# EDGAR Filing Document

**Accession Number:** 0001610520
**File Stem:** 0001610520-25-000069
**Filing Date:** 2025-6
**Character Count:** 18893
**Document Hash:** 701a38f24488120be37dc49a5c003fb4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001610520-25-000069.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001610520-25-000069

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250606

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UBS Group AG
- **CENTRAL INDEX KEY:** 0001610520
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** V8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36764
- **FILM NUMBER:** 251029634

**BUSINESS ADDRESS:**
- **STREET 1:** BAHNHOFSTRASSE 45
- **CITY:** ZURICH
- **STATE:** V8
- **ZIP:** CH-8001
- **BUSINESS PHONE:** 41-44-234-1111

**MAIL ADDRESS:**
- **STREET 1:** BAHNHOFSTRASSE 45
- **CITY:** ZURICH
- **STATE:** V8
- **ZIP:** CH-8001
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UBS AG
- **CENTRAL INDEX KEY:** 0001114446
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** V8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15060
- **FILM NUMBER:** 251029635

**BUSINESS ADDRESS:**
- **STREET 1:** BAHNHOFSTRASSE 45
- **CITY:** ZURICH
- **STATE:** V8
- **ZIP:** CH 8001
- **BUSINESS PHONE:** 203-719-5241

**MAIL ADDRESS:**
- **STREET 1:** 600 WASHINGTON BLVD.
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

_________________

#### FORM 6-K

#### REPORT OF FOREIGN PRIVATE ISSUER

#### PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

#### THE SECURITIES EXCHANGE ACT OF 1934

#### Date: June 6, 2025

#### UBS Group AG
(Registrant's Name)

Bahnhofstrasse 45, 8001 Zurich, Switzerland

(Address of principal executive office)

#### Commission File Number: 1-36764

#### UBS AG
(Registrant's Name)

Bahnhofstrasse 45, 8001 Zurich, Switzerland

Aeschenvorstadt 1, 4051 Basel, Switzerland

(Address of principal executive offices)

#### Commission File Number: 1-15060
Indicate by check mark whether the registrants file or will file annual reports under cover of Form

20-F or Form 40-

F. Form 20-F

☒

Form 40-F

☐

This Form 6-K consists of the news release that immediately follows this page.

![newsrelease6k20250606p3i0](newsrelease6k20250606p3i0.gif)

UBS News Release, 6 June 2025 Page 1

[1](#a227)

6 June 2025

Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules

News Release

#### UBS statement on regulatory proposals made by the Swiss government
Zurich, 6 June 2025 – UBS supports in principle most of the regulatory proposals the Swiss Federal

Council published today. However, UBS strongly disagrees with the extreme increase in capital

requirements that has been proposed. These changes would result in capital requirements that are

neither proportionate nor internationally aligned.

The proposals would require UBS to fully deduct investments in foreign subsidiaries from its CET1 capital.

UBS would also need to fully deduct deferred tax assets on temporary differences (TD DTAs) and

capitalized software from its CET1 capital. Furthermore, the proposals would necessitate an increase in

prudential valuation adjustments (PVAs).

Based on published financial information from the first quarter of 2025, and given UBS AG's target CET1

capital ratio of between 12.5% and 13%, UBS AG would be required to hold additional estimated CET1

capital of around USD 24bn on a pro-forma basis, if the recommendations are implemented as

proposed. This includes around USD 23bn related to the full deduction of UBS AG's investments in

foreign subsidiaries. These pro-forma figures also reflect previously announced expected capital

repatriations of around USD 5bn.

The incremental CET1 capital of around USD 24bn required at UBS AG would result in a CET1 capital

ratio at the UBS Group AG (consolidated) level of around 19%. At Group level, the proposed measures

related to TD DTAs, capitalized software and PVAs would eliminate capital recognition for these items in

a manner misaligned with international standards. This would reduce the CET1 capital ratio at UBS

Group to around 17%, underrepresenting UBS's capital strength. Further information is available at

www.ubs.com/presentations.

The additional capital of USD 24bn would be in addition to the previously communicated incremental

capital of around USD 18bn UBS will have to hold as a result of the acquisition of Credit Suisse in order

to meet existing regulations. This includes about USD 9bn to remove the regulatory concessions granted

to Credit Suisse and around USD 9bn to meet the current progressive requirements due to the enlarged

size of the combined business.

As a result, UBS would be required to hold about USD 42bn in additional CET1 capital in total.

As none of the regulatory changes are expected to become effective before 2027, UBS Group AG

maintains its target of achieving an underlying return on CET1 capital of around 15% and an underlying

cost/income ratio of <70% by the end of 2026 (both on an exit rate basis). UBS will provide an update

on its longer-term returns targets when there is more clarity on the timing of potential changes and

when the likely final outcome becomes more visible.

The proposals are available on the website of the Swiss government at www.admin.ch .

![newsrelease6k20250606p3i0](newsrelease6k20250606p3i0.gif)

UBS News Release, 6 June 2025 Page 2

UBS also reaffirms its capital return intentions for 2025. These include accruing for an increase of around

10% in the ordinary dividend per share and repurchasing up to USD 2bn of shares in the second half of

the year, for a total of up to USD 3bn. This plan continues to be subject to UBS Group maintaining a

CET1 capital ratio target of around 14% and achieving its financial targets and is consistent with UBS's

previously communicated plans and conservative approach. UBS will communicate its 2026 capital

returns ambitions with its fourth quarter and full-year financial results for 2025.

UBS will actively engage in the consultation process with all relevant stakeholders and contribute to

evaluating alternatives and effective solutions that lead to regulatory change proposals with a reasonable

cost/benefit outcome. UBS will also evaluate appropriate measures, if and where possible, to address the

negative effects that extreme regulations would have on its shareholders.

As the largest truly global wealth manager and leading bank in Switzerland, with competitive global

investment bank and asset management capabilities, UBS brings financial stability, expertise, economic

benefits and international know-how to its home country and to all its clients globally. UBS remains

committed to its diversified business model and its unique regional footprint as well as successfully

completing the integration of Credit Suisse in the best interest of all stakeholders.

UBS is reviewing the substantial amount of information published today and will share its further

assessment in due course.

#### UBS Group AG and UBS AG
Investor contact

Switzerland: +41-44-234 41 00

Americas: +1 212 882 57 34

Media contact

Switzerland: +41-44-234 85 00

UK: +44-207-567 47 14

Americas: +1-212-882 58 58

APAC: +852-297-1 82 00

www.ubs.com/media

![newsrelease6k20250606p3i0](newsrelease6k20250606p3i0.gif)

UBS News Release, 6 June 2025 Page 3

#### Cautionary Statement Regarding Forward-Looking Statements
This news release contains statements that constitute "forward-looking statements," including but not limited to management's outlook for UBS's

financial performance, statements relating to the anticipated effect of transactions and strategic initiatives on UBS's business and future development and

goals or intentions to achieve climate, sustainability and other social objectives. While these forward-looking statements represent UBS's judgments,

expectations and objectives concerning the matters described, a number of risks, uncertainties and other important factors could cause actual

developments and results to differ materially from UBS's expectations. In particular, the global economy may suffer significant adverse effects from

increasing political tensions between world powers, changes to international trade policies, including those related to tariffs and trade barriers, and

ongoing conflicts in the Middle East, as well as the continuing Russia–Ukraine war. UBS's acquisition of the Credit Suisse Group has materially changed its

outlook and strategic direction and introduced new operational challenges. The integration of the Credit Suisse entities into the UBS structure is expected

to continue through 2026 and presents significant operational and execution risk, including the risks that UBS may be unable to achieve the cost

reductions and business benefits contemplated by the transaction, that it may incur higher costs to execute the integration of Credit Suisse and that the

acquired business may have greater risks or liabilities than expected. Following the failure of Credit Suisse, Switzerland is considering significant changes to

its capital, resolution and regulatory regime, which, if proposed and adopted, may significantly increase our capital requirements or impose other costs on

UBS. These factors create greater uncertainty about forward-looking statements. Other factors that may affect UBS's performance and ability to achieve its

plans, outlook and other objectives also include, but are not limited to: (i) the degree to which UBS is successful in the execution of its strategic plans,

including its cost reduction and efficiency initiatives and its ability to manage its levels of risk-weighted assets (RWA) and leverage ratio denominator (LRD),

liquidity coverage ratio and other financial resources, including changes in RWA assets and liabilities arising from higher market volatility and the size of

the combined Group; (ii) the degree to which UBS is successful in implementing changes to its businesses to meet changing market, regulatory and other

conditions; (iii) inflation and interest rate volatility in major markets; (iv) developments in the macroeconomic climate and in the markets in which UBS

operates or to which it is exposed, including movements in securities prices or liquidity, credit spreads, currency exchange rates, residential and commercial

real estate markets, general economic conditions, and changes to national trade policies on the financial position or creditworthiness of UBS's clients and

counterparties, as well as on client sentiment and levels of activity; (v) changes in the availability of capital and funding, including any adverse changes in

UBS's credit spreads and credit ratings of UBS, as well as availability and cost of funding to meet requirements for debt eligible for total loss-absorbing

capacity (TLAC); (vi) changes in central bank policies or the implementation of financial legislation and regulation in Switzerland, the US, the UK, the EU

and other financial centers that have imposed, or resulted in, or may do so in the future, more stringent or entity-specific capital, TLAC, leverage ratio, net

stable funding ratio, liquidity and funding requirements, heightened operational resilience requirements, incremental tax requirements, additional levies,

limitations on permitted activities, constraints on remuneration, constraints on transfers of capital and liquidity and sharing of operational costs across the

Group or other measures, and the effect these will or would have on UBS's business activities; (vii) UBS's ability to successfully implement resolvability and

related regulatory requirements and the potential need to make further changes to the legal structure or booking model of UBS in response to legal and

regulatory requirements and any additional requirements due to its acquisition of the Credit Suisse Group, or other developments; (viii) UBS's ability to

maintain and improve its systems and controls for complying with sanctions in a timely manner and for the detection and prevention of money laundering

to meet evolving regulatory requirements and expectations, in particular in the current geopolitical turmoil; (ix) the uncertainty arising from domestic

stresses in certain major economies; (x) changes in UBS's competitive position, including whether differences in regulatory capital and other requirements

among the major financial centers adversely affect UBS's ability to compete in certain lines of business; (xi) changes in the standards of conduct applicable

to its businesses that may result from new regulations or new enforcement of existing standards, including measures to impose new and enhanced duties

when interacting with customers and in the execution and handling of customer transactions; (xii) the liability to which UBS may be exposed, or possible

constraints or sanctions that regulatory authorities might impose on UBS, due to litigation, contractual claims and regulatory investigations, including the

potential for disqualification from certain businesses, potentially large fines or monetary penalties, or the loss of licenses or privileges as a result of

regulatory or other governmental sanctions, as well as the effect that litigation, regulatory and similar matters have on the operational risk component of

its RWA; (xiii) UBS's ability to retain and attract the employees necessary to generate revenues and to manage, support and control its businesses, which

may be affected by competitive factors; (xiv) changes in accounting or tax standards or policies, and determinations or interpretations affecting the

recognition of gain or loss, the valuation of goodwill, the recognition of deferred tax assets and other matters; (xv) UBS's ability to implement new

technologies and business methods, including digital services, artificial intelligence and other technologies, and ability to successfully compete with both

existing and new financial service providers, some of which may not be regulated to the same extent; (xvi) limitations on the effectiveness of UBS's internal

processes for risk management, risk control, measurement and modeling, and of financial models generally; (xvii) the occurrence of operational failures,

such as fraud, misconduct, unauthorized trading, financial crime, cyberattacks, data leakage and systems failures, the risk of which is increased with

persistently high levels of cyberattack threats; (xviii) restrictions on the ability of UBS Group AG, UBS AG and regulated subsidiaries of UBS AG to make

payments or distributions, including due to restrictions on the ability of its subsidiaries to make loans or distributions, directly or indirectly, or, in the case of

financial difficulties, due to the exercise by FINMA or the regulators of UBS's operations in other countries of their broad statutory powers in relation to

protective measures, restructuring and liquidation proceedings; (xix) the degree to which changes in regulation, capital or legal structure, financial results

or other factors may affect UBS's ability to maintain its stated capital return objective; (xx) uncertainty over the scope of actions that may be required by

UBS, governments and others for UBS to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying

science and industry and the possibility of conflict between different governmental standards and regulatory regimes; (xxi) the ability of UBS to access

capital markets; (xxii) the ability of UBS to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake,

terrorist attack, war, conflict, pandemic, security breach, cyberattack, power loss, telecommunications failure or other natural or man-made event; and

(xxiii) the effect that these or other factors or unanticipated events, including media reports and speculations, may have on its reputation and the

additional consequences that this may have on its business and performance. The sequence in which the factors above are presented is not indicative of

their likelihood of occurrence or the potential magnitude of their consequences. UBS's business and financial performance could be affected by other

factors identified in its past and future filings and reports, including those filed with the US Securities and Exchange Commission (the SEC).

![newsrelease6k20250606p3i0](newsrelease6k20250606p3i0.gif)

UBS News Release, 6 June 2025 Page 4

More detailed information about those factors is set forth in documents furnished by UBS and filings made by UBS with the SEC, including the UBS Group

AG and UBS AG Annual Reports on Form 20-F for the year ended 31 December 2024. UBS is not under any obligation to (and expressly disclaims any

obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.

This Form 6-K is hereby incorporated by reference into (1) each of the registration statements on Form F-3

(Registration Number 333-283672), and on Form S-8 (Registration Numbers 333-200634; 333-200635; 333-

200641; 333-200665; 333-215254; 333-215255; 333-228653; 333-230312; 333-249143 and 333-272975), and into

each prospectus outstanding under any of the foregoing registration statements, (2) any outstanding offering

circular or similar document issued or authorized by UBS AG that incorporates by reference any Forms 6-K of

UBS AG that are incorporated into its registration statements filed with the SEC, and (3) the base prospectus of

Corporate Asset Backed Corporation ("CABCO") dated June 23, 2004 (Registration Number 333-111572), the

Form 8-K of CABCO filed and dated June 23, 2004 (SEC File Number 001-13444), and the Prospectus

Supplements relating to the CABCO Series 2004-101 Trust dated May 10, 2004 and May 17, 2004 (Registration

Number 033-91744 and 033-91744-05).

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report

to be signed on their behalf by the undersigned, thereunto duly authorized.

UBS Group AG

By: _/s/ David Kelly______________

Name: David Kelly

Title: Managing Director

By: _/s/ Ella Copetti-Campi_________

Name: Ella Copetti-Campi

Title: Executive Director

UBS AG

By: _/s/ David Kelly______________

Name: David Kelly

Title: Managing Director

By: _/s/ Ella Copetti-Campi________

Name: Ella Copetti-Campi

Title: Executive Director

Date: June 6, 2025