# EDGAR Filing Document

**Accession Number:** 0001114446
**File Stem:** 0001114446-25-005548
**Filing Date:** 2025-11
**Character Count:** 97598
**Document Hash:** ad5c3788191c264c64ae72d29e931d80
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001114446-25-005548.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001114446-25-005548

**CONFORMED SUBMISSION TYPE**: SBSE-A/A

**PUBLIC DOCUMENT COUNT**: 37

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251204

**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:** SBSE-A/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 026-00185
- **FILM NUMBER:** 251548863

**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

## Exhibit 99.35

Supplemental Response to Question 13A

Ernst & Young acts as our outside auditor and has access to UBS books and records in that capacity.

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## Exhibit 99.34

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| | |
|:---|:---|
|  | ![](loswissx0x0.gif) <br>**By courier**<br> Securities and Exchange Commission<br> 100 F Street, NE <br> Washington, DC 20549- 1090<br> United States of America<br>**With a copy to**<br> UBS AG<br> Credit Suisse AG<br>(together the "**Addressees**" and each an "**Addressee**")  |
| Date | October 26, 2021 |
| Reference | 210054/SW-06336441/OFA |

---

**SBSD SEC Registration**

Ladies and Gentlemen

We, Schellenberg Wittmer Ltd, are acting as special Swiss counsel to each of UBS AG and Credit Suisse AG (each a **Bank**) in connection with their applications for substituted compliance as non-US security-based swap (**SBS**) dealers (**SBSDs**) with the United States Securities and Exchange Commission (**SEC**).

**1. Background**

We have been requested to provide an opinion in connection with certain issues of Swiss law based on the facts described hereinafter with respect to:

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&nbsp;&nbsp;&nbsp;&nbsp;(i) access by or on behalf of the SEC to the books and records relating to the "U.S. business" (as defined in SEC Rule 3a71-3(a)(8)<sup>[<sup><sup>\[1\]</sup></sup>](#_ftn1)</sup>) of the Bank as a nonresident SBSD,<sup>[<sup><sup>\[2\]</sup></sup>](#_ftn2)</sup> *i.e.*, records that relate to an SBS transaction that is either (a) entered into, or offered to be entered into, by or on behalf of a Bank, with a U.S. person (other than a transaction conducted through a foreign branch of that person);<sup>[<sup><sup>\[3\]</sup></sup>](#_ftn3)</sup> or (b) arranged, negotiated, or executed by personnel of the Bank located in a U.S. branch or office, or by personnel of an agent of the Bank located in a U.S. branch or office<sup>[<sup><sup>\[4\]</sup></sup>](#_ftn4)</sup> (the **SBS Business,** such books and records related to the SBS Business the **Books and Records**); and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) any on-site inspections and examinations by the SEC of the Books and Records taking place in Switzerland in relation to the SBS Business.

This legal opinion is provided in order to satisfy the requirement in SEC Rule 3a71-6(c)(2)(ii)<sup>[<sup><sup>\[5\]</sup></sup>](#_ftn5)</sup> for the Banks to provide an opinion of counsel in connection with their application for substituted compliance.

As regards Books and Records that are relevant for the purposes of this legal opinion, they are held by each Bank as follows:

&nbsp;&nbsp;&nbsp;&nbsp;(i) some Books and Records are physically held or electronically stored in Switzerland (the **Swiss Books and Records**); and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) some Books and Records are physically held or electronically stored in the United States (the **US Books and Records**).

**2. Questions**

Against this background we have been asked to analyze the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Can the Bank, as a matter of Swiss law, provide the SEC with prompt access to the Swiss Books and Records?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Can the Bank, as a matter of Swiss law, submit to on-site inspection and examination by the SEC in relation to the Swiss Books and Records?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Does the Bank breach Swiss law by submitting to on-site inspections and the examination of its US Books and Records by the SEC in the US?

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[\[1\]](#_ftnref1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 C.F.R. § 240.3a71-3(a)(8), available at https://ecfr.io/Title-17/Section-240.3a71-3.

[\[2\]](#_ftnref2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *See* Cross-Border Application of Certain [SBS] Requirements, 85 Fed. Reg. 6270, 6296 (Feb. 4, 2020), *available at*: https://www.govinfo.gov/content/pkg/FR-2020-02-04/pdf/2019-27760.pdf (the "SEC Guidance").

[\[3\]](#_ftnref3) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *See* 17 C.F.R § 240.3a71-3(a)(8)(i)(A), available at https://ecfr.io/Title-17/Section-240.3a71-3. A "U.S. person" means any person that is "(i) a natural person resident in the U.S.; (ii) a partnership, corporation, trust, investment vehicle, or other legal person organized, incorporated, or established under the laws of the United States or having its principal place of business in the United States; (iii) an account (whether discretionary or non-discretionary) of a U.S. person; or (iv) an estate of a decedent who was a resident of the United States at the time of death." 17 C.F.R. § 240.3a71-3(a)(4), available at https://ecfr.io/Title-17/Section-240.3a71-3. A "foreign branch" means "any branch of a U.S. bank if: (i) the branch is located outside of the United States; (ii) the branch operates for valid business reasons; and (iii) the branch is engaged in the business of banking and is subject to substantive banking regulation in the jurisdiction where located." 17 C.F.R. § 240.3a71-3(a)(2), available at https://ecfr.io/Title-17/Section-240.3a71-3. An "SBS conducted through a foreign branch" means an SBS that is "arranged, negotiated, and executed by a U.S. person through a foreign branch of such U.S. person if: (A) the foreign branch is the counterparty to such security-based swap transaction; and (B) the security-based swap transaction is arranged, negotiated, and executed on behalf of the foreign branch solely by persons located outside the United States." 17 C.F.R. § 240.3a71-3(a)(3)(i), available at https://ecfr.io/Title-17/Section-240.3a71-3.

[\[4\]](#_ftnref4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *See* 17 C.F.R. § 240.3a71-3(a)(8)(i)(B), available at https://ecfr.io/Title-17/Section-240.3a71-3.

[\[5\]](#_ftnref5) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 C.F.R. § 240.3a71-6(c)(2)(ii), available at https://ecfr.io/Title-17/Section-240.3a71-6.

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**3. Scope**

This legal opinion is limited to matters of Swiss law arising in the context of (a) the access by the SEC to Swiss Books and Records, (b) the on-site inspections and examinations of such Swiss Books and Records by the SEC taking place in Switzerland and/or (c) the on-site inspections and examinations of US Books and Records by the SEC taking place in the US.

On the basis that each Bank has a "prudential regulator", this opinion does not cover financial records necessary to assess compliance with SEC margin and capital requirements.

**4. Documents reviewed**

For the purposes of this opinion, we have examined the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;(i) a memorandum of understanding (**MOU**) between the SEC and the Swiss Financial Market Supervisory Authority (**FINMA**) concerning consultation, cooperation and the exchange of information related to the supervision and oversight of certain cross-border over-the-counter derivatives entities in connection with the use of substituted compliance by such entities dated August 8, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) a waiver issued by FINMA (the **FINMA Waiver**) dated August 5, 2021 concerning the transmission of, or access to, the Swiss Books and Records as required by the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) a permission issued by FINMA (the **FINMA Permission**) dated August 5, 2021 concerning the on-site inspection and examination by the SEC in relation to the Swiss Books and Records; and

&nbsp;&nbsp;&nbsp;&nbsp;(iv) a Memorandum by the Federal Data Protection and Information Commissioner (**FDPIC**) dated June 25, 2021 concerning Swiss Firm Data Processing and Sharing of Information with the U.S. Securities and Exchange Commission (the **FDPIC Memorandum**).

For the purposes of this opinion, we have reviewed no documents other than those mentioned in section 4.

**5. Assumptions**

In giving our opinion, we have assumed the following:

5.1 The SBS Business consists of SBS transactions that are either (i) entered into, or offered to be entered into, by or on behalf of a Bank, with a U.S. person (other than a transaction conducted through a foreign branch of that person) or (ii) arranged, negotiated, or executed by personnel of the Bank located in a U.S. branch or office, or by personnel of an agent of the Bank located in a U.S. branch or office, in each case that are booked with a non-Swiss office of the Bank.

5.2 The SBS Business forms part of the Covered Activities as defined in the MOU (the **Covered Activities**).

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5.3 The Swiss Books and Records are held with the Bank or a material group company of the Bank in the sense of article 2bis para. 1 lit. b Swiss Federal Banking Act of November 8, 1934 (the **Banking Act**).

5.4 The access to, the transmission of and the on-site inspections and examinations of the Books and Records are regarding clients forming part of the SBS Business (the **Relevant Clients**) and employees of the Bank based in Switzerland (the **Relevant Employees**).

5.5 The Relevant Clients are investment banking clients and the Books and Record are therefore not linked to the asset management, securities trading or deposit business for individual clients.

5.6 The Relevant Clients and Relevant Employees have been appropriately informed of the disclosure of the information to the SEC and have waived their rights that could conflict with the disclosure of information to the SEC, including without limitation such rights resulting from bank-client confidentiality, the applicable data protection rules, the employment relationships or applicable employment laws, as applicable, provided that, to the extent any such waivers are required under Swiss law for lawfully providing or making available the information to the SEC, (i) such waivers are validly given under Swiss law (including without limitation under Swiss civil law) or, if they are not governed by Swiss law, the applicable foreign law, and (ii) in respect of Relevant Employees, to the extent that such waiver may not validly be given, the disclosure of information is justified by the necessity to perform the contract with the Relevant Employees, an overriding private interest of the Bank or by an overriding public interest (each as further set out in the FDPIC Memorandum).

5.7 The disclosure of information and any on-site inspections and examinations are limited to information which is necessarily required for the supervisory and enforcement activity of the SEC, as required by the applicable data protection rules or, as applicable, as determined by FINMA.

5.8 Any processing of data by the Bank forming part of the Books and Records occurs in compliance with Swiss data protection rules, to the extent applicable (as further set out in the FDPIC Memorandum).

5.9 The access to, the transmission of and the on-site inspections and examinations of the Books and Records are exercised by the SEC and not by or on behalf of any other foreign authorities.

5.10 As regards the access to, and the transmission of, the Swiss Books and Records to the SEC and the on-site inspections and examinations of the Swiss Books and Records by the SEC, the SEC and/or the persons and/or organizations directly or indirectly active on behalf of the SEC in this respect (i) are bound by official or professional secrecy, notwithstanding provisions on the public nature of proceedings and the notification of the general public about such proceedings, (ii) will use the Swiss Books and Records exclusively for the lawful supervision (including enforcement) of financial institutions and financial markets under U.S. laws and regulations and (iii) will not forward the Swiss Books and Records to other authorities, courts or bodies for any purpose other than as stated under (ii).

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5.11 The access to, the transmission of and the on-site inspections and examinations of the Books and Records are taking place in compliance with the FINMA Waiver and/or the FINMA Permission and/or the MOU, to the extent needed.

5.12 Any on-site inspections and examinations of the US Books and Records occurs in the United States and, as ensured by the Bank, without the involvement of employees or other representatives or agents of the Bank or of a Bank group company located in Switzerland.

5.13 The Bank will keep US Books and Records in the United States in accordance with the SEC rules.

5.14 Information which is not covered by the FINMA Waiver (the **FINMA Waiver Carve Out**) and that may not be provided as Firm Information as defined in the MOU (the **Firm Information**) to the SEC under the MOU, may be delivered to the SEC by FINMA via administrative assistance channels or may be delivered to the SEC by a Bank directly in the absence of an objection of FINMA.

5.15 The FINMA Waiver, the FINMA Permission and the MOU are unconditionally given and in place, to the extent needed.

**6. Question A: Can the Bank, as a matter of Swiss law, provide the SEC with prompt access to the Swiss Books and Records?**

**6.1** **Blocking Statute of article 271 para. 1 of the Swiss Criminal Code**

6.1.1 Definition

Article 271 para. 1 of the Swiss criminal code of December 21, 1937 (**CC**) (*Unlawful activities on behalf of a foreign state*) protects Swiss territorial sovereignty and primarily aims at preventing foreign countries or parties to foreign proceedings from circumventing international conventions on judicial assistance.

6.1.2 Applicable to "Official Acts"

Pursuant to article 271 para. 1 CC, the actions conducted for a foreign state must have the characteristics of an official act to fall under this prohibition. The determination whether an action qualifies as an official act is solely based on Swiss law and not on foreign or international law. Article 271 para. 1 CC may, thus, even apply in cases where a foreign state would not consider its interests or its sovereignty affected. In this regard, the Swiss Federal Supreme Court held that any action, which "according to its nature" under Swiss law lies within the competence of a public authority, is reserved to the powers of the Swiss public authorities and must not be executed on Swiss territory without prior authorization by the competent Swiss authority.[\[6\]](#_ftn6)

The gathering, compiling and establishing of means of evidence (e.g. documents, witness statements, depositions, databases) for use in foreign court proceedings (whether civil, penal or administrative) is, in Switzerland, considered to be an official act within the meaning of article 271 para. 1 CC and may only be performed by Swiss authorities. Also, any direct service of subpoenas, summons and other court orders or official documents from a foreign state to a person or entity in Switzerland may violate article 271 para. 1 CC.

What constitutes "official acts" for these purposes is therefore interpreted extensively and includes also actions that – if executed lawfully – could in principle be executed by a foreign public authority or public official on Swiss territory but the legal requirements or procedures for such action have not been complied with (i.e. judicial assistance procedures).

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[\[6\]](#_ftnref6) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See for example decision 114 IV 131 of the Swiss Federal Supreme Court.

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6.1.3 Disclosure permitted by Swiss law

The prohibition of article 271 para. 1 CC will not apply if the disclosure is permitted by Swiss law, including but not limited to any permitted transmission of information pursuant to article 42c of the Financial Market Supervision Act of June 22, 2007 (**FINMASA**).

**6.2 Article 42c para. 1 FINMASA**

6.2.1 Definition

Pursuant to article 42c para. 1 FINMASA, supervised persons may transmit non-public information to the foreign financial market supervisory authorities responsible for them and to other foreign entities responsible for supervision provided:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the conditions set out in article 42 para. 2 FINMASA are fulfilled; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) the rights of clients and third parties are preserved.

Article 42c FINMASA only applies when information is transmitted from Switzerland to another country, i.e. across national borders and not when representatives of the foreign authority or entity are in Switzerland.[\[7\]](#_ftn7) In such other event, article 43 FINMASA applies (see section 7 below).

The purpose of article 42c para. 1 FINMASA is a carve out from article 271 para. 1 CC.[\[8\]](#_ftn8)

Article 42c FINMASA intends to allow, subject to certain requirements (see section 6.2.4 and 6.2.5 below), supervised parties to transmit non-public information to a foreign financial market supervisory authority without an authorization allowing the transfer of such information that would otherwise be required.[\[9\]](#_ftn9)

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[\[7\]](#_ftnref7) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINMA Circular 2017/6 Direct transmission of December 8, 2016, n. 4.

[\[8\]](#_ftnref8) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Explanatory Report to the Financial Market Infrastructure Act (FMIA) of September 3, 2014, p. 7620.

[\[9\]](#_ftnref9) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Such authorization would be required by the competent Federal Department (*Departement*) and Federal Chancellery (*Bundeskanzlei*) under article 31 para. 1 of the Ordinance on the Organization of the Government and the Administration of 25 November 1998 (**OOGA**).

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6.2.2 Supervised persons

As regards its personal scope, article 42c para. 1 FINMASA applies to all persons and entities supervised by FINMA pursuant to article 3 FINMASA.[\[10\]](#_ftn10)

The Bank, as a Swiss legal entity subject to prudential supervision by FINMA as a bank under the Banking Act, qualifies as a "supervised person" in the sense of article 42c FINMASA and therefore falls into its personal scope.

6.2.3 Transmission to foreign financial market supervisory authority

In the case at hand, the Swiss Books and Records shall be transmitted to the SEC.

As competent regulator under the US Securities Exchange Act of 1934 and the Securities Act of 1933, the SEC qualifies as a "foreign financial market supervisory authority" in the sense of article 42c FINMASA.

6.2.4 Article 42c para. 1 lit. a FINMASA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Requirements of article 42 para. 2 FINMASA

Pursuant to article 42c para. 1 lit. a FINMASA, the requirements set out in article 42 para. 2 FINMASA must be met in order to exercise the rights of direct transmission.

Pursuant to article 42 para. 2 FINMASA, FINMA may transmit non-public information to foreign financial market supervisory authorities only if:

&nbsp;&nbsp;&nbsp;&nbsp;(a) this information is used exclusively to implement financial market law, or it is forwarded for these purposes to other authorities, courts or bodies (*speciality requirement*); and

&nbsp;&nbsp;&nbsp;&nbsp;(b) the requesting authorities are bound by official or professional secrecy, notwithstanding provisions on the public nature of proceedings and the notification of the general public about such proceedings (*confidentiality requirement*).

In order to facilitate the work of supervised persons and to allow them to apply article 42c para. 1 lit. a FINMASA independently and uniformly, FINMA publishes a list of foreign financial market supervisory authorities to which FINMA has provided administrative assistance in the past. If an authority appears on the list, supervised persons may generally assume that the requirements of specialty and confidentiality under article 42 para. 2 FINMASA are met without further checks.[\[11\]](#_ftn11)

However, further assurances may be required, where (i) the requesting authority does not state the purpose for which information shall be used (which would not be relevant in the present circumstances where it is understood that the SEC makes the request in the context of the SBS Business) or (ii) there is a reason to suspect that requesting authority will not adhere to confidentiality or (iii) that it will not only use it in the context of enforcing financial market laws or that it will forward it to other authorities, courts or bodies for other purposes.[\[12\]](#_ftn12) Such assurance may be provided e.g. by a confirmation from the foreign authority or entity or with a written opinion from a local lawyer specialising in financial market law or an international law firm.[\[13\]](#_ftn13)

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[\[10\]](#_ftnref10) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINMA Circular 2017/6 Direct transmission of December 8, 2016, n. 2.

[\[11\]](#_ftnref11) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINMA Circular 2017/6 Direct transmission of December 8, 2016, n. 21

[\[12\]](#_ftnref12) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINMA Circular 2017/6 Direct transmission of December 8, 2016, n. 24 et seq.

[\[13\]](#_ftnref13) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINMA Circular 2017/6 Direct transmission of December 8, 2016, n. 26.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. SEC satisfying article 42 para. 2 FINMASA

The SEC is listed by FINMA as a foreign financial market supervisory authority to which it has provided administrative assistance in the past.[\[14\]](#_ftn14)

Furthermore, the purpose of the transmission of information is the ongoing oversight of the SBS Business and the Bank's compliance with the applicable US law.

On this basis and on the assumptions that the SEC (i) is bound by official or professional secrecy, notwithstanding provisions on the public nature of proceedings and the notification of the general public about such proceedings, (ii) will use the Swiss Books and Records exclusively for the lawful supervision (including enforcement) of financial institutions and financial markets under US laws and regulations and (iii) will not forward the Swiss Books and Records to other authorities, courts or bodies for any purpose other than as stated under (ii), the SEC meets the requirements of article 42 para. 2 FINMASA.

The FINMA Waiver and the MOU may be considered as evidence that FINMA came to the same conclusion.

6.2.5 Article 42c para. 1 lit. b FINMASA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Preservation of the rights of the clients and third parties

Article 42c FINMASA does not constitute a carve-out from business and bank-client confidentiality obligations, data protection regulations and rights resulting from employment relationships.[\[15\]](#_ftn15) Such rights of clients and third parties must therefore be complied with when applying article 42c FINMASA (article 42c para. 1 lit. b FINMASA).

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[\[14\]](#_ftnref14) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; See .

[\[15\]](#_ftnref15) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINMA Circular 2017/6 Direct transmission of December 8, 2016, n. 30; BSK FINMASA-du Pasquier/Menoud, Art. 42c N 30.

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For these purposes,

- *"Clients"* are the natural persons and legal entities whom FINMASA and the financial market law intend to protect, in particular creditors and investors (article 5 FINMASA);[\[16\]](#_ftn16)

- *"Third parties"* are all other natural persons and legal entities that are mentioned in the information to be transmitted or can be identified from it, including employees of supervised parties, authorised representatives and beneficial owners.[\[17\]](#_ftn17)

Neither the statutory rules of the FINMASA nor FINMA define how the rights of clients and third parties should be complied with in this context. The measures to be taken therefore depend on the specific case and the relevant provisions of the Swiss privacy, data protection and employment laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Banking secrecy

To the extent that Relevant Clients have provided a valid consent to the disclosures to the SEC, the question does not arise whether the access to the Swiss Books and Records could constitute a breach of any Swiss banking secrecy obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Data protection

According to article 6 para. 2 Federal Act on Data Protection of June 19, 1992 (**FADP**) personal data may - under certain conditions, such as a consent, contractual clauses or overriding public interests - be transmitted to a country without, from the perspective of the FADP, an adequate level of data protection. The US falls into such category (see section 2.4 FDPIC Memorandum).

Pursuant to article 6 para. 2 lit. b and article 4 para. 5 FADP, consent is valid only if given in the specific case voluntarily on the provision of adequate information ("informed consent"). Additionally, consent must be given expressly in the case of processing of sensitive personal data or personality profiles (article 4 para. 5 FADP). Such consent is voluntarily given and valid, even though the Bank would not have been prepared to enter into a contract if the customer had not consented (see section 2.4.2 FDPIC Memorandum).

Alternatively, personal data may also be disclosed abroad if the processing is directly connected with the conclusion or the performance of a contract and the personal data is that of a contractual party (article 6 para. 2 lit. c FADP; see also section 2.4.3 FDPIC Memorandum). According to the FDPIC, in respect of the Relevant Clients, the transfer of customer data to the SEC can be based on article 6 para. 2 lit. c FADP provided that, in the individual case, there are not any overweighing interests of the data subject that would not allow the disclosure.

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[\[16\]](#_ftnref16) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINMA Circular 2017/6 Direct transmission of December 8, 2016, n. 16.

[\[17\]](#_ftnref17) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINMA Circular 2017/6 Direct transmission of December 8, 2016, n. 17.

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Personal data may also be disclosed abroad if disclosure is essential in the specific case in order to safeguard an overriding public interest (article 6 para. 2 lit. d FADP). According to Swiss doctrine, an overriding public interest may exist in the event that a company is required by foreign law to disclose business records, for example in the context of supervision by a foreign regulatory authority. On the basis of these conditions, the FDPIC therefore assumes that a transfer of personal data to the SEC is, in principle, justified by an overriding public interest (see section 2.4.5 FDPIC Memorandum). This can be based on article 6 para. 2 lit. d FADP, provided that, in the individual case, there are not any overweighing interests of the data subject that would not allow the disclosure.

We understand that in case the transfer of Swiss Books and Records in the ordinary course of business is leading to an investigation of an individual, this would not be prohibited disclosures under the meaning of "overweighing interests of the data subject." Otherwise no information could be transmitted, as it cannot be excluded that some information of the data subjects may theoretically lead to an investigation.

Even if a cross-border transfer is compatible with article 6 FADP, the fundamental data protection principles mentioned in articles 4, 5 and 7 FADP must still be observed when processing, including transferring, personal data (see section 2.5 FDPIC Memorandum).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Employment law

As regards the Relevant Employees, the question may arise whether a consent to the disclosure to the SEC is valid from an employment law perspective. While such consent should be valid from the perspective of being an inherent condition to the performance of their roles with respect to the SBS Business, we cannot exclude that the consent would be invalidated on the basis that the relevant employees have no choice to withhold the consent (see section 2.4.4 FDPIC Memorandum). In such event, an alternative legal basis would be needed to provide access to the Swiss Books and Records to the SEC.

Article 328b of the Swiss Code of Obligations of 30 March 1911 (**CO**) states that the employer may handle data concerning the employee only to the extent that such data concern the employee's suitability for his employment or are necessary for the performance of the employment contract.

We share the opinion of the FDPIC that a disclosure of employee data to the SEC should be viewed as necessary for the performance of the employment contract, in which case data processing is compatible with article 328b CO (see section 2.4.4 FDPIC Memorandum). As an alternative legal basis, the disclosure may be justified by overriding public interests (see section 2.4.4 FDPIC Memorandum). We do not have further caveats to raise in this respect other than the points set out in the FDPIC Memorandum.

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**6.3 Obligation to notify FINMA**

Pursuant to article 42c para. 3 FINMASA, the transmission of information qualified as being of substantial importance in accordance with article 29 para. 2 FINMASA must be reported to FINMA prior to making any such transmission.

Such information may either be subject to such reporting to FINMA regardless of the transmission under article 42c FINMASA or the transmission abroad is itself of substantial importance.[\[18\]](#_ftn18)

Pursuant to the FINMA Circular 2017/6, any information subject to the obligation of article 42c para. 3 FINMASA may not be transmitted abroad before FINMA provided a response.[\[19\]](#_ftn19)

FINMA informs the supervised party usually within five working days as to whether it requires the use of administrative assistance channels (see section 6.4 below) instead of allowing the supervised entity to proceed with the direct transmission.[\[20\]](#_ftn20) Also, note that FINMA may say that it only refrains from requiring the use of administrative assistance channels (see section 6.4 below) subject to certain conditions. However, please note that FINMA requested in its practice the use of administrative assistance channels only in exceptional circumstances.

If a supervised party intends to transmit information to a foreign authority or entity, FINMA may, in a general manner, waive the need for future transmissions to be reported to it prior to a transmission of such information either on its own initiative or on request.[\[21\]](#_ftn21)

Such a waiver has been given by FINMA with the FINMA Waiver (please also see section 6.4 below) and FINMA confirmed the validity and the scope of the FINMA Waiver in article II para. 25.b. and article IV para. 43 of the MOU. According to the FINMA Waiver, FINMA agreed that the Bank may report to FINMA simultaneously with the transmission to the SEC, and is not obliged to wait for FINMA's response.

When receiving a notice under article 42c para. 3 FINMASA, FINMA does not verify whether the conditions for transmission under article 42c para. 1 FINMASA are met, in particular whether the rights of clients and third parties are preserved. The supervised party is responsible for complying with these requirements.[\[22\]](#_ftn22)

**6.4 Administrative assistance channels**

Pursuant to article 42c para. 4 FINMASA, FINMA may require the use of administrative assistance channels instead of allowing the supervised entity to proceed with the direct transmission. FINMA may for instance use these powers for a *specific* communication that came to FINMA's attention as result of the notice under article 42c para. 3 FINMASA.[\[23\]](#_ftn23)

------

[\[18\]](#_ftnref18) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINMA Circular 2017/6 Direct transmission of December 8, 2016, n. 44 et seq.

[\[19\]](#_ftnref19) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINMA Circular 2017/6 Direct transmission of December 8, 2016, n. 72 et seq.

[\[20\]](#_ftnref20) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINMA Circular 2017/6 Direct transmission of December 8, 2016, n. 71.

[\[21\]](#_ftnref21) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINMA Circular 2017/6 Direct transmission of December 8, 2016, n. 69.

[\[22\]](#_ftnref22) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINMA Circular 2017/6 Direct transmission of December 8, 2016, n. 74.

[\[23\]](#_ftnref23) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Explanatory Report to the Financial Market Infrastructure Act (FMIA) of September 3, 2014, p. 7620.

------

The FINMASA does not specify any specific conditions on the basis of which FINMA may use such powers. However, according to the FINMA Waiver, as applicable pursuant to the MOU, FINMA waived its rights to require the use of administrative assistance channels in accordance with article 42c para. 4 FINMASA with regard to information in connection with the SBS Business of the Bank, with the exception of the information forming part of the FINMA Waiver Carve Out, on the conditions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the information is used exclusively for the lawful supervision (including enforcement) of financial institutions and financial markets under US laws and regulations, or is forwarded to other authorities, courts or bodies for this purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the SEC is bound by official or professional secrecy, notwithstanding provisions on the public nature of proceedings and the notification of the general public about such proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the rights of clients and third parties resulting from bank client confidentiality, data protection laws or employment laws are preserved.

FINMA reiterated in article II. para. 25.a. of the MOU that Covered Firms as defined in the MOU (the **Covered Firms**) are authorized to transmit information relating to their Covered Activities to the SEC in writing or orally in line with the requirements (1) to (3) above. This also applies to each Bank as a Covered Firm falling into the scope of the MOU.

**6.5 Supervisory privilege** 

Pursuant to article 42c para. 5 FINMASA and separately from article 42c para. 4 FINMASA, FINMA may make the transmission, publication or forwarding of files it is involved in in the *context of its supervision* subject to its approval if this is required for completing its supervisory roles and such approval does not conflict with overriding private or public interests. However, this "supervisory privilege" is limited to correspondence and communications between FINMA and the supervised entity.[\[24\]](#_ftn24)

Based on this provision, FINMA may in particular require its consent prior to the disclosure of any correspondence with FINMA, minutes of meetings with FINMA, FINMA audit reports or orders. We understand that the "supervisory privilege" is limited to the information according to the FINMA Waiver Carve Out.

However, the MOU overrides these FINMA powers as follows:

(i) In the MOU, FINMA agrees to provide Firm Information to the SEC on an ongoing basis without the need for further assistance at the points in time as specified in the MOU (see article III. para. 34 MOU).

(ii) FINMA further states that it also intends to provide Firm Information to the SEC upon request (see article III. para. 35 MOU).

We understand that such information may also be delivered to the SEC by a Bank directly in the absence of an objection by FINMA.

------

[\[24\]](#_ftnref24)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Urs Zulauf, Titel Kooperation oder Obstruktion? – 20 Jahre Amtshilfe im Finanzmarktrecht vom Börsengesetz zum FINFRAG, GesKR 215, p. 350 f.; Monsch/von der Crone, SZW 2015, p. 663.

------

**6.6 Conclusion**

Based on the above and subject to the qualifications set forth herein (see section 9 below), we are of the opinion that the Bank can, as a matter of Swiss law, provide the SEC with prompt access to the Swiss Books and Records.

**7. Question B: Can the Bank, as a matter of Swiss law, submit to on-site inspection and examination by the SEC in relation to the Swiss Books and Records?**

**7.1 Blocking Statute of article 271 para. 1 of the Swiss Criminal Code**

Reference is made to section 6.1 above.

**7.2 Requirements of on-site inspections or examinations**

7.2.1 Definition

Pursuant to article 43 para. 2 FINMASA, FINMA may permit foreign financial market supervisory authorities to carry out direct audits of supervised parties provided:

&nbsp;&nbsp;&nbsp;&nbsp;(a) these authorities are responsible for the supervision of the audited supervised party as part of home country supervision (*home regulators*) or are responsible for supervising the activity of the audited supervised party in their territory (*host regulators*); and

&nbsp;&nbsp;&nbsp;&nbsp;(b) the conditions for administrative assistance set out in article 42 para. 2 FINMASA are met.

7.2.2 FINMA permission requirement

As a result of the sovereignty of the Swiss Confederation and in line with the principles of international law, foreign financial market supervisory authorities may not carry out direct audits of supervised parties in the absence the FINMA permission as set out above.[\[25\]](#_ftn25) FINMA is free to determine the form in which it grants this permission. Such permission may also be given informally. Furthermore, the foreign authority is not a "party" to the proceedings concerning the approval of an on-site inspection in Switzerland. In general, there is no entitlement on the part of the foreign authorities or the supervised persons in Switzerland to the granting of such authorisation.

------

[\[25\]](#_ftnref25) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BSK FINMASA-Rayroux/Mehmetaj, Art. 43 N 8.

------

By issuing the FINMA Permission, FINMA has given its permission to on-site visits and examinations to the SEC.

FINMA confirmed for Covered Firms and their Covered Activities the validity and the scope of the FINMA Permission in article V para. 46 of the MOU. This also applies to each Bank as a Covered Firm falling into the scope of the MOU.

7.2.3 Access by foreign authorities

A "*foreign financial market supervisory authority*" pursuant to article 42c para. 1 FINMASA (please see 6.2 above) also qualifies as such in the sense of article 43 para. 2 FINMASA. While article 43 para. 2 FINMASA does not explicitly mention "*other foreign bodies entrusted with supervision*", an on-site inspection and examination could also be conducted by third parties which are appointed by a foreign financial market supervisory authority or which are appointed by the supervised institution at the request of a foreign financial market supervisory authority to investigate a particular issue.[\[26\]](#_ftn26)

Where the foreign authority is a host regulator, it must have a specific connection to an activity carried out by the supervised entity to be examined in the territory of such foreign authority.[\[27\]](#_ftn27)

7.2.4 Requirements of article 42 para. 2 FINMASA

The on-site inspections and examinations must meet the conditions set out in article 42 para. 2 FINMASA (see section 6.2.4 above).

7.2.5 Information required for supervisory activity

Pursuant to article 43 para. 3 FINMASA, information may be collected through on-site inspections and examinations only if the collection of such information is *required* for the supervisory activity of the foreign financial market supervisory authority. This includes in particular the information stated in article 43 para. 3 FINMASA, which is a non-exhaustive list.

Information which is not necessarily required for the supervisory activity of the SEC, as determined by FINMA, would not be covered by article 43 para. 3 FINMASA. Client information would usually fall into this category, unless it is at the same time relevant for the supervision of the FINMA supervised firm. However, the client may agree to the sharing of the relevant information.

Therefore, where the client has – as a pre-requisite to be able to deal with the Bank – consented to the sharing of relevant information with the competent foreign supervisory authority, the information may be provided on this basis also as part of article 43 para. 3 FINMASA, subject to the limitations resulting from the FINMA Permission (as stated in section 7.3 below).

------

[\[26\]](#_ftnref26) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINMA Guidelines regarding on-site visits of March 3, 2017 (the Art. 43 FINMASA FINMA Guidelines), clause 2.2.

[\[27\]](#_ftnref27) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Art. 43 FINMASA FINMA Guidelines, Scope of Application.

------

**7.3 Form of on-site inspections or examinations**

According to the FINMA Permission and article V para. 46 of the MOU, FINMA grants the SEC a permission to conduct on-site inspections and examinations in relation to the Swiss Books and Records and to conduct informal interviews with employees of the Bank in connection with the SBS Business, to the extent necessary for the SEC's supervision of the SBS Business.

Except in cases of emergency, the SEC will have to notify FINMA two weeks in advance of a planned on-site inspection and examination. Both authorities should consult on the intended timeframe for, and the purpose and scope of, the on-site inspection and examination.

As specified in the FINMA Permission, on conclusion of each review of files or meeting with the Bank's personnel during an on-site inspection and examination, the SEC's examination staff may take personal notes from the premises of the bank. These personal notes may not include client identifying information linked to the asset management, securities trading or deposit business for individual clients (article 43 para. 3<sup>bis</sup> FINMASA). However, such personal notes may include client identifying information concerning other clients, e.g., the Bank's commercial customers, corporate finance customers, business and investment banking customers as well as interbank transactions, provided that the rights of these clients are preserved. The SEC's staff may not take copies of any documents shown to them during the on-site inspection and examination that contain non-public information from the Banks's premises. These documents must be left at the premises of the Bank. If the SEC wishes to obtain such documents, the SEC may request their transmission either from FINMA or from the Bank.

FINMA reiterated for Covered Firms, including each Bank, the conditions for on-site visits and examinations in article V para. 47 et seq. of the MOU. FINMA intends to transmit upon request of the SEC to the SEC relevant reports, or information in reports regarding inspections, examinations or compliance reviews it may have undertaken regarding the Covered Firm with respect to Covered Activities that are relevant to the SEC's on-site visit. FINMA may, at its discretion, or at the request of the SEC or of the Covered Firm, accompany the SEC during the on-site visit and assist in the on-site visit.

Article V para. 48 of the MOU further specifies that the SEC, following an on-site inspection or examination, will have to inform FINMA about any findings of the on-site inspection or examination and provide a copy of the letter or report issued by SEC to the Covered Firm summarizing the findings from the on-site inspection or examination.

Also, according to Article V para. 49 of the MOU, FINMA will notify the SEC in advance of any on-site visits FINMA plans to do in Switzerland in instances FINMA believes the on-site visit would be relevant to the SEC for fulfilling its supervisory mandate in relation to the Covered Firm and the Covered Activities. The SEC may, upon request and subject to the consent of FINMA, accompany FINMA during the parts of the on-site visit where the main focus is on the Covered Activities.

------

**7.4 Protection of client interests** 

Pursuant to article 43 para. 3<sup>bis</sup> FINMASA, if during on-site visits in Switzerland foreign financial market supervisory authorities wish to consult information linked directly or indirectly to the asset management, securities trading or deposit business for individual clients, FINMA shall collect this information itself and transmit it to the requesting authorities through the administrative assistance process (also referred to as "private banking carve-out").

The purpose of this private banking carve-out is to protect the privacy of Swiss or foreign clients managed by the supervised institution in Switzerland in the context of a long-standing bank-client relationship involving also the personal assets of the client. The carve-out aims at ensuring that the right of appeal of clients (who had not previously consented to the disclosure of their information to a foreign supervisory authority) is safeguarded. In contrast, where the client had consented to the disclosure in advance as in case of SBS transactions, the carve-out would de facto not apply.

However, the carve-out of article 43 para. 3<sup>bis</sup> FINMASA does not apply to the investment banking or commercial banking business.

**7.5 Conclusion**

Based on the above and subject to the qualifications set forth herein (see section 9 below), we are of the opinion that the Bank can, as a matter of Swiss law, submit to on-site inspection and examination by the SEC in relation to the Swiss Books and Records.

**8. Question C: Can the Bank, as a matter of Swiss law, submit to on-site inspection and examination by the SEC in relation to its US Books and Records?**

**8.1 Blocking Statute of article 271 para. 1 of the Swiss Criminal Code**

Based on the assumption that any on-site inspections and examinations of the US Books and Records occurs in the United States and, as ensured by the Bank, without the involvement of employees or other representatives or agents of the Bank or of a Bank group company located in Switzerland, there is no action taking place on Swiss territory. On this basis, the on-site inspection and examination by the SEC in relation to its US Books and Records does not constitute a potential offence on Swiss territory and is therefore outside of the scope of application of article 271 para. 1 CC.

------

**8.2 Conclusion**

Based on the above and subject to the qualifications set forth herein (see section 9 below), we are of the opinion that the Bank can, as a matter of Swiss law, submit to on-site inspection and examination by the SEC in relation to its US Books and Records.

**9. Qualifications**

The opinions set forth herein in section 6.6, 7.5 and 8.2 are subject to the following qualifications:

9.1 The opinions expressed herein are limited to the laws of Switzerland as in force on the date hereof and as currently applied and construed by the courts of Switzerland. In the absence of statutory or established case law, we base our opinion on our independent professional judgement. We have not investigated and do not express or imply any opinion herein concerning any other laws, including without limitation with respect to the law of the place of booking of the SBS.

9.2 The exercise of discretion or the giving of an opinion by a third party or the reliance by any such party (in particular FINMA) on certain circumstances may not be valid unless such discretion is exercised reasonably or such opinion or reliance is based on reasonable grounds.

9.3 No opinion is expressed as to the accuracy of the facts set out or referred to in the documents reviewed or the factual background assumed therein.

9.4 Legal terms or concepts expressed in English in this opinion or in the MOU may not be identical to the concepts described by the same English terms as they exist under the laws of other jurisdictions.

------

We express no opinion on matters of fact and we assume no obligation to advise the Addressee of any changes of factual or legal matters relevant to this legal opinion that may be brought to our attention after the date hereof. This legal opinion is strictly limited to the matters stated in it and to the confirmations set forth in sections 6, 7 and 8 and does not apply by implication to any other matters.

This opinion is furnished to the Addressee in connection with the SBSD registration of the Bank.

This opinion is governed by and construed in accordance with Swiss law. By relying on this opinion, the Addressee agrees that all disputes arising out of or relating to this opinion shall be subject to the exclusive jurisdiction of the competent courts of the city of Zurich (city district no. 1), Switzerland.

---

| | |
|:---|:---|
| <br> Yours sincerely | <br> Yours sincerely |
| **SCHELLENBERG WITTMER LTD**<br>|  |
| Olivier Favre | Martin Lanz |

---

------

Appendix 1

**Financial Market Supervision Act of June 22, 2007**

*"****Article 29 Duty to provide information and to report***

*1 The supervised persons and entities, their audit companies and auditors as well as persons or companies that are qualified investors or that have a substantial participation in the supervised persons and entities must provide FINMA with all information and documents that it requires to carry out its tasks.*

*2 The supervised persons and entities and the audit companies that conduct audits of them must also immediately report to FINMA any incident that is of substantial importance to the supervision."*

*"* ***Article 42 Administrative assistance***

*1 In order to implement the financial market acts, FINMA may ask foreign financial market supervisory authorities to provide information.*

*2 It may transmit non-public information to foreign financial market supervisory authorities only if:*

*a. this information is used exclusively to implement financial market law, or is forwarded to other authorities, courts or bodies for this purpose;*

*b. the requesting authorities are bound by official or professional secrecy, notwithstanding provisions on the public nature of proceedings and the notification of the general public about such proceedings.*

*3 Paragraphs 1 and 2 apply by analogy to the exchange of information between FINMA and foreign authorities, courts and bodies involved in the restructuring and resolution of authorised parties.*

*4 The administrative assistance shall be carried out swiftly. FINMA shall observe the principle of proportionality. The transmission of information concerning persons who are manifestly uninvolved in the matter being investigated is not permitted.*

*5 FINMA may, in agreement with the Federal Office of Justice, authorise the forwarding of information to prosecution authorities for purposes other than those mentioned in paragraph 2 letter a, provided that mutual legal assistance in criminal matters is not excluded."* 

------

*"* ***Article 42c Transmission of information by supervised parties***

*1 Supervised parties may transmit non-public information to the foreign financial market supervisory authorities responsible for them and to other foreign entities responsible for supervision provided:*

*a. the conditions set out in Article 42 paragraph 2 are fulfilled;*

*b. the rights of clients and third parties are preserved.*

*2 Furthermore, they may transmit non-public information related to the transactions of clients and supervised parties to foreign authorities and to entities acting on the authorities' behalf if the rights of clients and third parties are preserved.*

*3 The transmission of information that is of substantial importance in accordance with Article 29 paragraph 2 must be reported to FINMA beforehand.*

*4 FINMA may reserve administrative assistance channels."*

*5 It may make the transmission, publication or forwarding of files in the context of supervision subject to its approval if this is in the interest of its task fulfilment and is not in conflict with overriding private or public interests."*

*"* ***Article 43 Cross-border audits***

*1 In order to implement the financial market acts, FINMA may itself carry out direct audits of supervised persons and entities abroad or have such audits carried out by audit agents.*

*2 It may permit foreign financial market supervisory authorities to carry out direct audits of supervised parties provided:*

*a. these authorities are responsible for the supervision of the audited supervised party as part of home country supervision or are responsible for supervising the activity of the audited supervised party in their territory; and*

*b. the conditions for administrative assistance set out in Article 42 paragraph 2 are fulfilled.*

*3 Information may be collected through cross-border direct audits only if it is required for the supervisory activity of the foreign financial market supervisory authority. This includes in particular information on whether an institution throughout its group structure:*

*a. is appropriately organised;*

*b. records, limits and monitors in an appropriate manner the risks inherent in its business operations;*

*c. is managed by persons who guarantee proper business conduct;*

*d. fulfils the own funds and risk diversification regulations on a consolidated basis; and*

*e. properly complies with its reporting duties vis-à-vis the supervisory authorities.* 

------

*3bis If during direct audits in Switzerland foreign financial market supervisory authorities wish to consult information linked directly or indirectly to the asset management, securities trading or deposit business for individual clients, FINMA shall collect this information itself and transmit it to the requesting authorities. The same applies to information which directly or indirectly relates to individual investors in collective investment schemes. Article 42a applies.*

*3ter FINMA may, for the purposes detailed in paragraph 3, allow the foreign financial market supervisory authority which is responsible for the consolidated supervision of the audited supervised party to consult a limited number of individual client dossiers. The dossiers must be selected randomly on the basis of predefined criteria.*

*4 FINMA may accompany the foreign authorities responsible for financial market supervision on their direct audits in Switzerland or arrange for them to be accompanied by an audit company or an audit agent. The supervised persons and entities concerned may request such accompaniment.*

*5 Establishments organised under Swiss law must provide the foreign financial market supervisory authorities and FINMA with the information required to carry out the direct audits or the information that FINMA requires to provide the administrative assistance, and must permit the inspection of their books.*

*6 Establishments are defined as:*

*a. subsidiaries, branch offices and representative offices of supervised persons and entities or of foreign institutions; and*

*b. other companies, provided their activity is included by a financial market supervisory authority in the consolidated supervision."*

**Swiss criminal code of December 21, 1937**

***" Article 271***

*1. Any person who carries out activities on behalf of a foreign state on Swiss territory without lawful authority, where such activities are the responsibility of a public authority or public official,*

*any person who carries out such activities for a foreign party or organisation,*

*any person who facilitates such activities,*

*shall be liable to a custodial sentence not exceeding three years or to a monetary penalty, or in serious cases to a custodial sentence of not less than one year.* 

*2. Any person who abducts another by using violence, false pretences or threats and takes him abroad in order to hand him over to a foreign authority, party or other organisation or to expose him to a danger to life or limb shall be liable to a custodial sentence of not less than one year.*

------

*3. Any person who makes preparations for such an abduction shall be liable to a custodial sentence or to a monetary penalty."*

\* \* \* \* \*

------

## Exhibit 99.34

![lojapanp1i0.gif](lojapanp1i0.gif)

#### Privileged and Confidential

#### MEMORANDUM
To:

UBS AG

From:

Daisuke Tanimoto

Mina Obu

Anderson Mori & Tomotsune

Re:

Advice on legal issues regarding access to books and records and on

-

site inspections by

the SEC to UBS Securities Japan Co., Ltd.

Date:

October

19, 2021

This memorandum addresses your queries regarding the issues that may arise in connection with the

potential inspection of UBS Securities Japan Co., Ltd. ("

#### USJ
") by the United States (#### US) Securities

and Exchange Commission (#### SEC) in Japan.

1. #### BACKGROUND AND ASSUMPTIONS
1.1 We understand that UBS AG (#### UBS), a bank authorised in Switzerland, is seeking to register

with the SEC as a non-resident security-based swap (#### SBS) dealer (#### SBSD).

1.2 To register as an SBSD with the SEC, a non-resident SBSD

, such as UBS, must attach an

opinion of counsel to Form SBSE, SBSE-A or SBSE-BD affirming that the SBSD can, as a

matter of law:

(a) provide the SEC with prompt access to the relevant books and records as defined in

paragraphs 3.3 to 3.5 (#### Covered Books and Records); and

(b) submit to on-site inspection and examination of its Covered Books and Records by the

SEC (#### On-Site Inspection).

1.3 SBS transactions involving staff located in Japan will be concluded by staff of USJ, which is

incorporated in Japan and authorised to engage in a financial instrument business based on

the registration as a Financial Instrument Business Operator (the "

#### FIBO
")

under the

Financial Instruments and Exchange Act (as amended, the "

#### FIEA
"). Accordingly, UBS will

maintain certain Covered Books and Records in USJ.

In the case of a corporation, an SBSD will be "non

-

resident

" if it is incorporated in or has its principal place

of business in any place not in the United States (see 17 Code of Federal Regulations (#### CFR) § 240.15Fb2-

4(a)(2)). As UBS is incorporated in Switzerland, UBS fulfils this definition of a "non-resident" SBSD.

USJ is registered as a Type

-

I FIBO, Type

-

II FIBO and Investment Management Business Operator (as

defined under Article 28 (1), (2) and (4) of the FIEA).

1.4 You have asked us to issue an opinion affirming that USJ will be able to provide the SEC with

prompt access to its books and records and submit to On-Site Inspection by the SEC in

accordance with paragraph

[1.2 above.](#a95)

1.5 This opinion is structured as follows:

(a) Section

[2](#a260)

:

[Summary of opinion](#a260)

;

(b) Section

[3](#a425)

:

[Scope, assumptions and qualifications](#a425)

;

(c) Section

[4](#a693)

:

[Revisions to applicable law;](#a693)

(d) Section

[5](#a744)

:

[Reliance and confidentiality;](#a744)

(e) [Annex 1](#a822)

: Opinion; and

(f) [Annex 2](#a1198)

: Assumptions.

1.6 For the purposes of this opinion, the legal or natural person imparting the information subject

to the duty of confidentiality will be the

#### Rights Holder
and the person receiving that

information, in this case USJ, will be the

#### Recipient.
2. #### SUMMARY OF OPINION
Subject to the assumptions and qualifications below, it is our opinion that:

2.1 USJ can, as matter of applicable Japanese law, submit to On-Site Inspection by the SEC. There

is no restriction on USJ submitting to On-Site Inspection by the SEC under Japanese law. The

remainder of this opinion focuses on USJ's ability to disclose information contained in

Covered Books and Records to the SEC in the course of On-Site Inspection in Japan and the

ability to provide the SEC with prompt access to Covered Books and Records.

2.2 USJ can, as a matter of applicable Japanese law, provide the SEC with prompt access to

Covered Books and Records held by USJ in Japan

.

#### DATA PROTECTION
2.3 The Act on the Protection of Personal Information (the "APPI") will apply to USJ's disclosure

of the information in Covered Books and Records to the SEC to the extent that these comprise

or contain Personal Data, which will be defined in 7.2 of Annex 1.

2.4 USJ must obtain consent from the relevant individuals (i.e. data subjects) for provision of their

Personal Data to the SEC unless such provision of Personal Data falls within exemptions

given in the APPI.

Where a restriction on the ability to transfer personal data or to disclose confidential informatio

n applies,

consent from the Rights Holder or approval by the FSA, validly given in accordance with the relevant

standard for consent or approval under each applicable legal or regulatory obligation, would allow for such

information to be lawfully transferred to the SEC or disclosed to the SEC during On-Site Inspection. Please

note that valid consent and approval is assumed in Assumptions 3 and 4.

2.5 If USJ obtains consent from the relevant individual, USJ can provide the Personal Data to the

SEC without being in breach of the APPI.

#### JAPANESE LAW DUTIES OF CONFIDENTIALITY
2.6 If USJ enters into a contract which includes a confidentiality clause with other parties such as

their customers or counterparties to their transactions, the disclosure of information to the

SEC would be a violation of the clause unless it fall within exemptions stipulated under the

contracts. Therefore, USJ may be contractually liable for damages arising from the disclosure.

2.7 Even if there is no specific contractual provisions restricting the disclosure of information, it

is generally understood that financial institutions owe the duty of confidentiality in relation to

customer information under Japanese law. This has been affirmed by a judgement by the

Supreme Court of Japan.

2.8 Disclosure with consent would not amount to a breach of these legal duties.

#### RELATIONSHIP WITH REGULATOR IN JAPAN
2.9 As USJ is subject to supervision of the Japanese regulatory authorities (including the Financial

Services Agency (the "FSA") and other relevant Japanese governmental organizations, each

a "Japanese regulatory authority") pursuant to the financial regulatory legislation such as the

FIEA, the disclosure of information relevant to the communications with the relevant Japanese

regulatory authority (or an entity acting on its behalf

4), may be subject to restrictions and may

require prior approval from the relevant Japanese regulatory authority.

2.10 In particular, the result of on-site inspection conducted by a Japanese regulatory authority is

generally considered as confidential by the FSA. In practice, the disclosure of the result of on-

site inspection and relevant information is subject to the prior written approval of the FSA.

2.11 If USJ discloses such confidential information to the SEC without the FSA's approval, it

might lead to administrative action by the FSA depending on the situation.

This summary opinion is not a substitute for the full expression of our views set out in

[Annex 1.](#a822)

3. #### SCOPE, ASSUMPTIONS AND QUALIFICATIONS
3.1 This opinion relates solely to access provided to the SEC of Covered Books and Records held

by USJ in Japan and On-Site Inspection of USJ by the SEC in Japan.

This opinion applies

equally to remote access from the US to Covered Books and Records held in Japan.

This opinion

excludes books and records held in the US. Where matters considered in this opinion are not

governed by laws applying to the entirety of Japan, this opinion relates solely to matters of

Japanese law.

It is not expected that the SEC, when conducting On

-

Site Inspections, would be acting on behalf of any

Japanese regulatory authority.

3.2 This opinion has been prepared in accordance with UBS's specific instructions as to the scope

of the opinion. For this purpose you have issued us with guidance from a third party US law

firm which we have used to inform the scope of our opinion.

3.3 This opinion only covers access to and the On-site Inspection of Covered Books and Records.

Covered Books and Records include only those books and records which:

(a) relate to the US business

of the non-resident SBSD.

These are the records that relate

to an SBS that is either:

(i) entered into, or offered to be entered into, by or on behalf of the non-resident

SBSD with a "U.S. Person" as defined in 17 CFR § 240.3a71-3(a)(4)

(#### US

#### Person) (other than an SBS conducted through a foreign branch of such US

Person

8); or

(ii) arranged, negotiated, or executed by the personnel of the non-resident SBSD

located in a branch in the US (#### US branch) or office or by the personnel of an

agent of the non-resident SBSD located in a US branch or office;

or

(b) constitute financial records necessary for the SEC to assess the non-resident SBSD's

compliance with the SEC's margin and capital requirements, if applicable.

3.4 Further to Assumption 1, this opinion is limited to those types of records that are relevant to

prudentially regulated SBSDs, which excludes financial records as noted in paragraph 3.3(b)

above. For this opinion, the term "Covered Books and Records" extends to these record types

alone.

3.5 This opinion covers data relating to:

(a) SBS transactions with US persons, insofar as this data is held by USJ (e.g. voice

recordings and client communications) (some data relating to such transactions may

As defined in 17 CFR §240.3a71

-

3(a)(8).

Cross

-

Border Application of Certain [SBS] Requirements, 85 Fed. Reg. 6270, 6296 (Feb. 4, 2020) (the

#### SEC Guidance).

A "U.S. person" means any person that is "(i) a natural person res

ident in the U.S.; (ii) a partnership,

corporation, trust, investment vehicle, or other legal person organized, incorporated, or established under

the laws of the United States or having its principal place of business in the United States; (iii) an account

(whether discretionary or non-discretionary) of a U.S. person; or (iv) an estate of a decedent who was a

resident of the United States at the time of death." 17 CFR § 240.3a71-3(a)(4).

A "foreign branch" means "any branch of a U.S. bank if: (i) the br

anch is located outside of the United

States; (ii) the branch operates for valid business reasons; and (iii) the branch is engaged in the business of

banking and is subject to substantive banking regulation in the jurisdiction where located." (17 CFR §

240.3a71-3(a)(2)). An "SBS conducted through a foreign branch" means an SBS that is "arranged,

negotiated, and executed by a U.S. person through a foreign branch of such U.S. person if: (A) the foreign

branch is the counterparty to such security-based swap transaction; and (B) the security-based swap

transaction is arranged, negotiated, and executed on behalf of the foreign branch solely by persons located

outside the United States." (17 CFR § 240.3a71-3(a)(3)(i)).

17 CFR § 240.3a71

-

3(a)(8)(i)(B).

The re

quirement set out in this paragraph

[3.3(b)](#a532)

does not apply to USJ because it is not subject to the SEC's

margin and capital requirements as it is assumed that USJ has a prudential regulator – please see the

assumptions set out in

[Annex 2](#a1198)

be held by UBS in other jurisdictions – access to and On-Site Inspection by the SEC

of data that is held in other jurisdictions is not within scope of this opinion); and

(b) the activities of the staff of USJ pertaining to SBS transactions (irrespective of whether

the transaction is with a US person or a non-US person).

This opinion does not cover data relating to SBS transactions with non-US persons (even

though these will be concluded by staff of USJ acting in the name and for the account of UBS

as a 'Related Entity' of UBS, we are instructed that this data is not relevant for the purposes

of substituted compliance and so this data is not within scope of this opinion).

3.6 The issues addressed in this opinion apply equally across the different document types which

constitute the Covered Books and Records based upon the information actually contained in

each of the relevant Covered Books and Records. We have not examined any such documents

or records.

3.7 In giving this opinion, we have made the further assumptions set out in Annex 2.

3.8 No opinion is expressed on matters of fact.

3.9 Japanese legal concepts expressed in the English language may not be identical to

corresponding concepts described by the equivalent English terms as they exist under the laws

of other jurisdictions.

4. #### REVISIONS TO APPLICABLE LAW
4.1 We note that the SEC rules

require a non-resident SBSD to re-certify within 90 days after

any changes in the legal or regulatory framework that would:

(a) impact the ability of the SBSD to provide prompt access to its Covered Books and

Records;

(b) impact the manner in which it would provide prompt access to its Covered Books and

Records; or

(c) impact the ability of the SEC to conduct On-Site Inspections.

4.2 Upon a change in law or regulatory framework of the nature outlined in paragraph 4.1 above,

the SBSD is required to submit a revised opinion describing how, as a matter of law, the SBSD

will continue to meet its obligations.

4.3 This opinion relates solely to the laws of Japan in force as at the date of this opinion. We

have no obligation to notify any addressee of any change in any applicable law or its

application after the date of this opinion.

5. #### RELIANCE AND CONFIDENTIALITY
5.1 This opinion is given for the sole benefit of the addressee. It may not be relied upon by anyone

else without our prior written consent.

17 CFR § 240.15Fb2

-

4(c)(2).

5.2 This opinion is not to be disclosed to any person outside of UBS AG's group or used,

circulated, quoted or otherwise referred to for any other purpose. However, a copy of this

opinion letter may be disclosed:

(a) where disclosure is required or requested by any governmental, banking, taxation or

other regulatory authority or similar body having jurisdiction over UBS AG (including

to the SEC as part of UBS AG's SBSD registration application) or by the rules of any

relevant stock exchange or pursuant to any applicable law or regulation; and

(b) to UBS AG's affiliates, and any of their officers, directors, employees, auditors,

insurers, reinsurers, insurance brokers and professional advisors (in their capacity as

such).

5.3 Any such disclosure must be made on the basis that it is for information purposes only, no

recipient may rely on this advice, no client-lawyer relationship between us and the recipient

arises following, or as a result of, any such disclosure. We assume no duty or liability to any

recipient, and any recipient under paragraph 5.2(b) will be subject to the same restrictions on

disclosure as set out above.

5.4 We assume no obligation to advise you or any other person or to make any investigations as

to any legal developments or factual matters arising subsequent to the date hereof that might

affect the opinions expressed herein.

Yours faithfully,

#### Anderson Mori & Tomotsune

#### ANNEX 1

#### OPINION
1. #### INTRODUCTION
1.1 USJ can, as matter of applicable Japanese law, submit to On-Site Inspection by the SEC. There

is no restriction on USJ submitting to On-Site Inspection by the SEC under Japanese law.

1.2 Pursuant to Article 189 of the Financial Instruments and Exchange Act (the "FIEA"), the

Prime Minister of Japan may, upon on request of the foreign financial authority, cooperate

with the foreign regulatory authority if they find it appropriate. In this regard, the FSA has

executed memorandum of understandings (the MOU) with other foreign financial regulatory

authorities including the SEC

, which sets forth the framework of information exchange with

the foreign financial regulatory authorities. While the MOU is not legally binding, the FSA

may provide the SEC with information in light of the MOU.

1.3 For completeness, if the SEC's actions involve the exercise of jurisdictional authority (e.g.,

on-site compulsory criminal investigation) in Japan, the SEC may need to obtain approval

from the Japanese government pursuant to the international laws principle, so as to respect

Japanese sovereignty under the international laws generally recognized in Japan.

1.4 If the intended action does not involve a mandatory action and is carried out with the consent

of the relevant parties (e.g. making written or phone inquiries or investigation with the consent

of relevant parties), this would not be regarded as an action involving jurisdictional authority

nor an infringement of Japanese sovereignty.

1.5 These international law issues are of potential relevance only to the SEC as a US governmental

organization, but would not restrict USJ from submitting to On-Site Inspection by the SEC.

The remainder of this opinion focuses on USJ's ability to disclose information contained in

Covered Books and Records to the SEC in the course of On-Site Inspection and the ability to

provide the SEC with prompt access to Covered Books and Records.

1.6 USJ can, as a matter of applicable Japanese law, provide the SEC with prompt access to

Covered Books and Records held by USJ in Japan, as described in Sections 2 to 4 below.

2. #### DATA PROTECTION
2.1 Under the APPI, "Personal Data", as defined in the APPI, encompasses "Personal Information

constituting a Personal Information Database", and "Personal Information" is in turn defined

broadly as "information relating to a living individual", and includes among other things

information such as "name, date of birth, or other descriptions etc…. stated, recorded or

otherwise expressed using voice, movement or other methods in a document, drawing or

electromagnetic record (meaning a record kept in an electromagnetic form… whereby a

specific individual can be identified (including those which can be readily collated with other

information and thereby identify a specific individual)". "Personal Information Database" is

defined, in summary, as a database of Personal Information that enables key word searches.

https://www.fsa.go.jp/news/newse/e20020517

-

1. html

In this regard,

the MOU between the FSA and SEC only clarifies the intention of information exchange

and does not override the regulation in Article 189 of the FIEA.

2.2 The information contained it the Covered Books and Records Personal Data would include

Personal Information on USJ's employees and individuals who work for USJ's clients, and

USJ may be considered to use a database of Personal Information. As a result, USJ will be

subject to the APPI as a business operator using a Personal Information Database for its

business within the meaning under Article 2(3) of the APPI. Accordingly, the APPI would

apply to USJ's disclosure of Covered Books and Records to the SEC to the extent that these

comprise or contain Personal Data.

2.3 As a general rule, a business operator handling personal information shall not, except in the

following cases, provide Personal Data to a third party without obtaining the prior consent of

the relevant individual (i.e. data subject). As the APPI does not provide a specific exemption

for disclosures to a foreign regulatory authority (including the SEC), such disclosure is

generally subject to the consent of the relevant individual unless it falls within specified

exemptions as described follows:

(a) Exemptions under Article 23 of the APPI

Article 23 of the APPI provides the following exemptions where the Personal Data

can be provided to a third party without consent of the relevant individuals:

(i) Cases where the provision of Personal Data is based on laws and regulations

(which means Japanese laws and regulations);

(ii) Cases where the provision of Personal Data is necessary for the protection of

the life, body, or property of an individual and in which it is difficult to obtain

the consent of the person;

(iii) Cases where the pr

ovision of

Personal Data

is especially necessary for

improving public health or promoting the sound growth of children and in

which it is difficult to obtain the consent of the person; and

(iv) Cases where the provision of Personal Data is necessary for cooperating with

a (Japanese) state organization, a local government (in Japan), or an individual

or a business operator entrusted by one of the foregoing in executing the affairs

prescribed by (Japanese) laws and regulations and in which obtaining the

consent of the person are likely to impede the execution of the affairs.

(b) Exemptions under Article 24 of the APPI

Article 24 of the APPI stipulates the rules specific to provision of Personal Data to a

third party in a foreign country. While Article 24 of the APPI generally prohibits the

provision of Personal Data to a third party in a foreign country without consent of the

relevant individual, it also provides following exemptions:

(i) The foreign country which has established a personal information protection

system equivalent to the standards in Japan in regard to the protection of an

individual's rights and interests is not regarded as "a foreign country" in the

context of Article 24 of the APPI. As of today, only the countries belonging to

European Union and the United Kingdom, but not the US are designated as

foreign countries that are eligible under this exemption

; and

Personal Information Protection Commission Notification No. 1 of 2019

(ii) A person establishing a system conforming to standards prescribed by rules of

the Personal Information Protection Commission as necessary for

continuously taking action equivalent to those that a personal information

handling business operator in Japan shall take concerning the handling of

Personal Data does not fall within "a third party" in the context of Article 24

of the APPI. While Article 11-2 of the Enforcement Ordinance of the APPI

sets forth the requirement for such system

, whether such system is

established would be determined case by case basis.

2.4 We have assumed, at Assumption 3, that USJ has obtained any necessary prior consent of the

relevant individuals. As such, provision of Personal Data to the SEC is permissible.

3. #### JAPANESE LAW DUTIES OF CONFIDENTIALITY
3.1 Under Japanese contract law, if USJ enters into a contract which includes a confidentiality

clause with other parties such as customers or counterparties of transactions, disclosure to the

SEC would be a violation of that clause unless it fall within exemptions stipulated under the

contracts. Therefore, in such a scenario, USJ may be contractually liable for damages arising

from the disclosure.

3.2 Even if there is no specific contractual restriction, it is generally understood that financial

institutions owe the duty of confidentiality in relation to customer information under Japanese

law. In this regard, the judgement by the Supreme Court of Japan on December 11, 2007

stated that financial institutions have duties of confidentiality in relation to information related

to its customers, including transaction information or credit information

,

based on a

contractual relationship or business practice and shall not disclose such information without

reasonable reason.

3.3 Where such confidentiality duties are relevant for the benefit of USJ's customers, disclosure

of confidential information of such customers to the SEC is permissible where the relevant

customers have given prior consent. We have assumed, at Assumption 3, that USJ has

obtained any necessary prior consent of the relevant individuals.

4. #### RELATIONSHIP WITH REGULATOR IN JAPAN
4.1 As USJ is subject to supervision of the Japanese regulatory authority including the FSA

pursuant to the financial regulatory legislation such as the FIEA, the disclosure of information

relevant to communications with a Japanese regulatory authority may require the prior

approval of that authority.

4.2 In particular, the results of an on-site inspection conducted by a Japanese regulatory authority

are generally considered to be confidential by the FSA. In practice, the disclosure of the results

Article 11

-

2 of the Enforcement Ordinance of the APPI set forth the requirement for the system as follows:

(i) Implementation of measures in accordance with the purport of the APPI is ensured between a

business operator handling personal information and a person who receives the provision of

personal data in an appropriate and reasonable manner with regard to the handling of the personal

data by the person who receives the provision.

(ii) The person who receives the provision of personal data is accredited under the international

framework pertaining to the handling of personal information

of an on-site inspection and relevant information is subject to prior written approval to the

FSA.

4.3 If USJ discloses such confidential information to the SEC without the FSA's approval, it may

negatively affect the relationship between the FSA and USJ. As the FSA has broad

discretionary supervisory power over USJ, the FSA might take administrative actions against

USJ depending on the situation surrounding the disclosure of such confidential information.

Therefore, the FSA's approval may be required in practice. We have assumed, at Assumption

4, that USJ has obtained any necessary prior approval from the FSA.

In this regard, Item 10 (3) (iii) of the Guideline on Secu

rities Monitoring published by FSA requires the

financial institution which underwent the inspection to make application to the FSA for request to

disclosure the result of the inspection to a third party.

#### ANNEX 2

#### ASSUMPTIONS
This opinion relies on the following assumptions:

1. UBS AG, including USJ has a "prudential regulator" as defined by Section 3 of the US

Securities Exchange Act of 1934 (the Securities Exchange Act). As such, the Covered Books

and Records considered in this opinion are limited to what a prudentially regulated SBSD

must be able to share with the SEC.

2. Additionally, in accordance with SEC Guidance

at 85 FR 6297, books and records pertaining

to SBS transactions entered into prior to the date that USJ submits an application for

registration are not Covered Books and Records.

3. USJ has obtained any necessary prior consent of the persons (e.g

*.*

, counterparties, employees)

whose information is or will be included in Covered Books and Records in order to provide

the SEC with access to its Covered Books and Records or to allow On-Site Inspections, to the

extent, as considered in this opinion, such consent would constitute valid consent and such

consent has not been withdrawn.

Insofar as Covered Books and Records relate to employees

of USJ, such employees are "associated persons" of UBS for purposes of 17 CFR § 240.18a-

5(b)(8) who have agreed to sharing of their personal/employment information with the SEC

in the event of a request for information from the SEC.

4. Where information relevant to the communications with a Japanese regulatory authority,

including the result of an on-site inspection conducted by a Japanese regulatory authority, is

included in Covered Books and Records, USJ has received any necessary prior approval from

such Japanese regulatory authority to disclose such information to the SEC.

5. The SEC will restrict its information requests for, and use of, any information pursuant to its

access to Covered Books and Records and On-Site Inspections to only the information that it

requires for the legitimate and specific purpose of fulfilling its regulatory mandate and

responsibilities by evaluating compliance with legal obligations designed to ensure the proper

legal administration

of

SEC

-

regulated firm

s

(which includes regulating, administering,

supervising, enforcing and securing compliance with the securities or derivatives laws in its

jurisdiction) and to prevent and/or enforce against potential illegal behaviour.

6. We understand that USJ's general experience in responding to information requests from the

SEC (or other US and non-US regulators) leads it to maintain a belief, which it considers to

be reasonable, that USJ can and (subject to any changes in applicable law and regulation

and/or the approach of relevant regulators) will continue to be able to comply with these data

protection principles in the course of making disclosures of the sort required when providing

access to Covered Books and Records and submitting to On-Site Inspection.

7. It is the SEC's practice to limit the type and amount of personal data it requests during

examinations to targeted requests based on risk and related to specific clients and accounts,

and employees. We understand that this is in line with USJ's general experience in responding

to information requests from the SEC, leading it to maintain a belief, which it considers

reasonable, that this assumption is, and will remain, accurate (subject to any changes in

applicable law and regulation and/or the approach of relevant regulators).

See the SEC Guidance at 85 FR 6298.

See the SEC Guidance at 85 FR 6298

8. Information, data and documents received by the SEC are maintained in a secure manner and,

under strict US laws of confidentiality, information about individuals cannot be onward shared

save for certain uses publicly disclosed by the SEC, including in an enforcement proceeding,

pursuant to a valid and non-exempt US Freedom of Information Act (#### FOIA) request,

pursuant to a lawful request of the US Congress or a properly issued subpoena, or to other

regulators who have demonstrated a need for the information and provide assurances of

confidentiality.

9. Any data held by USJ that is subject to a disclosure request from the SEC, either by way of

access or On-Site Inspection, will be held by USJ in Japan and will provided directly to the

SEC by USJ (and not via UBS AG or another entity).

We do not give any views in the opinion to matters of US law, though we understand that information can

be made public pursuant to requests under the US FOIA, and that certain information is exempt from such

requests, including (among others): (1) a trade secret or privileged or confidential commercial or financial

information obtained from a person; (2) a personnel, medical, or similar file the release of which would

constitute a clearly unwarranted invasion of personal privacy; (3) information compiled for law

enforcement purposes, the release of which (a) could reasonably be expected to interfere with law

enforcement proceedings; (b) would deprive a person of a right to a fair trial or an impartial adjudication;

(c) could reasonably be expected to constitute an unwarranted invasion of personal privacy; (d) could

reasonably be expected to disclose the identity of a confidential source; (e) would disclose techniques,

procedures, or guidelines for investigations or prosecutions; or (f) could reasonably be expected to endanger

an individual's life or physical safety; (4) contained in or related to examination, operating, or condition

reports about financial institutions that the SEC regulates or supervises.

### Attached PDF Documents

**Attachment 1:** `AddtionalSchBTextFieldInfo.pdf`

_No text found in this document._

**Attachment 2:** `Schedule-B_Attachment.pdf`

_No text found in this document._

**Attachment 3:** `Schedule-A_Attachment.pdf`

_No text found in this document._

**Attachment 4:** `signatureformainnew.pdf`

_No text found in this document._

**Attachment 5:** `SumaryofUpdates11.03.2025.pdf`

_No text found in this document._

**Attachment 6:** `UBSAGForm7R.pdf`

_No text found in this document._

## Form SBSE-A: Registration for Security-Based Swap Dealers

### Applicant Information

**Full Applicant Name:** UBS AG

**NFA Number:** 338960

**IRS Employer ID No.:** 00-0000000

**CIK:** 0001114446

**UIC:** BFM8T61CT2L1QCEMIK50

**Main Address:** BAHNHOFSTRASSE 45, ZURICH, V8, CH 8001

**Mailing Address:** 600 WASHINGTON BLVD., STAMFORD, CT, 06901

**Business Telephone:** 203-719-5241

**Contact Employee:**

- **Name:** Daniel Bucsa

- **Title:** Executive Director

- **Phone:** 202-942-2893

- **Email:** daniel.bucsa@ubs.com

**Chief Compliance Officer:**

- **Name:** Richard Kennedy

- **Title:** Chief Compliance Officer

- **Phone:** 442075684476

- **Email:** richard.kennedy@ubs.com

### Business and Activities

**Registered as Swap Dealer?:** Yes

**Registered as Swap Participant?:** No

**Uses Mathematical Models?:** Yes

**Is a Non-Resident Entity?:** No

**Subject to Prudential Regulator?:** Yes

**Is an Investment Advisor?:** No

**Engaged in Other Business?:** Yes

**Holds Customer Funds?:** Yes

**Prudential Regulators:** The Federal Reserve Board

**Description of Business:**
UBS AG is incorporated and domiciled in Switzerland and operates under art. 620ff. of the Swiss Code of Obligations as an Aktiengesellschaft, a corporation limited by shares. According to article 2 of the articles of association of UBS AG dated April 26, 2018, the purpose of UBS AG is the operation of a bank. Its scope of operations extends to all types of banking, financial, advisory, trading and service activities in Switzerland and abroad. UBS AG may establish branches and representative offices as well as banks, finance companies and other enterprises of any kind in Switzerland and abroad, hold equity interests in these companies, and conduct their management. UBS AG is authorized to acquire, mortgage and sell real estate and building rights in Switzerland and abroad. UBS AG may borrow and invest money on the capital markets. UBS AG is part of the group of companies controlled by the group parent company UBS Group AG.

### Control and History

**Are records kept by another entity?:** Yes

**Does another entity hold funds on behalf of applicant?:** Yes

**Is control exercised through an agreement?:** Yes

**Is applicant financed by another entity?:** Yes

**Is applicant succeeding a prior entity?:** No

**Subject to foreign regulation?:** Yes

**Number of Principals:** 23

### Schedule A: Principals

| Name                         | Title or Status                                             | Date Acquired   | Date Began Working   | Ownership         | NFA ID No.   |
|:---|:---|:---|:---|:---|:---|
| Markus Ronner                | Group Chief Compliance and Governance Officer               | 11/2018         | 05/1981              |  | 518327       |
| GEORGE ATHANASOPOULOS        | Co-President of the Investment Bank                         | 07/2024         | 07/2010              |  | 451077       |
| Jason Barron                 | Head of Global Market                                       | 07/2024         | 10/1993              |  | 523561       |
| Beatriz Martin Jimenez       | Head NCL, President EMEA & UK Chief Exec                    | 07/2024         | 11/2012              |  | 486000       |
| Robert Brooks Karofsky       | Co-President GWM and President UBS Americas                 | 07/2024         | 12/2014              |  | 259774       |
| Dan Folke Persson            | CRO IB & Global Head of Market Risk                         | 07/2024         | 11/2006              |  | 523560       |
| Darryll Hendricks            | Americas COO                                                | 09/2005         | 09/2005              |  | 523559       |
| Richard Saint John Kennedy   | Head C&ORC IB & NCL / UK                                    | 07/2023         | 03/2000              |  | 517849       |
| Iqbal Khan                   | Co-President GWM and President UBS Asia-Pacific             | 09/2024         | 10/2019              |  | 532827       |
| David Howe Kelly             | Head of Group Legal Transactions, Disclosure and Antitrust  | 07/2024         | 02/1999              |  | 540729       |
| Paul Daniel Ritchie          | Head of Operational Risk and Integrity OO                   | 07/2023         | 01/1999              |  | 543433       |
| Imed Souki                   | IB Head of Risk & Resource Management; Head of IB EMEA      | 10/2025         | 11/2010              |  | 548106       |
| Taichi Takahashi             | Head of Investment Bank Asia Pacific                        | 10/2022         | 07/1994              | NA - less than 5% |  |
| Sergio Pietro Ermotti        | Group CEO and President Executive Board of UBS AG           | 07/2024         | 04/2023              | NA - less than 5% | 451081       |
| Jeffrey C. Scott             | Head GWM Americas Finance                                   | 07/2024         | 11/1999              | NA - less than 5% | 555571       |
| Marco Valla                  | Co-President of the Investment Bank; Head of Global Banking | 10/2025         | 07/2023              | NA - less than 5% | 558279       |
| Elaine Sam                   | Managing Director, Head of Unified Global Markets America   | 08/2023         | 08/2023              | NA - less than 5% | 327182       |
| Mirko Davide Georg Bianchi   | Group Treasurer, Managing Director                          | 07/2023         | 07/2023              | NA - less than 5% | 558875       |
| Michael John Ebert           | Head of Investment Bank, AMER                               | 07/2024         | 09/2017              | NA - less than 5% | 417077       |
| Kristi Renee Brown           | IB COO                                                      | 07/2024         | 02/2006              | NA - less than 5% | 564584       |
| Julie Elisabeth Louise Amiot | Global COO Non-Core and Legacy                              | 07/2024         | 03/2018              | NA - less than 5% | 564754       |
| Patrick Grob                 | Head UGM/ Head GWM Solutions APAC                           | 01/2024         | 01/1996              | NA - less than 5% | 569987       |
| Anthony John Sweetman        | CO-head of the investment bank for APAC                     | 10/2025         | 02/1997              | NA - less than 5% | 573961       |

### Schedule B: Explanations

**Description:**
UBS AG, is licensed as a bank in Switzerland and operates branches licensed in the United States and other jurisdictions. UBS provides a full range of banking services and is provisionally registered with the Commodities Futures Trading Commission as a swap dealer.

**Records Keeper:**

- **Name:** Ernst & Young AG

  - **Address:** Aeschengraben 27, Basel, V8, CH-4002

  - **Effective Date:** 01-01-2021

  - **Arrangement:** External independent auditor, EY is acting as the Independent Registered Public Accounting Firm for UBS AG

**Onbehalf:**

- **Name:** ICE Clear Credit LLC

  - **Address:** 353 North Clark Street, Suite 3100, Chicago, IL, 60654

  - **Effective Date:** 07-16-2011

  - **Arrangement:** clearing credit default swaps

- **Name:** ICE CLEAR EUROPE LIMITED

  - **Address:** 5th floor Milton Gate, 60 Chiswell St, London, X0, EC1Y 4SA

  - **Effective Date:** 06-27-2012

  - **Arrangement:** clearing credit default swaps

- **Name:** UBS Securities LLC

  - **Address:** 1285 Avenue of the Americas, New York, NY, 10019

  - **Effective Date:** 06-02-2017

  - **Arrangement:** affiliate of applicant that employs SBS Associated Persons executing SBS on behalf of the applicant

- **Name:** UBS Europe SE

  - **Address:** Bockenheimer Landstrasse 2-4 OpernTurm, Frankfurt am Main, 2M, 60306

  - **Effective Date:** 06-02-2017

  - **Arrangement:** affiliate of applicant that employs SBS Associated Persons executing SBS on behalf of the applicant

**Controlling Entity:**

- **Name:** UBS Group AG

  - **Address:** Bahnhofstrasse 45, Zurich, V8, 8001

  - **Effective Date:** 06-10-2014

  - **Arrangement:** Applicant relies upon a combination of depositor funds, equity financing provided by its parent company, UBS Group AG, public offerings of securities made pursuant to the Securities Act of 1933 or in exempted overseas offerings, and credit extended in the ordinary course of business by banks and others to finance its business

- **Name:** —

  - **Address:** —

  - **Effective Date:** —

  - **Arrangement:** Mr. Ermotti is the President of the Executive Board and the CEO of the parent company, UBS AG

- **Name:** —

  - **Address:** —

  - **Effective Date:** —

  - **Arrangement:** Mr. Tuckner is the Chief Financial Officer.

- **Name:** —

  - **Address:** —

  - **Effective Date:** —

  - **Arrangement:** Mr. Vogel is the Chief Risk Officer.

### Execution

**Date:** 11-12-2025

**Name of Applicant:** UBS AG

**Signature:** Marco Valla

**Printed Name:** Marco Valla

**Title:** Co President, UBS Investment Bank