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.

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Rule 204 of Regulation SHO

On July 28, 2009, the Securities and Exchange Commission ("SEC") adopted Rule 204 of Regulation SHO (PDF). This Rule extends permanently the requirements of the Rule 204T requiring the delivery of equities sold long or short on settlement date.

What this means for you

In compliance with the terms of the Rule, any fail to deliver position must be closed out by the opening of trading on T+4. While Credit Suisse will use its best efforts to minimize the impact of any fails, we may be required to purchase shares from another source to cover your position should you not deliver the necessary shares by settlement. Should the fail continue to exist past the opening of trading on T+4, the Rule requires that shares be pre-borrowed prior to Credit Suisse accepting any short sales in that security from any client until the fail to deliver position is closed out. In such case, clients will be required to obtain a pre-borrow from Credit Suisse’s Stock Loan Department prior to entering a short sale with us.