Following completion of the merger of UBS AG and Credit Suisse AG, Credit Suisse AG’s business was transferred to UBS AG, and Credit Suisse AG ceased to exist. At this time however, the two entities did not operationally merge and, as a result, we continue to have two sets of operational infrastructure and processes during this transitionary period.
Consequently UBS AG is now the sole parent entity and all direct subsidiaries of Credit Suisse AG have become direct subsidiaries of UBS AG, and all branches of Credit Suisse AG have been absorbed into existing or established as new branches of UBS AG (as the case may be). As such, Credit Suisse AG’s branches have been renamed as UBS Branches, with the exceptions of Credit Suisse AG, Taipei Securities Branch and Credit Suisse AG Shanghai Branch.
Click hereAll about the Parent Bank Merger for the latest updates on how we continue to serve clients.
Dodd-Frank Disclosures
Dodd-Frank Disclosures
Credit Suisse International is registered with the Commodity Futures Trading Commission (“CFTC”) as a non-US swap dealer (“SD”) and with the Securities and Exchange Commission (“SEC”) as a non-US securities-based swap dealer (“SBSD”). Credit Suisse AG is registered with the SEC as an SBSD. As an SD and/or SBSD, Credit Suisse International and Credit Suisse AG have certain disclosure obligations vis-à-vis its (prospective) counterparties (that are not SDs, major swap participants (collectively, “Swap Entities”), SBSDs or major security-based swap participants (collectively, “SBS Entities”) prior to entering into SEC-regulated security-based swaps (“SBS”), or CFTC-regulated swaps (“Swap” and collectively with SBS, “Covered Derivatives”).
Swap dealers, when acting as a reporting counterparty for transactions executed off-facility, must transmit to the counterparty the identity of the swap data repository to which primary economic terms data is reported. All swap transactions subjected to transaction reporting with Credit Suisse clients are reported to the DTCC Data Repository (U.S.) LLC.
Clearing Rights Notice. With respect to any Covered Derivative you enter into with Credit Suisse that is subject to the mandatory clearing requirements under Section 2(h) of the Commodity Exchange Act or Section 3Ca-1 of the Securities Exchange Act of 1934, you have the sole right to select the derivatives clearing organization (DCO) or clearing agency at which the Covered Derivative will be cleared. With respect to any Covered Derivative you enter into with Credit Suisse that is not subject such mandatory clearing requirements, you may elect to require clearing of such Covered Derivative and you have the sole right to select the DCO or clearing agency at which the swap or SBS will be cleared, in the case of SBS, provided it is a clearing agency at which Credit Suisse is authorized or permitted, directly or through a designated clearing member, to clear the SBS. A list of all clearing agencies that accept certain SBS for clearing is available at: https://www.isda.org/2021/05/03/current-security-based-swap-clearing/. Credit Suisse is authorized or permitted, directly or through a designated clearing member, to clear certain SBS at the following clearing agencies: ICE Clear Credit and ICE Clear Europe.
The disclosures of certain material information described above and made below, include:
- information relating to the material risks associated with the particular Covered Derivative;
- material characteristics of the particular Covered Derivative, including the material economic terms (“METs”) of the particular Covered Derivative, the terms relating to the operation of the particular Covered Derivative and the rights and obligations of the parties during the term of the particular Covered Derivative; and
- material incentives and conflicts of interest that Credt Suisse International or Credit Suisse AG may have in connection with the Covered Derivative.
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