHODS, INCLUDING VIAPERSONAL TEXT MESSAGES AND
WHATSAPP MESSAGES. THE COMMISSION FOUND THAT THESE WRITTENCOMMUNICATIONS WERE BOTH SENT TO AND RECEIVED BY UBS EMPLOYEES,
INCLUDING MESSAGES RELATEDTO RESPONDENTS' BUSINESS AS COMMISSION REGISTRANTS, THAT WERE REQUIRED TO BE MAINTAINEDUNDER
COMMISSION-MANDATED RECORDKEEPING REQUIREMENTS, BUT THAT GENERALLY WERE NOTMAINTAINED AND PRESERVED BY UBS, AND THAT UBS
GENERALLY WOULD NOT HAVE BEEN ABLE TO FURNISHPROMPTLY TO THE COMMISSION IF AND WHEN REQUESTED. THE COMMISSION ALSO FOUND
THAT, AS ARESULT OF THE WIDESPREAD USE OF UNAPPROVED METHODS OF COMMUNICATION BY UBS EMPLOYEES, ANDUBS'S FAILURE TO MAINTAIN
AND PRESERVE THOSE COMMUNICATIONS, UBS ALSO FAILED TO KEEP FULL,COMPLETE AND SYSTEMATIC RECORDS OF ALL TRANSACTIONS RELATING
TO ITS BUSINESS OF DEALING INCOMMODITY INTERESTS, IN VIOLATION OF SECTION 4G OF THE ACT, AND REGULATION 1.35. BY FAILING TOKEEP ALL
COMMISSION-REQUIRED RECORDS IN SUCH A MANNER AS TO MAKE THEM "READILY ACCESSIBLE,"UBS VIOLATED REGULATION 1.31. IN ADDITION, THE
COMMISSION FOUND THAT THE CONDUCT DESCRIBEDABOVE VIOLATED UBS'S OWN POLICIES AND PROCEDURES, WHICH PROHIBITED SUCH
COMMUNICATIONS,AND THAT UBS DID NOT MAINTAIN ADEQUATE INTERNAL CONTROLS OVER THE USE OF UNAPPROVEDCOMMUNICATION METHODS
FOR BUSINESS-RELATED WRITTEN ELECTRONIC COMMUNICATIONS AND FAILEDTO IMPLEMENT A DILIGENT SUPERVISORY SYSTEM TO ENSURE
COMPLIANCE WITH BOTH COMMISSIONRECORDKEEPING REQUIREMENTS AND THE FIRM'S OWN POLICIES AND PROCEDURES. ACCORDINGLY,
THECOMMISSION FOUND THAT UBS FAILED TO DILIGENTLY SUPERVISE MATTERS RELATED TO ITS BUSINESS AS A COMMISSION REGISTRANT AND
FAILED TO SUPERVISE DILIGENTLY ITS OFFICERS, EMPLOYEES, AND AGENTS,IN VIOLATION OF REGULATION 166.3.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
09/27/2022
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 75,000,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
THE FIRM SHALL CEASE AND DESIST FROM VIOLATING SECTION 4G OF THE ACT, 7 U.S.C. § 6G, ANDREGULATIONS 1.31, 1.35, AND 166.3, 17
C.F.R. §§ 1.31, 1.35, 166.3 (2021); SHALL PAY, JOINTLYANDSEVERALLY, A CIVIL MONETARY PENALTY IN THE AMOUNT OF $75,000,000 ("CMP
OBLIGATION"),WITHIN FOURTEEN DAYS OF THE DATE OF THE ENTRY OF THIS ORDER; AND SHALL COMPLY WITH THECONDITIONS AND
UNDERTAKINGS SET FORTH IN THE OFFER. RESPONDENTS TIMELY PAID, IN FULL, THECIVIL MONETARY PENALTY ON OCTOBER 7, 2022.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
RESPONDENTS SUBMITTED AN OFFER OF SETTLEMENT, WHICH THE COMMISSION ACCEPTED. THE FIRM FAILEDTO SUPERVISE DILIGENTLY ITS
OFFICERS, EMPLOYEES, AND AGENTS IN VIOLATION OF REGULATION 166.3.ACCORDINGLY THE COMMISSION ORDERED THAT RESPONDENTS (I) CEASE
AND DESIST FROM VIOLATINGSECTION 4G OF THE ACT, 7 U.S.C. § 6G, AND REGULATIONS 1.31, 1.35, AND 166.3, 17 C.F.R. §§ 1.31, 1.35,166.3 (2021);
(II) PAY, JOINTLY AND SEVERALLY, A CIVIL MONETARY PENALTY IN THE AMOUNT OF$75,000,000, WITHIN 14 DAYS OF THE DATE OF ENTRY OF THE
ORDER. RESPONDENTS TIMELY PAID, IN FULL,THE CIVIL MONETARY PENALTY ON OCTOBER 7, 2022. RESPONDENTS ARE ALSO ORDERED TO COMPLY
WITH THE UNDERTAKINGS SET FORTH IN THE OFFER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,

11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS AG
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
EUROPEAN COMMISSION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
10/27/2016
 Exact
 Explanation
If not exact, provide explanation:

4.
Docket/Case Number:
CASE AT 40135 FOREX
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
UBS AG
6.
Principal Product Type:
Other
Other Product Types: 
FOREIGN EXCCHANGE SPOT
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE EUROPEAN COMMISSION ("EC") FOUND THAT UBS AG INFRINGED ARTICLE 101 OF THE TREATY ANDARTICLE 53 OF THE EUROPEAN ECONOMIC
AREA AGREEMENT. THE EC FOUND THAT UBS AG ENGAGED INRESTRICTION AND/OR DISTORTION OF COMPETITION IN THE SECTOR OF FOREIGN
EXCHANGE SPOT TRADINGOF G10 CURRENCIES. UBS RECEIVED FULL IMMUNITY FROM FINES FOR REPORTING THE CONDUCT TO THE EC.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Decision
11. Resolution Date (MM/DD/YYYY):
07/05/2022
 Exact
 Explanation
If not exact, provide explanation:
THE EUROPEAN COMMISSION ADOPTED TWO DECISIONS IN THIS PROCEEDING ON MAY 16, 2019 AND A THIRDDECISION ON DECEMBER 2, 2021, BUT
ONLY RECENTLY PUBLISHED FULL NON-CONFIDENTIAL VERSIONS OFALL THREE DECISIONS IN THIS PROCEEDING ON JULY 5, 2022.
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 0.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
UBS RECEIVED FULL IMMUNITY FROM FINES FOR REPORTING THE CONDUCT TO THE BC.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
N/A

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
CREDIT SUISSE AG
(For individuals, Last, First,
Middle)
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS GROUP AG
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SWISS FINANCIAL MARKET SUPERVISORY AUTHORITY
2.
Principal Sanction:
Undertaking
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
07/24/2023
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
G01334644

5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
ON OR ABOUT JULY 24, 2023, THE SWISS FINANCIAL MARKET SUPERVISORY AUTHORITY (FINMA) CONCLUDED PROCEEDINGS AGAINST CREDIT SUISSE,
FINDING THAT CREDIT SUISSE HAS SERIOUSLY AND SYSTEMATICALLY VIOLATED FINANCIAL MARKET LAW IN ITS RELATIONSHIP WITH THE ARCHEGOS
FAMILY OFFICE TO TO VARIOUS ORGANIZATIONAL DEFINICIENCIES AND INSUFFICIENT RISK MANAGEMENT.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
07/24/2023
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 0.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
FINMA IS ORDERING CORRECTIVE MEASURES DIRECTED AT CREDIT SUISSE AG AND UBS GROUP AG, AS THE LEGAL SUCCESSOR OF CREDIT
SUISSE GROUP AG, UPON COMPLETION OF THE MERGER BETWEEN THE TWO BANKS.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
FINMA IS ORDERING CORRECTIVE MEASURES DIRECTED AT CREDIT SUISSE AG AND UBS GROUP AG, AS THE LEGAL SUCCESSOR OF CREDIT
SUISSE GROUP AG, UPON COMPLETION OF THE MERGER BETWEEN THE TWO BANKS. FINMA REQUIRED UBS TO APPLY ITS RESTRICTIONS/LIMITS
ON PROPRIETARY POSITIONS RELATING TO INDIVIDUAL CLIENTS THROUGHOUT THE ENTIRE FINANCIAL GROUP. ADDITIONALLY, THE
COMPENSATION SYSTEM OF THE ENTIRE FINANCIAL GROUP MUST PROVIDE FOR BONUS ALLOCATION CRITERIA THAT TAKE INTO ACCOUNT RISK
APPETITE. UBS HAS CORRESPONSING RULES IN PLACE, WHICH FINMA ORDERS TO BE LEGALLY BINDING FOR THE ENTIRE FINANCIAL GROUP.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
SEE ABOVE RESPONSES.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 

One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
CREDIT SUISSE HOLDINGS
(USA), INC.
(For individuals, Last, First,
Middle)
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
CREDIT SUISSE AG
(For individuals, Last, First,
Middle)
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS GROUP AG
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 

07/21/2023
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
23-014-B-FB; 23-14-B-FBR; 23-014-CMP-FB; 23-014-CMP-HC; 23-014-CMP-FBR
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE FRB CONSENT ORDER, ARISING FROM RISK MANAGEMENT FAILINGS ASSOCIATED WITH THE MARCH 2021 DEFAULT OF ARCHEGOAS CAPITAL
MANAGEMENT LP, ALLEGES VIOLATIONS UNDER SECTION 8(I)(2) OF THE FEDERAL DEPOSIT INSURANCE ACT, AS WELL AS SECTIONS 252.155-157 OF
REGULATION YY OF THE BOARD OF GOVERNORS; THE ALLEGATIONS ARE BASED ON FINDINGS THAT CREDIT SUISSE HAD DEFICIENCES IN RISK
MANAGEMENT, LACKING ADEQUATE GOVERNANCE, EXPERIENCED STAFF WITH SUFFICIENT STATURE, AND SUFFICIENT DATA QUALITY AND MODEL RISK
MANAGEMENT TO ENSURE THAT ACTIVITIES CONDUCTED BY ARCHEGOS WERE PROPERLY RISK-MANAGED.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
07/21/2023
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 268,494,109.20
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
CS ORDERED TO SUBMIT PLANS TO THE FED TO IMPROVE SPECIFIC ASPECTS OF ITS COUNTERPARTY CREDIT RISK MANAGEMENT, LIQUIDITY RISK
MANAGEMENT, NON-FINANCIAL RISK MANAGEMENT, AND BOARD OVERSIGHT AND GOVERNANCE, AND ESTABLISH A REMEDIATION OFFICE TO
SUPERVISE AND TRACK CS'S REMEDIATION EFFORTS.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
THE BOARD OF GOVERNORS JOINTLY ASSESSED CS AND UBS A CIVIL MONETARY FINE IN THE AMOUNT OF $4,268,494,109.20, WHICH WAS PAID
ON JULY 24, 2023.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
ON JULY 21, 2023 CREDIT SUISSE AND UBS AGREED TO THE ISSUANCE OF A CEASE AND DESIST ORDER AND CIVIL MONEY PENALTY ASSESSMENT
ISSUED BY THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, AGREEING TO PAYMENT OF A CIVIL MONEY PENALTY IN THE AMOUNT OF
$268,494,109.20; ACCOUNTABILITY FOR EMPLOYEES INVOLVED IN MISCONDUCT; AND ADOPTION OF A WRITTEN MANAGEMENT OVERSIGHT PLAN. THE
AGREEMENT RESOLVED CLAIMS THAT CS FAILED TO ADDRESS IDENTIFIED RISKS ASSOCIATED WITH ARCHEGOS' PORTFOLIO.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action

Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
CREDIT SUISSE ASSET
MANAGEMENT LLC
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
12/13/2023
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
INVESTMENT ADVISERS ACT OF 1940 RELEASE NO. 6504.

5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Mutual Fund(s)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
"THE SECURITIES AND EXCHANGE COMMISSION (""SEC"") ENTERED AN ORDER INSTITUTING ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS
(THE ""SEC ORDER"") AGAINST CREDIT SUISSE ASSET MANAGEMENT, LLC (""CSAM"") AND CERTAIN OF ITS AFFILIATES IN CONNECTION WITH CSAM
CONTINUING TO SERVE AS INVESTMENT ADVISER TO REGISTERED INVESTMENT COMPANIES FOLLOWING THE ENTRY OF A NEW JERSEY STATE ORDER
(""NJ ORDER""), ISSUED ON OCTOBER 24, 2022, AGAINST CERTAIN OF CSAM'S AFFILIATES BASED ON CSAM'S AND ITS AFFILIATES' POSITION AT THE
TIME THAT THE NJ ORDER DID NOT TRIGGER THE DISQUALIFICATION PROVISIONS OF SECTION 9(A) OF THE 1940 ACT. CSAM CONSENTED TO THE SEC
ORDER WITHOUT ADMITTING OR DENYING THE FINDINGS THEREIN. THE SEC ORDER STATES THAT THE NJ ORDER CAUSED CSAM TO BE DEEMED
INELIGIBLE TO PROVIDE INVESTMENT ADVISORY SERVICES TO REGISTERED INVESTMENT COMPANIES AND EMPLOYEES' SECURITIES COMPANIES
(""ESCS"") UNDER SECTION 9(A) OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE ""1940 ACT"") AND THAT, DURING THE PERIOD FROM
OCTOBER 24, 2022 TO JUNE 7, 2023, CSAM ACTED AS AN INVESTMENT ADVISER TO REGISTERED INVESTMENT COMPANIES AND ESCS IN VIOLATION OF
SECTION 9(A) OF THE 1940 ACT."
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
12/13/2023
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 10,080,220.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
-
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
-
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
"THIS ACTION IS CONSIDERED FINAL AS OF DECEMBER 13, 2023. CREDIT SUISSE PAID A DISGORGEMENT, PREJUDGMENT INTEREST AND CIVIL
PENALTIES TOTALING USD 10,080,220."

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
CREDIT SUISSE AG, SYDNEY
BRANCH
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
AUSTRALIA SECURITIES EXCHANGE
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
06/11/2017
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 

ASX CLEAR (FUTURES)
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
"MATTER 1:THE CCO HAS DETERMINED THAT CREDIT SUISSE AG, SYDNEY BRANCH (""CS-AG"") DID NOT COMPLY WITH ASX CLEAR (FUTURES)
OPERATING RULE (""ASX CFR"") 46.5 AND RULE 46.5 OF THE ASX CLEAR (FUTURES) PROCEDURES, DETERMINATIONS AND PRACTICE NOTES (THE
""DIRECTION""), BY FAILING TO CLOSE OUT BACK-TO-BACK OPEN POSITIONS IN ACCORDANCE WITH THE DIRECTION, RESULTING IN ITS REPORTED
DAILY BENEFICIAL OWNERSHIP REPORT (""DBOR"") DAY 1 POSITIONS BEING INACCURATE IN CONTRAVENTION OF ASX 24 OPERATING RULE 6704
(EACH A ""CONTRAVENTION""). MATTER 2: CS AG CONDUCTED A REVIEW OF THE PRE-SUBMISSION RECONCILIATION CHECK FOR DBOR REPORTING.
THE REVIEW IDENTIFIED THAT THE SAME OMNIBUS ACCOUNT SYSTEM SHOWED A POSITION OF 1 LONG AND 1 SHORT IN PARTICULAR CONTRACT FOR A
RELATED ENTITY, WHILE IN CS-AG'S SYSTEM THESE TWO POSITIONS WERE NETTED TO ZERO. CS-AG WENT ON TO IDENTIFY FOUR AFFILIATED
ENTITIES."
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Decision
11. Resolution Date (MM/DD/YYYY):
08/24/2017
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 50,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
CREDIT SUISSE AG, SYDNEY BRANCH WAS FINE $50,000.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
-
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THE FIRM PAID THE FINE ON OCTOBER 3, 2017.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I

A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
CREDIT SUISSE SECURITIES
(EUROPE) LTD
(For individuals, Last, First,
Middle)
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
CREDIT SUISSE AG
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
SWISS FINANCIAL MARKET SUPERVISORY AUTHORITY (FINMA)
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTIES / FINES AND DISGORGEMENT
3.
Date Initiated (MM/DD/YYYY): 
10/19/2021
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
G01315265
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Debt - Government

Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
"THE SWISS FINANCIAL MARKET SUPERVISORY AUTHORITY (""FINMA"") BROUGHT AN ACTION AGAINST CREDIT SUISSE INTERNATIONAL, CREDIT SUISSE
SECURITIES (EUROPE) LTD., AND CREDIT SUISSE GROUP AG IN CONNECTION WITH THREE INTERCONNECTED TRANSACTIONS FROM 2013 - 2016: (I) A
SYNDICATED LOAN TO A MOZAMBICAN STATE-OWNED ENTITY; (II) AN OFFERING OF INTEREST-BEARING LOAN PARTICIPATION NOTES (""LPNS"") USED
TO FINANCE DEBT OFFERED TO ANOTHER MOZAMBICAN STATE-OWNED ENTITY; AND (III) AN EXCHANGE OFFERING PURSUANT TO WHICH HOLDERS OF
THE LPNS WERE PERMITTED TO EXCHANGE LPNS FOR NEW SOVEREIGN BONDS ISSUED BY THE GOVERNMENT OF MOZAMBIQUE. CERTAIN PERSONNEL
EMPLOYED BY AN AFFILIATE OF CS GROUP, CREDIT SUISSE SECURITIES (EUROPE) RECEIVED KICKBACKS AND CERTAIN MOZAMBICAN GOVERNMENT
OFFICIALS WERE PAID BRIBES IN CONNECTION WITH THE SYNDICATED LOAN AND LPN TRANSACTIONS. IN RESPECT OF THESE TRANSACTIONS WITH
MOZAMBIQUE BETWEEN 2013 AND 2016, CREDIT SUISSE VIOLATED THE DUTY TO FILE A SUSPICIOUS ACTIVITY REPORT AS THE FILING IN 2019 WAS
CONSIDERED TOO LATE. FINMA NOTED THAT CREDIT SUISSE DID NOT PAY ENOUGH ATTENTION TO THE RISKS ARISING FROM SPECIFIC SOVEREIGN
LENDING TRANSACTIONS, AND ORDERED THE BANK TO REMEDIATE ALL DEFICIENCIES IDENTIFIED IN CONNECTION WITH THESE TRANSACTIONS BY
JUNE 30, 2022. FINMA IMPOSED A BUSINESS RESTRICTION UNTIL AN IMPLEMENTATION AUDITOR REVIEWED AND APPROVED ALL MEASURES TAKEN."
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
10/19/2021
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
"BUSINESS RESTRICTION AND IMPLEMENTATION AUDITOR; FINMA ORDERED CREDIT SUISSE TO REMEDIATE ALL DEFICIENCIES IN CONNNECTION
WITH THE TRANSACTIONS WITH MOZAMBIQUE BETWEEN 2013 AND 2016 BY JUNE 30, 2022. FINMA IMPOSED A BUSINESS RESTRICTION UNTIL
AN IMPLEMENTATION AUDITOR REVIEWED AND APPROVED ALL MEASURES TAKEN."
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
-
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
"THIS ACTION IS CONSIDERED FINAL AS OF OCTOBER 19, 2021 AND CONSIDERED RESOLVED ALTHOUGH FINMA HAS NOT REMOVED ITS BUSINESS
RESTRICTION (TRANSPARENCY MEASURE). "

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File

with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
CREDIT SUISSE AG
(For individuals, Last, First,
Middle)
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
CREDIT SUISSE (HONG KONG)
LTD
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
2.
Principal Sanction:
Disgorgement
Other Sanctions: 
PREJUDGMENT INTEREST AND CEASE AND DESIST ORDER
3.
Date Initiated (MM/DD/YYYY): 
07/05/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
FILE NO. 3-18571

5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
"THE SEC ORDER ALLEGES THAT BETWEEN 2007 AND 2013, EMPLOYEES OF CREDIT SUISSE (HONG KONG) LIMITED IN THE ASIA PACIFIC REGION
PROVIDED EMPLOYMENT OPPORTUNITIES TO RELATIVES AND ASSOCIATES OF GOVERNMENT OFFICIALS AND STATE-0WNED ENTERPRISE EMPLOYEES IN
CHINA AND HONG KONG TO INFLUENCE THE AWARDING OF INVESTMENT BANKING MANDATES."
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Decision & Order of Offer of Settlement
11. Resolution Date (MM/DD/YYYY):
07/05/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
DISGORGEMENT OF USD 24,989,843 AND PRE-JUDGMENT INTEREST OF USD 4,833,961.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
-
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
"CREDIT SUISSE GROUP AG PAID A TOTAL OF USD 29,823,904 AND CONSENTED TO THE ENTRY OF A CEASE-AND-DESIST ORDER TO SETTLE
ALLEGATIONS THAT EMPLOYEES OF CREDIT SUISSE (HONG KONG) LIMITED PROVIDED EMPLOYMENT OPPORTUNITIES TO RELATIVES AND ASSOCIATES
OF GOVERNMENT OFFICIALS AND STATE-0WNED ENTERPRISE EMPLOYEES IN CHINA AND HONG KONG TO INFLUENCE THE AWARDING OF INVESTMENT
BANKING MANDATES. NO MONITORSHIP OR OTHER AFFIRMATIVE UNDERTAKINGS WERE IMPOSED ON ANY CREDIT SUISSE ENTITY."

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 

One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
CREDIT SUISSE AG SINGAPORE
BRANCH
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
MONETARY AUTHORITY OF SINGAPORE (MAS)
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
09/03/2016
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
"BASED ON AN ON-SITE AML INSPECTION OF CREDIT SUISSE AG SINGAPORE BRANCH (""CSSB""), THE MONETARY AUTHORITY OF SINGAPORE (""MAS"")
IDENTIFIED CERTAIN AML CONTROL WEAKNESSES THAT IT CONCLUDED AMOUNTED TO SEVEN CATEGORIES OF BREACHES OF SINGAPORE'S PRINCIPAL

AML REGULATION, MAS NOTICE 626. THESE FINDINGS PERTAIN TO WEAKNESSES IN AML CONTROLS GENERALLY AND ARE NOT LIMITED TO THE
MANAGEMENT AND MONITORING OF ANY PARTICULAR ACCOUNTS."
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Decision
11. Resolution Date (MM/DD/YYYY):
05/30/2017
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 1,700,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
"SGD 1.7 MLN FINE PAID IN ONE LUMP SUM TO MAS (PAID ON 31 MAY 2017) AND THE APPOINTMENT OF AN INDEPENDENT PARTY TO ASSESS AND
REPORT TO MAS ON THE EFFECTIVENESS OF REMEDIAL MEASURES ENACTED BY THE BANK."
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
-
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
"THE MAS CONCLUDED THAT CSSB BREACHED MAS NOTICE 626 IN THE FOLLOWING SEVEN WAYS IN RELATION TO THE PARTICULAR ACCOUNTS THAT
WERE THE SUBJECT OF THE MAS'S INSPECTION: (1) REQUIREMENT TO OBSERVE CONDUCT OF ACCOUNT AND TRANSACTIONS TO ENSURE
CONSISTENCY WITH THE BANK'S KNOWLEDGE OF THE CUSTOMER PROFILE; (2) REQUIREMENT TO PAY SPECIAL ATTENTION TO ALL COMPLEX OR
UNUSUALLY LARGE TRANSACTIONS/UNUSUAL PATTERNS OF TRANSACTIONS THAT HAVE NO APPARENT ECONOMIC PURPOSE; (3) REQUIREMENT TO
INQUIRE INTO THE BACKGROUND AND PURPOSE OF THE UNUSUALLY LARGE TRANSACTIONS/UNUSUAL PATTERNS OF TRANSACTIONS AND
DOCUMENTING THIS INFORMATION SO THAT IT IS AVAILABLE TO THE COMPETENT AUTHORITIES IF ASKED FOR; (4) REQUIREMENT TO INCLUDE IN
MESSAGE OR PAYMENT INSTRUCTION FOR CROSS-BORDER TRANSFERS EXCEEDING SGD 2,000 EVERY WIRE TRANSFER ORIGINATOR'S ADDRESS/UNIQUE
IDENTIFICATION NUMBER; (5) REQUIREMENT TO INCLUDE IN MESSAGE OR PAYMENT INSTRUCTION FOR CROSS-BORDER TRANSFERS EXCEEDING SGD
1,500 EVERY WIRE TRANSFER ORIGINATOR'S ADDRESS/UNIQUE IDENTIFICATION NUMBER; (6) REQUIREMENT TO DEVELOP AND IMPLEMENT ADEQUATE
INTERNAL POLICIES, PROCEDURES AND CONTROLS FOR DETECTION OF UNUSUAL AND/OR SUSPICIOUS TRANSACTIONS; AND (7) REQUIREMENT TO
DEVELOP AND IMPLEMENT ADEQUATE INTERNAL POLICIES, PROCEDURES AND CONTROLS TO MEET THE REQUIREMENT OF THE NOTICE 626 FOR THE
PREVENTION OF MONEY LAUNDERING AND TERRORISM FINANCING. CSSB IS TAKING THE FINDINGS SERIOUSLY AND HAS MADE A COMMITMENT TO THE
MAS TO IMPLEMENT SPECIFIC MEASURES TO STRENGTHEN ITS AML CONTROLS AND PROCESSES (IN ADDITION TO RECENT ENHANCEMENTS WHICH
HAVE ALREADY BEEN MADE OVER THE PAST 12 MONTHS). THE MAS HAS FINED CSSB S$1.7M FOR ALL THE IDENTIFIED BREACHES OF MAS NOTICE 626
FOLLOWING THE AML INSPECTION. THE MAS HAS ATTRIBUTED S$700K OF THIS FINE TO BREACHES OF AML REQUIREMENTS AND SUSPICIOUS
TRANSACTIONS THAT MAY BE CONNECTED TO 1MDB AND IT IS THIS S$700K FINE THAT WAS PUBLICLY ANNOUNCED. HOWEVER, THE MAS DID NOT
DETECT PERVASIVE CONTROL WEAKNESSES WITHIN CS. THE FINE WILL NOT AFFECT CSSB'S OPERATIONS AND THE BANK DOES NOT EXPECT ANY
FURTHER ENFORCEMENT ACTION BY MAS ON THE MATTER."

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
CREDIT SUISSE
INTERNATIONAL
(For individuals, Last, First,
Middle)
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
CREDIT SUISSE AG
(For individuals, Last, First,
Middle)
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
CREDIT SUISSE SECURITIES
(EUROPE) LTD
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
UNITED KINGDOM FINANCIAL CONDUCT AUTHORITY (FCA)
2.
Principal Sanction:

Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
10/19/2021
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
REFERENCE NUMBERS 146702, 124611, 119206
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Debt - Government
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
"THE UNITED KINGDOM FINANCIAL CONDUCT AUTHORITY (""FCA"") BROUGHT AN ACTION AGAINST CREDIT SUISSE INTERNATIONAL, CREDIT SUISSE
SECURITIES (EUROPE) LTD., AND CREDIT SUISSE GROUP AG IN CONNECTION WITH THREE INTERCONNECTED TRANSACTIONS FROM 2013 - 2016: (I) A
SYNDICATED LOAN TO A MOZAMBICAN STATE-OWNED ENTITY; (II) AN OFFERING OF INTEREST-BEARING LOAN PARTICIPATION NOTES (""LPNS"") USED
TO FINANCE DEBT OFFERED TO ANOTHER MOZAMBICAN STATE-OWNED ENTITY; AND (III) AN EXCHANGE OFFERING PURSUANT TO WHICH HOLDERS OF
THE LPNS WERE PERMITTED TO EXCHANGE LPNS FOR NEW SOVEREIGN BONDS ISSUED BY THE GOVERNMENT OF MOZAMBIQUE. CERTAIN PERSONNEL
EMPLOYED BY AN AFFILIATE OF CS GROUP, CREDIT SUISSE SECURITIES (EUROPE), RECEIVED KICKBACKS AND CERTAIN MOZAMBICAN GOVERNMENT
OFFICIALS WERE PAID BRIBES IN CONNECTION WITH THE SYNDICATED LOAN AND LPN TRANSACTIONS. CREDIT SUISSE AGREED THAT IN RESPECT OF
THESE TRANSACTIONS WITH MOZAMBIQUE BETWEEN 2013 AND 2016, ITS UK OPERATIONS HAD FAILED TO CONDUCT ITS BUSINESS WITH DUE SKILL,
CARE AND DILIGENCE IN BREACH OF PRINCIPLE 2. ITS UK OPERATIONS HAD ALSO FAILED TO TAKE REASONABLE CARE TO ORGANIZE AND CONTROL
ITS AFFAIRS RESPONSIBLY AND EFFECTIVELY, WITH ADEQUATE RISK MANAGEMENT SYSTEMS IN BREACH OF PRINCIPLE 3 AND SYSC 6.1.1R. CREDIT
SUISSE AGREED TO PAY A PENALTY OF USD 200,664,504 AND AGREED TO FORGIVE USD 200 MILLION OF DEBT OWED BY MOZAMBIQUE."
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
10/19/2021
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 200,664,504.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
"CREDIT SUISSE PAID A PENALTY OF USD 200,664,504 ON NOVEMBER 4, 2021 AND FORGAVE USD 200 MILLION OF DEBT OWED BY MOZAMBIQUE
ON OCTOBER 19, 2021."
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
-
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
"THIS ACTION IS CONSIDERED FINAL AS OF OCTOBER 19, 2021. CREDIT SUISSE PAID A PENALTY OF USD 200,664,504 AND FORGAVE USD 200 MILLION
OF DEBT OWED BY MOZAMBIQUE."

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
CREDIT SUISSE GROUP AG
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTIES/FINES AND DISGORGEMENT

3.
Date Initiated (MM/DD/YYYY): 
10/19/2021
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Debt - Government
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
"THE SECURITIES AND EXCHANGE COMMISSION (""SEC"") BROUGHT AN ENFORCEMENT ACTION AGAINST CREDIT SUISSE GROUP AG (""CS GROUP"")
PURSUANT TO SECTION 8A OF THE SECURITIES ACT OF 1933 (""SECURITIES ACT"") AND SECTION 21C OF THE SECURITIES EXCHANGE ACT OF 1934
(""EXCHANGE ACT""), WHICH ALLEGED THAT CS GROUP VIOLATED SECTIONS 10(B), 13(B)(2)(A) AND 13(B)(2)(B) OF THE EXCHANGE ACT AND RULE
10B-5 THEREUNDER, AND SECTIONS 17(A)(1), 17(A)(2), AND 17(A)(3) OF THE SECURITIES ACT IN CONNECTION WITH THREE INTERCONNECTED
TRANSACTIONS FROM 2013 - 2016: (I) A SYNDICATED LOAN TO A MOZAMBICAN STATE-OWNED ENTITY; (II) AN OFFERING OF INTEREST-BEARING LOAN
PARTICIPATION NOTES (""LPNS"") USED TO FINANCE DEBT OFFERED TO ANOTHER MOZAMBICAN STATE-OWNED ENTITY; AND (III) AN EXCHANGE
OFFERING PURSUANT TO WHICH HOLDERS OF THE LPNS WERE PERMITTED TO EXCHANGE LPNS FOR NEW SOVEREIGN BONDS ISSUED BY THE
GOVERNMENT OF MOZAMBIQUE. CERTAIN PERSONNEL EMPLOYED BY AN AFFILIATE OF CS GROUP, CREDIT SUISSE SECURITIES (EUROPE) RECEIVED
KICKBACKS AND CERTAIN MOZAMBICAN GOVERNMENT OFFICIALS WERE PAID BRIBES IN CONNECTION WITH THE SYNDICATED LOAN AND LPN
TRANSACTIONS. THE SEC ALLEGED THAT THE KICKBACK AND BRIBERY SCHEME OCCURRED AS A RESULT OF CS GROUP'S DEFICIENT INTERNAL
ACCOUNTING CONTROLS ENVIRONMENT, UNREASONABLE RELIANCE ON PERSONNEL TO STRUCTURE THE TRANSACTIONS, AND INADEQUATE
APPRECIATION OF BRIBERY RISKS THAT WERE UNCOVERED DURING THE COURSE OF DUE DILIGENCE. THE SEC FURTHER ALLEGED THAT, IN
CONNECTION WITH THE OFFERING OF LPNS, CS GROUP FAILED TO DISCLOSE MATERIAL INFORMATION REGARDING THE TRUE LEVEL OF
MOZAMBIQUE'S INDEBTEDNESS AND DRAFTED AND DISSEMINATED OFFERING MATERIALS THAT FALSELY REPRESENTED TO INVESTORS THE INTENDED
USE OF THE PROCEEDS. FINALLY, THE SEC ALLEGED THAT CS GROUP COMMENCED THE EXCHANGE OFFERING DESPITE CS GROUP'S DISCOVERY OF
SEVERAL IRREGULARITIES AND RISKS ASSOCIATED WITH THE OFFERING, FAILED TO DISCLOSE THE TRUE NATURE OF MOZAMBIQUE'S INDEBTEDNESS
AND THE MAGNITUDE OF MISSING FUNDS FROM THE PRIOR OFFERING, AND FAILED TO DISCLOSE CS GROUP'S CONFLICTS OF INTEREST ARISING OUT
OF THE LPN OFFERING AND THE EXCHANGE."
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
10/19/2021
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 99,051,872.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
"THE SEC ORDERED CS GROUP TO CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS AND ANY FUTURE VIOLATIONS OF
SECTIONS 10(B) AND 13(B) OF THE EXCHANGE ACT AND RULE 10B-5 THEREUNDER, AND SECTIONS 17(A)(1), (2), AND (3) OF THE SECURITIES
ACT. THE SEC FURTHER ORDERED CS GROUP TO PAY A CIVIL MONEY PENALTY OF $65,000,000, DISGORGEMENT OF $26,229,233, AND
PREJUDGMENT INTEREST OF $7,822,639."
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
-
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).

"CS GROUP SUBMITTED AN OFFER OF SETTLEMENT (THE ""OFFER""), WHICH THE SEC DETERMINED TO ACCEPT. SOLELY FOR THE PURPOSE OF
PROCEEDINGS BROUGHT BY OR ON BEHALF OF THE SEC, OR TO WHICH THE SEC IS A PARTY, CS GROUP AGREED TO CONSENT TO AN ORDER IMPOSING
REMEDIAL SANCTIONS AND A CEASE-AND-DESIST ORDER (THE ""ORDER""). THE ORDER RESOLVED THE SEC'S ALLEGATIONS THAT ARE DESCRIBED
ABOVE UNDER ITEM 7."

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
CREDIT SUISSE AG
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION

2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST ORDER
3.
Date Initiated (MM/DD/YYYY): 
06/03/2013
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
HO-12115
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
"THE U.S SECURITIES AND EXCHANGE COMMISSION ORDER FINDS THAT, FROM THE FOURTH QUARTER OF 2011 THROUGH THE FOURTH QUARTER OF
2012, CREDIT SUISSE AG IN CERTAIN INSTANCES IMPROPERLY APPLIED ITS PROCESS FOR RECOGNIZING NNA IN A WAY THAT WAS INCONSISTENT
WITH ITS DISCLOSURES. SPECIFICALLY, RATHER THAN EVALUATING EACH CLIENT AND DETERMINING WHAT WAS APPROPRIATELY RECOGNIZED AS
NNA, CREDIT SUISSE AG, AT TIMES, TOOK A RESULTS-DRIVEN APPROACH THAT ALLOWED TARGETS TO INFLUENCE THE TIMING AND AMOUNT OF NNA
RECOGNITION. THE SEC'S ORDER FIND THAT CREDIT SUISSE AG VIOLATED SECTION 17(A)(2) AND (3) OF THE SECURITIES ACT OF 1933 AND SECTION
13(A) AND (B)(2)(A) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULES 13A-1, 13A-16, AND 12B-20."
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
10/05/2016
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 90,000,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
"THE U.S SECURITIES AND EXCHANGE COMMISSION ISSUED A CEASE-AND-DESIST ORDER, AND DIRECTED CREDIT SUISSE AG TO PAY A CIVIL
PENALTY OF $90 MILLION."
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
-
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
"CREDIT SUISSE AG ADMITS THE FACTS IN THE ORDER AND IS PLEASED TO RESOLVE THIS INVESTIGATION, WHICH ENDED WITHOUT ANY FINDINGS OF
CLIENT HARM, WITHOUT ANY FINDINGS OF INTENTIONAL MISCONDUCT, AND WITHOUT ANY FINDINGS THAT ANY NNA WAS INCORRECTLY REALIZED."

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS

This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
CREDIT SUISSE AG HONG
KONG BRANCH
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
THE SECURITIES AND FUTURES COMMISSION (SFC), HONG KONG
2.
Principal Sanction:
Reprimand
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
02/08/2018
 Exact
 Explanation

If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
AS DESCRIBED MORE FULLY IN RESPONSE TO QUESTION 7 BELOW, THIS MATTER WAS A COMPENDIOUS RESOLUTION OF A NUMBER OF HISTORICAL,
LEGACY INTERNAL CONTROL ISSUES IN THE HONG KONG EQUITIES AND PRIVATE BANKING BUSINESSES.
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
"ON FEBRUARY 8, 2018, THE HONG KONG SECURITIES AND FUTURES COMMISSION ANNOUNCED IT HAD REACHED A RESOLUTION WITH THE THREE
HONG KONG CREDIT SUISSE ENTITIES LISTED ABOVE TO RESOLVE VARIOUS HISTORICAL REGULATORY BREACHES AND INTERNAL CONTROL FAILURES
RELATING TO CREDIT SUISSE'S HONG KONG-BASED EQUITIES AND PRIVATE BANKING BUSINESSES. THE RESOLUTION RELATES TO THE FOLLOWING
AREAS: 1) SHORT POSITION REPORTING; 2) SEGREGATION OF CLIENT SECURITIES; 3) REGULATORY REPORTING OF DIRECT BUSINESS TRANSACTIONS;
4) SHORT SELLING ACTIVITIES; 5) ENSURING SUITABILITY OF RISK MISMATCH TRANSACTIONS FOR PRIVATE BANKING CLIENTS; 6) ELECTRONIC
TRADING; AND 7) DISCLOSURE OF INFORMATION IN CONTRACT NOTES AND CHARGING OF COMMISSIONS TO PRIVATE BANKING CLIENTS. TO
FACILITATE THE SFC'S INVESTIGATION AND RESOLUTION OF THIS MATTER, THE SFC AND CREDIT SUISSE JOINTLY ENGAGED VARIOUS INDEPENDENT
REVIEWERS TO REVIEW CREDIT SUISSE'S INTERNAL SYSTEMS AND CONTROLS IN RESPECT OF THE ABOVE AREAS. IN REACHING THE RESOLUTION, THE
SFC TOOK INTO ACCOUNT, AMONG OTHER THINGS, THAT CREDIT SUISSE HAD SELF-REPORTED ITS REGULATORY BREACHES AND INVOLVED SENIOR
MANAGEMENT AT AN EARLY STAGE TO ADDRESS THE SFC'S CONCERNS, THAT CREDIT SUISSE HAD FULLY COOPERATED IN THE SFC'S INQUIRIES AND IN
RESOLVING THE SFC'S REGULATORY CONCERNS, AND HAD TAKEN REMEDIAL ACTIONS TO STRENGTHEN ITS INTERNAL CONTROLS AND SYSTEMS."
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Decision
11. Resolution Date (MM/DD/YYYY):
02/08/2018
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 5,025,575.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
"CREDIT SUISSE (HONG KONG) LIMITED WAS FINED $2,301,790.00, CREDIT SUISSE SECURITIES (HONG KONG) LIMITED WAS FINED
$1,150,895.00, AND CREDIT SUISSE AG, HONG KONG BRANCH WAS FINED $1,572,890.00."
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
-
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
THE FINE WAS PAID ON FEBRUARY 8, 2018.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.

Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
CREDIT SUISSE
INTERNATIONAL
(For individuals, Last, First,
Middle)
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
CREDIT SUISSE SECURITIES
(EUROPE) LTD
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
UK PRUDENTIAL REGULATION AUTHORITY
2.
Principal Sanction:

Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
11/10/2021
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Derivative(s)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
"ON JULY 21, 2023, THE UK PRUDENTIAL REGULATION AUTHORITY ISSUED A FINAL NOTICE TO CREDIT SUISSE INTERNATIONAL (CSI) AND CREDIT
SUISSE SECURITIES (EUROPE) LTD (CSSEL) CONCERNING VARIOUS RISK MANAGEMENT AND GOVERNANCE FAILINGS ASSOCIATED WITH THE
MANAGEMENT OF CREDIT SUISSE'S RELATIONSHIP WITH ARCHEGOS CAPITAL MANAGEMENT LP (ARCHEGOS) PRIOR TO ARCHEGOS' DEFAULT IN MARCH
2021. THE FINAL NOTICE INCLUDED FINDINGS OF BREACHES OF PRA FUNDAMENTAL RULES 2, 3, 5 AND 6 BETWEEN JANUARY 1, 2020 AND MARCH 31,
2021, WITH THE PRINCIPAL FAILINGS REFERENCED RELATING TO INADEQUATE ESCALATION AND OVERSIGHT OF THE RISKS RELATED TO ARCHEGOS,
INSUFFICIENT STEPS BEING TAKEN TO MITIGATE OR REDUCE THE RISKS ARISING FROM THE RELATIONSHIP WITH ARCHEGOS AND INSUFFICIENT
OWNERSHIP OF RISK WITHIN THE FIRST LINE ."
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
07/21/2023
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 119,165,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
"THE PRA IMPOSED A FINANCIAL PENALTY OF GBP 124,403,000 (EQUIVALENT TO US$170,235,000), REDUCED BY 30% FOR SETTLEMENT DURING
THE DISCOUNT STAGE, PRODUCING A FINAL FIGURE OF GBP 87,082,000 (EQUIVALENT TO US$119,165,000}. THE FINE WAS PAID ON AUGUST 3,
2023."
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
-
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
"ON JULY 21, 2023, CREDIT SUISSE SETTLED AT AN EARLY STAGE OF THE PRA'S INVESTIGATION TO QUALIFY FOR A DISCOUNTED FINANCIAL PENALTY,
AGREEING TO PAYMENT OF A MONETARY FINE OF GBP 87,082,000; THE AGREEMENT RESOLVED CLAIMS OF RISK MANAGEMENT AND GOVERNANCE
FAILURES IN CONNECTION WITH THE FIRMS' EXPOSURES TO ARCHEGOS."

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS

This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
CREDIT SUISSE AG
(For individuals, Last, First,
Middle)
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
CREDIT SUISSE AG NEW YORK
BRANCH
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES

2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
11/13/2017
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
FOREIGN EXCHANGE
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
"THE DFS'S ALLEGATIONS RELATE TO CREDIT SUISSE'S FOREIGN EXCHANGE (FX) VOICE AND ELECTRONIC TRADING BUSINESSES, INCLUDING THAT (1)
CREDIT SUISSE FX VOICE TRADERS MAY HAVE MANIPULATED FX RATES BY ENGAGING IN COORDINATED TRADING OR SHARING CONFIDENTIAL
INFORMATION, (2) CREDIT SUISSE INAPPROPRIATELY USED AND DISCLOSED A TRADING FEATURE KNOWN AS ""LAST LOOK,"" AND (3) CREDIT SUISSE
PROGRAMMED AN ALGORITHM THAT MAY HAVE FRONT RUN CLIENT ORDERS."
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Consent
11. Resolution Date (MM/DD/YYYY):
11/13/2017
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 135,000,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
"CREDIT SUISSE WILL SUBMIT TO THE DFS WRITTEN REMEDIATION PLANS AND PROGRAMS REGARDING ITS FX BUSINESS. CREDIT SUISSE WILL
ALSO ENGAGE A THIRD-PARTY CONSULTANT TO REVIEW CREDIT SUISSE'S REMEDIAL EFFORTS WITH REGARD TO ITS FX BUSINESS. CREDIT
SUISSE WAS FINED $135,000,000.00, AND WILL SUBMIT TO THE DFS WRITTEN REMEDIATION PLANS AND PROGRAMS REGARDING ITS FX
BUSINESS. CREDIT SUISSE WILL ALSO ENGAGE A THIRD-PARTY CONSULTANT TO REVIEW CS'S REMEDIAL EFFORTS WITH REGARD TO ITS FX
BUSINESS."
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
-
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
FINE WAS PAID ON NOVEMBER 21, 2017.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS

This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
2777752
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
KIM, SEUNGBOM
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
FINANCIAL SUPERVISORY SERVICE OF KOREA
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
11/13/2019
 Exact
 Explanation
If not exact, provide explanation:

4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
SWAP TRANSACTIONS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
"ON NOVEMBER 13, 2019, THE FINANCIAL SUPERVISORY SERVICE OF KOREA (""FSS"") IMPOSED AN ADMINISTRATIVE FINE ON AN EMPLOYEE OF ONE
OF REGISTRANT'S ADVISORY AFFILIATES. THE FSS FOUND THAT SUCH ADVISORY AFFILIATE EMPLOYEE ENGAGED IN SHORT SALES BY SWAP
TRANSACTION BEFORE THE PUBLIC DISCLOSURE OF THE INFORMATION AND, AS A RESULT, GAINED AN UNJUST PROFIT AMOUNTING TO KRW 582.7
MILLION."
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Other
11. Resolution Date (MM/DD/YYYY):
11/13/2019
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 450,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
NONE, SEE ABOVE - NO PORTION LEVIED TO REGISTRANT
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
-
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
SEE ABOVE - FINAL

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File

with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS AG
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
CAPITAL MARKETS BOARD OF TURKEY
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
UBS AG HAD ITS DIRECT MARKET ACCESS SUSPENDED BETWEEN SEPTEMBER 2020 AND FEBRUARY 2021.
3.
Date Initiated (MM/DD/YYYY): 
01/14/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
CASH, EQUITIES

7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE CMB ALLEGED THAT CERTAIN CLIENT TRADES SUBMITTED BY UBS ON SEPTEMBER 15, 2020 CONSTITUTED AS MARKET ABUSE UNDER TURKISH LAW
(SUBPARAGRAPHS (A) AND (F) OF THE FIRST PARAGRAPH OF ARTICLE 5 OF THE COMMUNIQUE ON MARKET ABUSE NO. VI-104.1) AND SUBJECT TO
ADMINISTRATIVE FINES.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Decision
11. Resolution Date (MM/DD/YYYY):
01/14/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 32,703.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
TOTAL AMOUNT OF FINE IMPOSED WAS TRY 1,175,029 AND DUE TO BE PAID BY 13 FEBRUARY 2025. IF THE FINE IS PAID BY 13 FEBRUARY 2025,
THE FINE IS DISCOUNTED BY 25% AND THE AMOUNT PAYABLE IS TRY 881,272.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
UBS AG LONDON BRANCH HAS WRITTEN TO THE CMB TO NOTE THAT PAYMENT OF THE FINE IS NOT TO BE INTERPRETED AS ACCEPTANCE OF THE
ALLEGED BREACHES OR SUBMISSION TO THE JURISDICTION OF THE CMB.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates

One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS AG, LONDON BRANCH
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
(FOREIGN) KOREA FINANCIAL SUPERVISORY SERVICE (FSS)
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
02/18/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
SHORT SALE ACTIVITIES
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE KOREA FINANCIAL SUPERVISORY SERVICE (FSS) UNDERTOOK AN INDUSTRY-WIDE REVIEW OF SHORTSALE ACTIVITIES OF GLOBAL INVESTMENT
BANKS STARTING FROM 2023 FOR A PERIOD OF 14 MONTHS. UBSWAS ONE OF THE 14 GLOBAL INVESTMENT BANKS INVOLVED. THE SCOPE OF THE
REVIEW WASRETROSPECTIVE IN NATURE PRIMARILY COVERING TRANSACTIONS FROM MAY 2021 TO NOVEMBER 2023.DURING THE REVIEW, FSS
INDICATED CHALLENGES ACROSS FOUR AREAS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Decision
11. Resolution Date (MM/DD/YYYY):
02/18/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 2,500,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
a c a Ope at o s
c pa , etc )
equa
cat o
by e a
/ et a
g
as a co d t o
o t e sa ct o , p o
de e gt
o t
e g
e
to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
FOLLOWING CONCLUSION OF THE REVIEW, ON 18 FEBRUARY 2025, UBS RECEIVED AN ADMINISTRATIVEPENALTY NOTICE OF KRW 3.7BN (~USD
2.5M). THE FINE WAS SETTLED IN MID-APRIL 2025.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
FOLLOWING CONCLUSION OF THE REVIEW, ON 18 FEBRUARY 2025, UBS RECEIVED AN ADMINISTRATIVEPENALTY NOTICE OF KRW 3.7BN (~USD 2.5M).
THE FINE WAS SETTLED IN MID-APRIL 2025.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
8174
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No

Name:
UBS FINANCIAL SERVICES INC.
(For individuals, Last, First,
Middle)
CRD
Number:
7654
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS SECURITIES LLC
(For individuals, Last, First,
Middle)
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS AG
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
(OTHER FEDERAL) U.S. COMMODITY FUTURES TRADING COMMISSION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
UNDERTAKINGS
3.
Date Initiated (MM/DD/YYYY): 
09/04/2025
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
25-05
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
WITHOUT ADMITTING OR DENYING THE FINDINGS OR CONCLUSIONS THEREIN, UBS AG, UBS FINANCIAL SERVICES, INC., AND UBS SECURITIES LLC
(COLLECTIVELY, "UBS") CONSENTED TO THE ENTRY OF A CFTC ORDER MAKING FINDINGS THAT, AT CERTAIN TIMES FROM AT LEAST 2015 UNTIL 2024,
UBS FAILED TO DILIGENTLY SUPERVISE MATTERS RELATED TO ITS BUSINESS AS A COMMISSION REGISTRANT IN VIOLATION OF SECTION 4S(H)(1)(B) OF
THE COMMODITY EXCHANGE ACT, 7 U.S.C. § 6S(H)(1)(B), AND COMMISSION REGULATIONS 23.602(A) AND 166.3, 17 C.F.R. §§ 23.602(A), 166.3 (2024).
THE COMMISSION FOUND THAT UBS DID NOT IMPLEMENT A FULLY EFFECTIVE SURVEILLANCE PROGRAM FOR TRADING ACTIVITY IN CERTAIN CFTC-
REGULATED PRODUCTS, IN LARGE PART BECAUSE OF DEFICIENCIES IN UBS'S CONFIGURATION AND OPERATION OF A THIRD-PARTY SURVEILLANCE

TOOL. GAPS IN SURVEILLANCE MONITORING OF EXCHANGE-TRADED DERIVATIVES ALSO EXISTED AT UBS FOR CERTAIN TYPES OF CLIENTS ON SPECIFIC
ICE TRADING VENUES BECAUSE , FOR CERTAIN CLIENTS, TRADE DATA DID NOT FLOW FROM THE ICE TRADING VENUES INTO UBS'S THIRD-PARTY
SURVEILLANCE TOOLS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Decision & Order of Offer of Settlement
11. Resolution Date (MM/DD/YYYY):
09/04/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 5,000,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
RESPONDENTS SHALL PAY, JOINTLY AND SEVERALLY, A CIVIL MONETARY PENALTY IN THE AMOUNT OF FIVE MILLION DOLLARS ($5,000,000)("CMP
OBLIGATION") WITHIN FOURTEEN (14) DAYS OF THE DATE OF THE ENTRY OF THIS ORDER.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
RESPONDENTS SHALL PAY, JOINTLY AND SEVERALLY, A CIVIL MONETARY PENALTY IN THE AMOUNT OF FIVE MILLION DOLLARS ($5,000,000)("CMP
OBLIGATION") WITHIN FOURTEEN (14) DAYS OF THE DATE OF THE ENTRY OF THIS ORDER.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates

If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS AG
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
AL,AK,AZ,AR,CA,CO,CT,DE,DC,FL,GA,ID,IL,IN,IA,KS,LA,ME,MD,MA,MN,MO,MT,NV,NH,NJ,NM,NY,NC,ND,OH,OK,OR,PA,RI,SC,TN,VA,WA,WV,WI AGS
2.
Principal Sanction:
Disgorgement
Other Sanctions: 
PAYMENT OF RESTITUTION AND ADDITIONAL PAYMENTS
3.
Date Initiated (MM/DD/YYYY): 
12/21/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other
Other Product Types: 
LIBOR SUBMISSIONS AND LIBOR-RELATED CONDUCT
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
STATE AGS ALLEGED THAT UBS AG'S USD LIBOR SUBMISSIONS ON OCCASION IN 2006-09 WERE INFLUENCED BY DIRECTIVES TO AVOID REPUTATIONAL
HARM AND/OR ITS YEN LIBOR SUBMISSIONS AT TIMES WERE FALSE AND THAT UBS AG DID NOT DISCLOSE THIS ALLEGED CONDUCT TO GOVERNMENT
AND NON-PROFIT SWAP COUNTERPARTIES.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.

10. How was matter resolved:
Other
11. Resolution Date (MM/DD/YYYY):
12/21/2018
 Exact
 Explanation
If not exact, provide explanation:
SETTLEMENT AGREEMENT SIGNED 12/21/2018
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
NONE.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
SETTLEMENT AGREEMENT PROVIDES FOR PAYMENT OF $68 MILLION BY UBS AG BY JUNE 20, 2019. $64.6 MILLION IS RESTITUTION; NONE IS A
FINE OR PENALTY.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
SETTLEMENT AGREEMENT EXECUTED 12/21/18. PAYMENT TO BE MADE BY UBS AG BY JUNE 20, 2019.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
CREDIT SUISSE SINGAPORE
BRANCH

(For individuals, Last, First,
Middle)
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS AG (SINGAPORE BRANCH)
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
(FOREIGN) MONETARY AUTHORITY OF SINGAPORE (MAS)
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
08/01/2023
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
No Product
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
MAS FOUND SHORTCOMINGS IN THE AREAS OF: (A) CUSTOMER RISK ASSESSMENT. FIVE OF THE FIS (BJBS, BOIPL, CITI, CSSB, UOBKH) FAILED TO
IMPLEMENT ADEQUATE POLICIES OR PROCESSES FOR THE RATING OF ML RISKS PRESENTED BY SOME OF THEIR CUSTOMERS. THIS LED TO MIS-RATING
OF ML RISKS AND AFFECTED THEIR ABILITY TO APPLY APPROPRIATE CONTROLS TO AND ADDRESS HIGHER ML RISKS PRESENTED BY SEVERAL POIS. (B)
ESTABLISHING AND CORROBORATING SOURCE OF WEALTH (SOW) OF CUSTOMERS WHO POSED A HIGHER RISK OF ML. ALL NINE FIS DID NOT DETECT
OR ADEQUATELY FOLLOW UP ON SIGNIFICANT DISCREPANCIES OR RED FLAGS NOTED IN INFORMATION AND DOCUMENTS THAT SHOULD HAVE CAST
DOUBT ON SOME CUSTOMERS' PURPORTED SOW AND WHICH INDICATED INCREASED RISK OF ML. IN SOME CASES, THERE WAS NO CORROBORATION
OF SIGNIFICANT ASPECTS OF SOW. (C) TRANSACTION MONITORING. EIGHT FIS (BJBS, CITI, CSSB, LGTS, UOB, UOBKH, TTCSPL, UBSS) FAILED TO
ADEQUATELY REVIEW RELEVANT TRANSACTIONS FLAGGED AS SUSPICIOUS BY THEIR OWN SYSTEMS. THE RELEVANT TRANSACTIONS WERE UNUSUALLY
LARGE, INCONSISTENT WITH THE CUSTOMERS' PROFILES, OR SHOWED UNUSUAL PATTERNS. (D) POST-SUSPICIOUS TRANSACTION REPORT (STR)
FOLLOW-UP. IN RELATION TO CUSTOMERS THE FIS HAD FILED STRS ON, TWO FIS (UOB AND UOBKH) FAILED TO TAKE ADEQUATE AND TIMELY RISK
MITIGATION MEASURES, SUCH AS ENHANCED MONITORING AND REVIEWING THEIR RISK CLASSIFICATION.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:

If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
07/04/2025
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 6,800,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UBS SINGAPORE AND CS SINGAPORE WERE REQUIRED TO PAY A PENALTY OF SGD 3M (~USD2.3M) AND SGD 5.8M (~USD4.5M) RESPECTIVELY.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
UBS SINGAPORE AND CS SINGAPORE WERE REQUIRED TO PAY A PENALTY OF SGD 3M (~USD2.3M) AND SGD 5.8M (~USD4.5M) RESPECTIVELY.
THE PENALTY IMPOSED ON CS SINGAPORE ALSO INCLUDES AML CONTRAVENTIONS FOR U.S. ACCOUNTS BOOKED IN SINGAPORE.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
UBS SINGAPORE AND CS SINGAPORE WERE REQUIRED TO PAY A PENALTY OF SGD 3M (~USD2.3M) AND SGD 5.8M (~USD4.5M) RESPECTIVELY. THE
PENALTY IMPOSED ON CS SINGAPORE ALSO INCLUDES AML CONTRAVENTIONS FOR U.S. ACCOUNTS BOOKED IN SINGAPORE.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Item 11.H. of Part
1A or Item 2.F. of Part 1B of Form ADV.
Civil Judicial
Check Part 1A item(s) being responded to:
11.H(1)(a)
11.H(1)(b)
11.H(1)(c)
11.H(2)
Check Part 1B item(s) being responded to:
2.F(1)
2.F(2)
2.F(3)
2.F(4)
2.F(5)
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the
same event. Unrelated civil judicial actions must be reported on separate DRPs.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE

CRD
Number:
7654
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS SECURITIES LLC
(For individuals, Last, First,
Middle)
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS AG
(For individuals, Last, First,
Middle)
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS AMERICAS INC.
(For individuals, Last, First,
Middle)
CRD
Number:
8174
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS FINANCIAL SERVICES INC.
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H.
(1)(a), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.) 
IPERS; LACERA; OCERS; SCERA; AND TORUS CAPITAL, LLC, ON BEHALF OF THEMSELVES AND ALL OTHERS IMILARLY SITUATED
2.
Principal Relief Sought:
Money Damages (Private/Civil Complaint)
Other Relief Sought: 
AWARD RESTITUTION TO PLAINTIFFS AND PERMANENTLY ENJOIN DEFENDANTS FROM CONTINUING THEIR UNLAWFUL CONDUCT
3.
Filing Date of Court Action (MM/DD/YYYY):
11/17/2017
 Exact
 Explanation
If not exact, provide explanation:
4.
Principal Product Type:
Other
Other Product Types: 
STOCK LENDING
5.
Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case
Number): 
UNITED STATES DISTRICT COURT, SOUTHERN DISTRICT OF NEW YORK

6.
Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable): 
7.
Describe the allegations related to this civil action (your response must fit within the space provided): 
PLAINTIFFS HAD ALLEGED THAT DEFENDANTS CONSPIRED TO BLOCK THE EVOLUTION OF THE STOCK LENDING MARKET FROM AN OVER0THE-COUNTER
ENVIRONMENT, IN WHICH STOCK LOANS ARE INTERMEDIATED BY PRIME BROKERS, TO A MORE EXCHANGE-LIKE ENVIRONMENT.
8.
Current Status? 
 Pending
 On Appeal
 Final
9.
If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY): 
10. If pending, date notice/process was served (MM/DD/YYYY):
 Exact
 Explanation
If not exact, provide explanation:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only.
11. How was matter resolved:
Settled
12. Resolution Date (MM/DD/YYYY): 
09/01/2023
 Exact
 Explanation
If not exact, provide explanation:
13. Resolution Detail:
A.  Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)?
Monetary/Fine Amount: $ 0.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions:
C.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
WHILE UBS IS LIKELY RESPONSIBLE FOR AN AMOUNT GREATER THAN ZERO, THE AMOUNT THAT EACH DEFENDANT, INCLUDING UBS, IS
RESPONSIBLE FOR IS CONFIDENTIAL.
14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must
fit within the space provided). 
THE PARTIES REACHED A SETTLEMENT WHICH HAS RECEIVED PRELIMINARY APPROVAL OF THE COURT. THERE WERE NO FINDINGS OR ADMISSIONS,
AND DEFENDANTS AFFIRMATIVELY DENIED THE ALLEGATIONS IN THE SETTLEMENT.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Item 11.H. of Part
1A or Item 2.F. of Part 1B of Form ADV.
Civil Judicial
Check Part 1A item(s) being responded to:
11.H(1)(a)
11.H(1)(b)
11.H(1)(c)
11.H(2)
Check Part 1B item(s) being responded to:
2.F(1)
2.F(2)
2.F(3)
2.F(4)
2.F(5)
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the
same event. Unrelated civil judicial actions must be reported on separate DRPs.

PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS REAL ESTATE SECURITIES,
INC.
(For individuals, Last, First,
Middle)
CRD
Number:
7654
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS SECURITIES LLC
(For individuals, Last, First,
Middle)
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS AG
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H.
(1)(a), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.) 
UNITED STATES OF AMERICA
2.
Principal Relief Sought:
Other Relief Sought: 
3.
Filing Date of Court Action (MM/DD/YYYY):
11/08/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Principal Product Type:
Other
Other Product Types: 

RESIDENTIAL MORTGAGE-BACKED SECURITIES
5.
Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case
Number): 
UNISTED STATES DISTRICT COURT, EASTERN DISTRICT OF NEW YORK
6.
Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable): 
7.
Describe the allegations related to this civil action (your response must fit within the space provided): 
IN 2018, THE DOJ FILED A CIVIL COMPLIANT IN THE DISTRICT COURT FOR THE EASTERN DISTRICT OF NEW YORK. THE COMPLAINT SEEKS UNSPECIFIED
CIVIL MONETARY PENALTIES UNDER THE FINANCIAL INSTITUTIONS REFORM, RECOVERY AND ENFORCEMENT ACT OF 1989 RELATED TOUBS'S ISSUANCE,
UNDERWRITING AND SALE OF 40 RMBS TRANSACTIONS IN 2006 AND 2007.
8.
Current Status? 
 Pending
 On Appeal
 Final
9.
If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY): 
10. If pending, date notice/process was served (MM/DD/YYYY):
 Exact
 Explanation
If not exact, provide explanation:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only.
11. How was matter resolved:
Settled
12. Resolution Date (MM/DD/YYYY): 
08/18/2023
 Exact
 Explanation
If not exact, provide explanation:
13. Resolution Detail:
A.  Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)?
Monetary/Fine Amount: $ 1,435,000,000.00
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions:
C.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
THE PARTIES MUTUALLY AGREED TO SETTLE THE MATTER PER THE EXECUTED "AGREEMENT FOR SETTLEMENT AND RELEASE."
14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must
fit within the space provided). 
THE PARTIES MUTUALLY AGREED TO SETTLE THE MATTER PER THE EXECUTED "AGREEMENT FOR SETTLEMENT AND RELEASE."