Ubs Realty Investors 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) 
OFFICE OF THE COMPTROLLER OF THE CURRENCY
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
N/A
3.
Date Initiated (MM/DD/YYYY): 
05/31/2018
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
AA-EC-2018-30
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
N/A
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 OFFICE OF THE COMPTROLLER OF THE CURRENCY FOUND THAT UBS AG, NEW YORK BRANCH, UBS AG, STAMFORD BRANCH, UBS AG, MIAMI BRANCH, (COLLECTIVELY, THE "UBS BRANCHES") HAD
DEFICIENCIES IN THEIR BANK SECRECY ACT AND ANTI­MONEY LAUNDERING COMPLIANCE PROGRAM THAT RESULTED IN VIOLATIONS OF 12 C.F.R. § 21.21 AND 12 C.F.R. § 21.11 AND OTHER VIOLATIONS.
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:
N/A
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):
05/31/2018
 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:
N/A
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: 
ON MAY 31, 2018, THE UBS BRANCHES ENTERED INTO A CONSENT ORDER WITH THE OFFICE OF THE COMPTROLLER OF THE CURRENCY ("OCC"), WHICH FOUND DEFICIENCIES IN THE BRANCHES' BANK
SECRECY ACT AND ANTI­MONEY LAUNDERING COMPLIANCE PROGRAM THAT RESULTED IN VIOLATIONS OF 12 C.F.R. § 21.21 AND 12 C.F.R. § 21.11 AND OTHER VIOLATIONS. WITHOUT ADMITTING OR
DENYING THE OCC'S FINDINGS, THE UBS BRANCHES CONSENTED TO THE ENTRY OF THE CONSENT ORDER PURSUANT TO WHICH THE UBS BRANCHES SHALL COMPLY WITH THE UNDERTAKINGS SET
FORTH IN THE CONSENT 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).
PURSUANT TO THE MAY 31, 2018 CONSENT ORDER, THE UBS BRANCHES SHALL COMPLY WITH THE UNDERTAKINGS SET FORTH THEREIN, INCLUDING SUBMITTING WRITTEN PROPOSALS FOR APPROVAL BY THE
OCC, COVERING THE UBS BRANCHES' BANK SECRECY ACT AND ANTI-MONEY LAUNDERING COMPLIANCE PROGRAM.

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:
NONE
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: 
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:
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) 
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:
Reprimand
Other Sanctions: 
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 EUROPE
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 - INDIVIDUAL
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 FOLLOWINGEXCHANGERULES: G.17.1 - A MEMBER'S OPEN INTEREST IN ANY EXCHANGE FUTURES CONTRACT OR
SERIESOF ANOPTION CONTRACT, IS THE NUMBER OF LOTS, LONG OR SHORT, WHICH THE MEMBER HOLDS EITHERFOR ITSOWN ACCOUNT OR ON BEHALF OF CLIENTS (INCLUDING GROUP AND ASSOCIATED
COMPANIES)WHICH WILLEITHER BE: (A) OFFSET BY TRADING OUT IN THE MARKET; OR (B) IN THE CASE OF OPTIONSCONTRACTS,EXERCISED OR HELD TO EXPIRY; OR (C) IN THE CASE OF FUTURES
CONTRACTS, OFFSET BY THEEXERCISE OF ARELEVANT OPTION CONTRACT; OR (D) IN THE CASE OF FUTURES CONTRACTS, TAKEN TODELIVERY OR CASHSETTLEMENT. G.17.4 - (A) OPEN INTEREST AT THE
CLOSE OF BUSINESS ON A TRADINGDAY FOR EACH SUB-ACCOUNT WILL BE CALCULATED USING THE METHOD SET OUT ABOVE AFTER A CUT-OFFTIME ON THESUBSEQUENT TRADING DAY, AND WILL INCLUDE
ANY SETTLEMENTS AND POSITIONADJUSTMENTS CARRIEDOUT BEFORE THE CUT-OFF TIME. THE CUT-OFF TIME WILL BE NOTIFIED BY THEEXCHANGE TO MEMBERS FROMTIME TO TIME. G.17.5 - IN CASES
WHERE CLIENTS, INCLUDING CERTAIN IN-HOUSE DEPARTMENTS, HOLDBOTH LONG AND SHORT POSITIONS MEMBERS WILL NEED TO DETERMINE, INACCORDANCE WITH REGULATORYREQUIREMENTS OR
OTHERWISE, WHETHER THESE SHOULD BE MAINTAINEDGROSS OR WHETHER, OR TO WHATEXTENT, THEY SHOULD BE SETTLED OUT
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):
01/11/2021
 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: (I)AFINE OF £55,000 FOR THE BREACHES OF THE RULES DESCRIBED AT SECTION 7 ABOVE;
(II)ADISCRETIONARY 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,WHICHWILL BE PUBLISHED BY THE SRO IN DUE COURSE. THIS PROVIDES FOR THE ABOVE
SETTLEMENTAMOUNT ANDCONFIRMS THAT UBS DID BREACH RULES G.17.1, G17.4, AND G.17.5. THE DATE OF PAYMENTHAS NOT YET 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) 
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 SHARESTO 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):
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 OFA STANDARD MANUAL PROCESS REQUIRED WHEN GLOBALONE (THE GLOBAL BOOKS AND RECORDS FORSTOCK, BORROW & LENDING) WAS OFFLINE FOR ITS DAILY BATCH RUNS. THIS LED TO AN
INCORRECT LEVELOF AVAILABLE INVENTORY RECORDED, RESULTING IN THE UNCOVERED TRADES. REMEDIATION ACTIONS HAVEBEEN 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
EFFECTIVESTART 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 KOREAMARKET 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) 
COMISSÃO DE VALORES MOBILIÁRIOS ("CVM") AKA BRAZIL SECURITIES COMMISSION
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 TRADESOCCURRING IN APRIL 2014 BY A NUMBER OF FINANCIAL
INSTITUTIONS,ALLEGING THAT SUCH TRADING WAS IN VIOLATION OF CVMINSTRUCTION 530/2012, WHICH GENERALLYPROHIBITS INVESTORS FROM SHORT SELLING SHARES IN A COMPANY DURING
CERTAINDATES JUST PRIOR TOTHE COMPANY'S ANNOUNCEMENT OF A PUBLIC OFFERING OF CERTAIN SHARES AT CERTAIN PRICES. THESHARESAT 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 AGLONDON BRANCH ONMARCH 4, 2021, WITH RECEIPT OF PAYMENT ACKNOWLEDGED BY THE
CVM ONMARCH 16, 2021, AND PROOF OF SOURCE OF FUNDSUSED FOR PAYMENT OF THE FINE ESTABLISHED ONAPRIL 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 OIBR4WERE TO BE DISTINGUISHEDFROM THOSE OF OTHER FINANCIAL INSTITUTIONS ACTING AS
INVESTOR, ASUBS AG LONDON BRANCH ACTED EXCLUSIVELY IN THECAPACITY OF BROKER PROVIDING GLOBAL SYNTHETICPRIME BROKERAGE SERVICES. THE MATTER WITH UBS AG LONDON BRANCHSETTLED
WITH ANADMINISTRATIVE 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, ANDWITHOUT FURTHER PROCEEDINGS ORHEARING. UPON RECEIPT OF PROOF OF SOURCE OF FUNDS USED FORPAYMENT 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 LARGERMATTERREMAINS 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) 
CAPITAL MARKETS BOARD
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
05/03/2021
 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 ON1JULY 2020 THAT CONSTITUTED SHORT SELLING AND WERE NOT DISCLOSED AS SHORT SALES
ASREQUIREDUNDER 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:
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 DUEFORPAYMENT BY 2 JULY 2021. IF THE FINE IS PAID BY 2 JULY 2021, THE FINE IS DISCOUNTED BY
25%ANDTHE 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 TOTHE CMB TO NOTE THAT PAYMENT OF THE FINE IS NOT TO BEINTERPRETED AS: (I) ACCEPTANCE OF THEALLEGED BREACHES; OR (II) SUBMISSION TO THE
JURISDICTIONOF THE CMB. SUBJECT TO FURTHERCORRESPONDENCE FROM THE CMB, UBS CONSIDERS THIS MATTER TO BECLOSED.

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)
CRD Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS SECURITIES ASIA LIMITED
(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 AND UBS SECURITIES ASIA LIMITED
6.
Principal Product Type:
Other
Other Product Types: 
SECURITIES POOLED LENDING TRANSACTIONS; STRUCTURED NOTE; HONG KONG LISTED COMPANIES
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
CONCERNEDUBS'SSYSTEMS AND CONTROLS. THE SFC FOUND THAT UBS FAILED TO: - MAKE PROPER DISCLOSURE OFITSFINANCIAL INTERESTS IN SOME HONG KONG LISTED COMPANIES COVERED IN ITS

RESEARCH REPORTSDUETO MULTIPLE DATA FEED LOGIC ERROS IN A LEGACY DATA SOURCE USED BY UBS FOR TRACKINGITSSHAREHOLDING POSITIONS. - OBTAIN VALID STATNDING AUTHORITIES FROM 91
CLIENTS WHO WERENOTQUALIFIED AS PROFESSIONAL INVESTORS AND ISSUE CONTRACT NOTES TO THEM IN RESPECT OF913SECURITIES POOLED LENDING TRANSACTIONS ENTERED INTO WITH THESE
CLIENTS. - RECORDCLIENTORDER INSTRUCTIONS RECEIVED THROUGH 35 TELEPHONE LINES. - FOLLOW APPLICABLE REGULATORYGUIDELINES RELATING TO ASSESSMENT OF CLIENTS' DERIVATIVES
KNOWLEDGE. - DISCLOSE TO 15 CLIENTSAKEY 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 AMOUNTOFHKD11.55M (~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
CONCERNEDUBS'SSYSTEMS AND CONTROLS. THE SFC FOUND THAT UBS FAILED TO: -MAKE PROPER DISCLOSURE OFITSFINANCIAL INTERESTS IN SOME HONG KONG LISTED COMPANIES COVERED IN ITS
RESEARCH REPORTSDUETO MULTIPLE DATA FEED LOGIC ERROS IN A LEGACY DATA SOURCE USED BY UBS FOR TRACKINGITSSHAREHOLDING POSITIONS. -OBTAIN VALID STATNDING AUTHORITIES FROM 91
CLIENTS WHO WERENOTQUALIFIED AS PROFESSIONAL INVESTORS AND ISSUE CONTRACT NOTES TO THEM IN RESPECT OF913SECURITIES POOLED LENDING TRANSACTIONS ENTERED INTO WITH THESE
CLIENTS. -RECORD CLIENTORDERINSTRUCTIONS RECEIVED THROUGH 35 TELEPHONE LINES. -FOLLOW APPLICABLE REGULATORYGUIDELINESRELATING TO ASSESSMENT OF CLIENTS' DERIVATIVES
KNOWLEDGE. -DISCLOSE TO 15 CLIENTS AKEYFEATURE 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) 
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) UBSAGFAILED TO KEEP REQUIRED VOICE RECORDING FILES CONTAINING ORAL COMMUNICATIONS
RELATEDTOREGULATED SWAP ACTIVITY AND PRE­EXECUTION TRADE INFORMATION FROM, DESPITE THE ONE­YEARRETENTION 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 RECORDKEEPINGOBLIGATIONS AS ASWAP DEALER, IMPLEMENTED MULTIPLE SOFTWARE SYSTEMS TO: (1) OPERATE ITSTRADER
TURRETCOMMUNICATION DEVICES; (2) RECORD CALLS OCCURRING ON THESE TRADER TURRETS;AND (3) STORE THEVOICE RECORDING FILES THAT WERE GENERATED FROM THE RECORDED CALLS.
THERECORDING SYSTEM HADA KNOWN FAILURE IN WHICH, AT TIMES, THE MULTIPLE SYSTEMS FAILED TOSYNCHRONIZE CERTAIN CALLDATA, INCLUDING THE UBS TRADER'S IDENTITY, WHICH WOULD NOT
TRANSFERTO UBS'S VOICE RECORDINGSYSTEM ALONG WITH THE CORRESPONDING VOICE RECORDING. THISSYNCHRONIZATION FAILURE CREATED APOPULATION OF VOICE RECORDING FILES THAT WERE
NOT ASSIGNEDTO A PARTICULAR TRADER. THESEUNASSIGNED VOICE RECORDING FILES, CATEGORIZED AS "TRADER 0"RECORDINGS, WERE TRANSFERRED TOUBS AG'S LONG-TERM STORAGE SYSTEMS
WHERE THEY WERE TO BERETAINED FOR FIVE YEARS. AS OF JULY 8,2019, UBS BEGAN PREMATURELY DELETING, AFTER ONLY ONE DAYOF RETENTION, VOICE RECORDING FILESWHICH INCLUDED VOICE
RECORDINGS CONTAINING PRE-EXECUTION SWAPS TRADE INFORMATION THATWERE REQUIRED TO BE RETAINED FOR ONE YEAR. THIS WAS ARESULT OF A TECHNOLOGY ANALYST BELIEVINGTHAT THE VOICE
RECORDINGS WERE TEST FILES THAT DIDNOT NEED TO BE RETAINED AND RE-DESIGNATINGTHOSE FILES WHICH RESET THE RETENTION PERIOD FORTHESE FILES FROM FIVE YEARS TO ONE DAY.
INDECEMBER 2019, UBS INADVERTENTLY LEARNED ABOUT THEPREMATURE DELETION OF THESE AUDIO FILESFROM ITS SYSTEMS WHILE IT WAS SEARCHING FOR, BUT NOTFINDING, SPECIFIC VOICE
RECORDING FILESTHAT IT KNEW SHOULD HAVE BEEN IN ITS RETENTION SYSTEMS.UPON DISCOVERY OF THE ERRONEOUSDELETIONS OF RECORDINGS, UBS DID AN INTERNAL REVIEW TODETERMINE THE
UNIVERSE OF IMPACTEDVOICE RECORDING FILES. THE ANALYST'S ERROR RESULTED IN THEDELETION OF OVER 1,000 HOURS, ORROUGHLY 2.76 PERCENT OF TOTAL U.S. RECORDED VOLUME, DURINGJULY 8,
2019 THROUGH DECEMBER 23,2019. THE DELETED FILES INCLUDED VOICE RECORDINGS CONTAININGPRE-EXECUTION SWAPS INFORMATIONSUCH AS QUOTES, SOLICITATIONS, BIDS, OFFERS,
INSTRUCTIONS,TRADING, AND PRICES THAT LEAD TO THEEXECUTION OF SWAPS, ALL OF WHICH ARE REQUIRED BYCOMMISSION REGULATIONS TO BE RETAINED. UPONDISCOVERING ITS POTENTIAL
VIOLATION OF CFTCREGULATIONS, UBS PROMPTLY SELF-REPORTED THISVIOLATION TO CFTC STAFF VIA TELEPHONE, FOLLOWEDBY FORMALLY SUBMITTING A COMPREHENSIVEWRITTEN SELF-REPORT. UBS
COOPERATED WITH CFTC STAFF INITS INVESTIGATION AND PROACTIVELYENGAGED IN REMEDIAL PROCEDURES TO ENSURE NO "TRADER 0"RECORDINGS ARE PREMATURELY DELETED INTHE 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) 
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 EXCHANGE 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 AND ARTICLE 53 OF THE EUROPEAN AREA AGREEMENT. THE EC FOUND THAT UBS AG ENGAGED IN
RESTRICTION AND/OR DISTORTION OF COMPETITION IN THE SECTOR OF FOREIGN ECHANGE SPOT TRADING OF 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 THIRD DECISION ON DECEMBER 2, 2021, BUT ONLY RECENTLY PUBLISHED FULL NON-CONFIDENTIAL
VERSIONS OF ALL 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 EC.
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 RECEIVED FULL IMMUNITY FROM FINES FOR REPORTING THE CONDUCT TO THE EC.

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:
7654
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS SECURITIES LLC
(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)
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 JOINT UNDERTAKINGS.
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 WITHTHE 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:
CREDIT SUISSE HOLDINGS (USA), INC.
(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)
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) 
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; 23-014-B-HC; 23-014-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 ARCHEGOS CAPITALMANAGEMENT LP, ALLEGES VIOLATIONS UNDER SECTION 8(I)
(2) OF THE FEDERAL DEPOSIT INSURANCE ACT, AS WELL AS SECTIONS 252.155-157 OFREGULATION YY OF THE BOARD OF GOVERNORS; THE ALLEGATIONS ARE BASED ON FINDINGS THAT CREDIT SUISSE
HAD DEFICIENCIES 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 RISKMANAGEMENT, NON-FINANCIAL RISK MANAGEMENT,
AND BOARD OVERSIGHT AND GOVERNANCE, AND ESTABLISH A REMEDIATION OFFICE TOSUPERVISE 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 IN THE AMOUNT OF $268,494,109.20, WHICH WAS PAID ON JULY24, 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 ASSESSMENTISSUED 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:
UBS GROUP AG
(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
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 CREDITSUISSE, FINDING THAT CREDIT SUISSE HAS SERIOUSLY AND
SYSTEMATICALLY VIOLATED FINANCIAL MARKET LAW IN ITS RELATIONSHIP WITH THEARCHEGOS FAMILY OFFICE DUE TO VARIOUS ORGANIZATIONAL DEFICIENCIES 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: $ 268,494,109.20
 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: 
FINMA IS ORDERING CORRECTIVE MEASURES DIRECTED AT CREDIT SUISSE AG AND UBS GROUP AG, AS THE LEGAL SUCCESSOR OF CREDITSUISSE GROUP AG, UPON COMPLETION OF THE MERGER
BETWEEN THE TWO BANKS. FINMA REQUIRES UBS TO APPLY ITS RESTRICTIONS/LIMITSON PROPRIETARY POSITIONS RELATING TO INDIVIDUAL CLIENTS THROUGHOUT THE ENTIRE FINANCIAL GROUP.
ADDITIONALY, THE COMPENSATION SYSTEM OF THE ENTIRE FINANCIAL GROUP MUST PROVIDE FOR BONUS ALLOCATION CRITERIA THAT TAKE INTO ACCOUNT RISK APPETITE. UBS HAS
CORRESPONDING 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).
FINMA IS ORDERING CORRECTIVE MEASURES DIRECTED AT CREDIT SUISSE AG AND UBS GROUP AG, AS THE LEGAL SUCCESSOR OF CREDITSUISSE GROUP AG, UPON COMPLETION OF THE MERGER BETWEEN

THE TWO BANKS. FINMA REQUIRES UBS TO APPLY ITS RESTRICTIONS/LIMITSON PROPRIETARY POSITIONS RELATING TO INDIVIDUAL CLIENTS THROUGHOUT THE ENTIRE FINANCIAL GROUP. ADDITIONALY,
THE COMPENSATION SYSTEM OF THE ENTIRE FINANCIAL GROUP MUST PROVIDE FOR BONUS ALLOCATION CRITERIA THAT TAKE INTO ACCOUNT RISK APPETITE. UBS HAS CORRESPONDING RULES IN PLACE,
WHICH FINMA ORDERS TO BE LEGALLY BINDING FOR THE ENTIRE FINANCIAL GROUP.

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) 
CAPITAL MARKETS BOARD OF TURKEY
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
UBS AG LB HAD ITS DIRECT MARKET ACCESS SUSPENDED BETWEEN SEPTEMBER 2020 TO 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 CMD ALLEGED THAT CERTAIN CLIENT TRADES SUBMITTED BY UBS ON 15 SEPTEMBER 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):
01/15/2025
 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 CMD 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:
CREDIT SUISSE AG, SINGAPORE BRANCH
("CSSB")
(For individuals, Last, First, Middle)
CRD
Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
CREDIT SUISSE (SINGAPORE) LIMITED
("CSSL")
(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) 
FINANCIAL SERVICES COMMISSION (FSC) OF SOUTH KOREA
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
07/03/2024
 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:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE ALLEGATIONS WERE THAT CSSB AND CSSL ENGAGED IN NAKED SHORT SALES AMMOUNTING TO APPROXIMATELY KRW 60.33 BILLION AND KRW 35.28 BILLION, RESPECTIVELY, WITHOUT POSSESSING
THE STOCKS AT THE TIME OF PLACING THE SHORT SALE 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:
ON 10 OCTOBER 2024, EACH OF CSSL AND UBS HAS FILED A COMPLAINT TO THE KOREA ADMINISTRATIVE COURT APPEALING AGAINST THE FSC'S PENALTY DECISIONS.
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):
07/03/2024
 Exact
 Explanation
If not exact, provide explanation:
CURRENTLY ON APPEAL
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 20,000,000.00
 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: 
ON 3 JULY 2024, THE FINANCIAL SERVICES COMMISSION (FSC) IN SOUTH KOREA IMPOSED A TOTAL OF KRW 270173 BILLION (USD 20M) IN ADMINISTRATIVE PENALTY ON CSSL AND CSSB (WITH UBS
AG SINGAPORE BRANCH BEING ITS SUCCESSOR-IN-INTEREST AFTER THE PARENT BANK MERGER ON 31 MAY 2024)
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 10 OCTOBER 2024, BOTH CSSL AND UBS FILED A COMPLIANT WITH THE KOREA ADMINISTRATIVE COURT APPEALING AGAINST THE FSC'S PENALTY DECISION. ON 9 DECEMBER 2024, THE FSC FILED A
BREIF RESPONSE SEEKING TO DISMIS THE APPEAL. THE NEXT STEP IS FOR THE FSC TO FILE A SUBSTANTIVE RESPONSE.

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)
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)
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) 
COMMODITY FUTURES TRADING COMMISSION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
CEASE AND DESIST; 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)(L)(B) OF THE COMMODITY EXCHANGE ACT, 7 U.S.C. § 6S(H)(L)(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, 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) 
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, 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: 
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:
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) 
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:
Other
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.SM) 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.SM) 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.SM) 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:
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 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)
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:
Civil Penalty(ies)/Fine(s)
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): 
UNITED STATES DISTRICT COURT, EASTERN DISTRICT OF NEW YORK; CASE NO. 18-CV-6369
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 COMPLAINT IN THE DISTRICT COURT FOR THE EASTERN DISTRICT OF NEW YORK. THE COMPLAINT SEEKS SPECIFIC CIVIL MONETARY PENALTIES UNDER THE FINANCIAL
INSTITUTIONS REFORM, RECOVERY AND ENFORCEMENT ACT OF 1989RELATED 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."

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:
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)
CRD Number:
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
UBS AMERICAS 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 SIMILARLY 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): 
PLAINTIFF HAD ALLEGED THAT DEFENDANTS CONSPIRED TO BLOCK THE EVOLUTION OF THE STOCK LENDING MARKET FROM AN OVER-THE-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.