Cross Border Disclaimer
Bahrain: UBS Europe SE, Luxembourg Branch is a branch of UBS Europe SE. UBS Europe SE is a German bank not licensed, supervised or regulated in Bahrain by the Central Bank of Bahrain and does not undertake banking or investment business activities in Bahrain. Therefore, the clients have no protection under local banking and investment services laws and regulations.
Brazil: Securities mentioned in this material have not been, and will not be, submitted for approval nor registered with the Securities and Exchange Commission of Brazil (CVM). Documents and information contained herein are not being used in connection with any offer for subscription or sale to the public in Brazil.
Canada: Product Offering Disclaimer - All current and future information and documentation provided to you by UBS, including but not limited to, market data, research and product information is provided to you for information and marketing purposes only. The information contained in such material is not, and under no circumstances to be construed as, a prospectus, an advertisement, a public offering, an offer to sell securities described therein, solicitation of an offer to buy securities described therein, in Canada or any province or territory thereof. Any offer or sale of the securities described therein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by a dealer properly registered under applicable securities laws or, alternatively, pursuant to an exemption from the dealer registration requirement in the relevant province or territory of Canada in which such offer or sale is made. Under no circumstances is the information contained therein to be construed as investment advice in any province or territory of Canada and is not tailored to the needs of the recipient. To the extent that the information contained therein references securities of an issuer incorporated, formed or created under the laws of Canada or a province or territory of Canada, any trades in such securities must be conducted through a dealer registered in Canada or, alternatively, pursuant to a dealer registration exemption. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon these materials, the information contained therein or the merits of the securities described therein and any representation to the contrary is an offence.
Investing in certain investment products and/or receiving financial services may have adverse tax implications depending upon a client's personal circumstances. The effect of a particular product or service on the client's overall tax situation may be difficult to assess. UBS is unable to give any guarantee or assurance regarding the potential tax implications of any investment product or service made available to its clients and accordingly shall not assume any responsibility or liability for any adverse tax implications whatsoever as a consequence of any such product or service. UBS recommends that clients consult with qualified tax advisors to assess the effect of particular products and services on their personal tax situation.
Certain Canadian Federal Income Tax Considerations - The Income Tax Act (Canada) (the “Tax Act”) includes rules (the “Offshore Investment Rules”) that may require an amount to be included in the income of an investor that holds an “offshore investment fund property”. The Offshore Investment Rules may apply where (i) an offshore investment fund property derives its value primarily from “portfolio investments” in certain assets, and (ii) one of the main reasons for the investment is to derive a benefit from portfolio investments in these assets in such a manner that taxes on the income, profits and gains from the assets are significantly less than the tax applicable under the Tax Act if such income, profits and gains had been earned directly by the investor. The income inclusion each year is generally equal to a prescribed rate multiplied by the “designated cost“ of the property to the investor, reduced by income (other than capital gains) from the offshore investment fund property determined under the other provisions of the Tax Act and included in the investor’s income for the year. Accordingly, if the Offshore Investment Rules apply to an investor, the investor may be required to include in taxable income amounts that the investor has not earned or received.
The Tax Act contains rules for the taxation of income of non-resident trusts (the "NRT Rules"). These rules will not apply in respect of “exempt foreign trusts” (as defined in the Tax Act). Subject to detailed provisions, exempt foreign trusts would generally include commercial trusts. Where, however, a non-resident trust is an exempt foreign trust because it is a commercial trust, an investor (x) that holds, either alone or together with (i) any persons not dealing at arm’s length with the investor or (ii) any persons who acquired their interest in the trust in exchange for consideration given to the trust by the investor, at least a 10% interest (as defined and determined based on fair market value) in such trust, or (y) that has contributed “restricted property” (as defined in the Tax Act) to such trust, will be required to include in income a percentage of that trust’s “foreign accrual property income” (as defined in the Tax Act, the "FAPI Rules"). Other investors in a commercial trust may be subject to the Offshore Investment Rules discussed above.
The foregoing summary provides a general description of the Offshore Investment Rules and the FAPI Rules, and should not be construed as advice to any particular investor regarding the implications of such rules in the investor’s particular circumstances.
If the total “equity percentage” (as defined in the Tax Act) of a Canadian investor (and related persons) is 10% or more in a particular corporation, the investor may be subject to the rules in the Tax Act which require the inclusion of a percentage of the foreign accrual property income of the corporation in computing the income of the investor, rather than the application of the Offshore Investment Rules.
Investors should consult their own tax advisors in this regard.
Egypt: Securities or other investment products are not being offered or sold by UBS Europe SE, Luxembourg Branch to the public in Egypt and they have not been and will not be registered with the Egyptian Financial Regulatory Authority (FRA).
Guernsey: UBS Europe SE, Luxembourg Branch is a branch of UBS Europe SE. UBS Europe SE is a German bank that does not have a place of business in the Bailiwick. This communication and any offering material term sheet, research report, other product or service documentation or any other information (the " Material") sent with this communication is not for private investors and is done so as a result of a request received by UBS Europe SE, Luxembourg Branch ("UBSL") from you and/or persons entitled to make the request on your behalf. Should you have received the Material erroneously, UBSL asks that you kindly delete the e-mail and inform UBSL immediately. The Material, where provided, was provided for your information only and is not to be further distributed without the consent of UBSL. The Material may not have been approved, disapproved or endorsed by any financial or regulatory authority in your jurisdiction. UBSL has not, by virtue of the Material, made available, issued any invitation to subscribe for or to purchase any investment (including securities or products or futures contracts). The Material is neither an offer nor a solicitation to enter into any transaction or contract (including future contracts) nor is it an offer to buy or to sell any securities or products. The relevant investments will be subject to restrictions and obligations on transfer as set forth in the Material, and by receiving the Material you undertake to comply fully with such restrictions and obligations. You should carefully study and ensure that you understand and exercise due care and discretion in considering your investment objective, risk appetite and personal circumstances against the risk of the investment. You are advised to seek independent professional advice in case of doubt. Any and all advice provided on and/or trades executed by UBSL pursuant to the Material will only have been provided upon your specific request or executed upon your specific instructions, as the case may be, and may be deemed as such by UBSL and you.
Hong Kong: UBS Europe SE, Luxembourg Branch is a branch of UBS Europe SE. UBS Europe SE is a German bank not licensed, supervised or regulated in Hong Kong. Therefore, UBS Europe SE, Luxembourg Branch is not an authorized institution within the meaning of the Banking Ordinance and is therefore not subject to the supervision of the Hong Kong Monetary Authority. In addition, certain services and products referred to in the document may be subject to legal restrictions and/or license or permission requirements and cannot therefore be offered worldwide on an unrestricted basis.
Indonesia: This communication and any offering material term sheet, research report, other product or service documentation or any other information (the " Material") sent with this communication is done so as a result of a request received by UBS Europe SE, Luxembourg Branch ("UBSL") from you and/or persons entitled to make the request on your behalf. Should you have received the Material erroneously, UBSL asks that you kindly delete the e-mail and inform UBSL immediately. The Material, where provided, was provided for your information only and is not to be further distributed without the consent of UBSL. The Material may not have been approved, disapproved or endorsed by any financial or regulatory authority in your jurisdiction. UBSL has not, by virtue of the Material, made available, issued any invitation to subscribe for or to purchase any investment (including securities or products or futures contracts). The Material is neither an offer nor a solicitation to enter into any transaction or contract (including future contracts) nor is it an offer to buy or to sell any securities or products. The relevant investments will be subject to restrictions and obligations on transfer as set forth in the Material, and by receiving the Material you undertake to comply fully with such restrictions and obligations. You should carefully study and ensure that you understand and exercise due care and discretion in considering your investment objective, risk appetite and personal circumstances against the risk of the investment. You are advised to seek independent professional advice in case of doubt. Any and all advice provided on and/or trades executed by UBSL pursuant to the Material will only have been provided upon your specific request or executed upon your specific instructions, as the case may be, and may be deemed as such by UBSL and you.
Malaysia: This communication and any offering material term sheet, research report, other product or service documentation or any other information (the "Material") sent with this communication was done so as a result of a request received by UBS Europe SE, Luxembourg Branch ("UBSL") from you and/or persons entitled to make the request on your behalf. Should you have received the Material erroneously, UBSL asks that you kindly delete the e-mail and inform UBSL immediately. The Material, where provided, was provided for your information only and is not to be further distributed in whole or in part in or into your jurisdiction without the consent of UBSL. The Material may not have been reviewed, approved, disapproved or endorsed by any financial or regulatory authority in your jurisdiction. UBSL has not, by virtue of the Material, made available, issued any invitation to subscribe for or to purchase any investment (including securities or products or futures contracts). The Material is neither an offer nor a solicitation to enter into any transaction or contract (including future contracts) nor is it an offer to buy or to sell any securities or products. The relevant investments will be subject to restrictions and obligations on transfer as set forth in the Material, and by receiving the Material you undertake to comply fully with such restrictions and obligations. You should carefully study and ensure that you understand and exercise due care and discretion in considering your investment objective, risk appetite and personal circumstances against the risk of the investment. You are advised to seek independent professional advice in case of doubt.
Any and all advice provided on and/or trades executed by UBSL pursuant to the Material will only have been provided upon your specific request or executed upon your specific instructions, as the case may be, and may be deemed as such by UBSL and you.
With regards to any Private Placement Memorandum you might have been provided with, nothing in it constitutes the making available, or offer for subscription or purchase, or invitation to subscribe for or purchase, or sale, of Interests in the Fund in Malaysia. No approval of, or recognition by, the Securities Commission of Malaysia has been or will be obtained for the making available, offer for subscription or purchase, or invitation to subscribe for or purchase, or sale, of Interests in the Fund to any persons in Malaysia. In addition, no approval of the Registrar of Companies in Malaysia has been or will be obtained for the issuance, or offer for subscription or purchase, or invitation to subscribe for or purchase, or sale of Interests in the Fund to the public in Malaysia. Accordingly, Interests in the Fund will only be made available or offered or sold exclusively to persons outside Malaysia. This Private Placement Memorandum or any disclosure document has not and will not be registered or deposited with the Securities Commission of Malaysia, on the basis that the Interests in the Fund will not be made available, offered or sold in Malaysia. This Private Placement Memorandum may not be circulated or distributed in Malaysia, whether directly or indirectly, for the purpose of making available, or offer for subscription or purchase, or invitation to subscribe for or purchase, or sale, of Interests in the Fund in Malaysia.
Nigeria: UBS Europe SE, Luxembourg Branch ("UBSL") is a branch of UBS Europe SE. UBS Europe SE and its branches and subsidiaries ("UBS") are not licensed, supervised or regulated in Nigeria by the Central Bank of Nigeria (CBN) or the Nigerian Securities and Exchange Commission (SEC) and do not undertake banking or investment business activities in Nigeria.
Any investment products mentioned in the material provided to you are not being offered or sold by UBSL to the public in Nigeria and they have not been submitted for approval nor registered with the Securities and Exchange Commission of Nigeria (SEC). If you are interested in products of this nature, please let us know and we will direct you to someone who can advise you.
The investment products mentioned in the material are not being directed to, and are not being made available for subscription by any persons within Nigeria other than the selected investors to whom the offer materials have been addressed as a private sale or domestic concern within the exemption and meaning of Section 69(2) of the Investments and Securities Act, 2007 (ISA).
Any material relating to Collective Investment Schemes has been provided to you at your specific unsolicited request and for your information only. The investment products mentioned in such material are not being offered or made available for sale by UBSL in Nigeria and they have not been submitted for approval nor registered with the Securities and Exchange Commission of Nigeria (SEC).
Philippines: This communication and any offering material term sheet, research report, other product or service documentation or any other information (the " Material") sent with this communication is done so as a result of a request received by UBS Europe SE, Luxembourg Branch ("UBSL") from you and/or persons entitled to make the request on your behalf. Should you have received the Material erroneously, UBSL asks that you kindly delete the e-mail and inform UBSL immediately. The Material, where provided, was provided for your information only and is not to be further distributed without the consent of UBSL. The Material may not have been approved, disapproved or endorsed by any financial or regulatory authority in your jurisdiction. UBSL has not, by virtue of the Material, made available, issued any invitation to subscribe for or to purchase any investment (including securities or products or futures contracts). The Material is neither an offer nor a solicitation to enter into any transaction or contract (including future contracts) nor is it an offer to buy or to sell any securities or products. The relevant investments will be subject to restrictions and obligations on transfer as set forth in the Material, and by receiving the Material you undertake to comply fully with such restrictions and obligations. You should carefully study and ensure that you understand and exercise due care and discretion in considering your investment objective, risk appetite and personal circumstances against the risk of the investment. You are advised to seek independent professional advice in case of doubt. Any and all advice provided on and/or trades executed by UBSL pursuant to the Material will only have been provided upon your specific request or executed upon your specific instructions, as the case may be, and may be deemed as such by UBSL and you.
Russia: This document or information contained therein is for information purposes only and constitute neither a public nor a private offering, is not an invitation to make offers, to sell, exchange or otherwise transfer any financial instruments in the Russian Federation to or for the benefit of any Russian person or entity and does not constitute an advertisement or offering of securities in the Russian Federation within the meaning of Russian securities laws. The information contained herein is not an “individual investment recommendation” as defined in Federal Law of 22 April 1996 No 39-FZ “On Securities Market” (as amended) and the financial instruments and operations specified herein may not be suitable for your investment profile or your investment goals or expectations. The determination of whether or not such financial instruments and operations are in your interests or are suitable for your investment goals, investment horizon or the acceptable risk level is your responsibility. We assume no liability for any losses connected with making any such operations or investing into any such financial instruments and we do not recommend to use such information as the only source of information for making an investment decision.
UBS employees travelling to Russia are neither authorized to conclude contracts nor to negotiate financial terms thereof while in Russia. Contracts only become binding on UBS once confirmed in Luxembourg. UBS employees traveling to Russia are not permitted to provide an investment recommendation. Information on securities or investment products provided within Russia therefore illustrate generic capabilities of UBS or product or asset classes and do not necessarily reflect the risk profile or investment goals of the client, hence such information does not represent advice.
Please note that the (i) Federal Law on the Currency Regulation (Federal Law No. 173-FZ “On Currency Regulation and Currency Control” dated 10 December 2003); and (ii) other Russian laws and regulations including, but not limited to Presidential Decrees dated 28 February, 01 March and 05 March 2022, which introduced certain temporary economic measures; in their form as amended from time to time (together – the “Currency Control Laws”), may be applicable and impose certain obligations and restrictions upon you.
It is your sole responsibility to comply with the Currency Control Laws and to obtain necessary legal and tax advice in connection with, inter alia, entering into, execution and termination of, the banking relationship with UBS, opening and closing current and custody accounts under the terms of, and for the purposes of, such banking relationship, and transactions conducted on accounts, including, but not limited to purchase, redemption, liquidation or disposal of the investment instruments and crediting and debiting of the funds to the accounts within the banking relationship with UBS.
UBS shall not be liable for any damages and losses that might be incurred by you in connection with your obligations to comply with the requirements of the Currency Control Laws with respect to the banking relationship with UBS.
Singapore: This communication and any offering material term sheet, research report, other product or service documentation or any other information (the " Material") sent with this communication is done so as a result of a request received by UBS Europe SE, Luxembourg Branch ("UBSL") from you and/or persons entitled to make the request on your behalf. Should you have received the Material erroneously, UBSL asks that you kindly delete the e-mail and inform UBSL immediately. The Material, where provided, was provided for your information only and is not to be further distributed without the consent of UBSL. The Material may not have been approved, disapproved or endorsed by any financial or regulatory authority in your jurisdiction. UBSL has not, by virtue of the Material, made available, issued any invitation to subscribe for or to purchase any investment (including securities or products or futures contracts). The Material is neither an offer nor a solicitation to enter into any transaction or contract (including future contracts) nor is it an offer to buy or to sell any securities or products. The relevant investments will be subject to restrictions and obligations on transfer as set forth in the Material, and by receiving the Material you undertake to comply fully with such restrictions and obligations. You should carefully study and ensure that you understand and exercise due care and discretion in considering your investment objective, risk appetite and personal circumstances against the risk of the investment. You are advised to seek independent professional advice in case of doubt. Any and all advice provided on and/or trades executed by UBSL pursuant to the Material will only have been provided upon your specific request or executed upon your specific instructions, as the case may be, and may be deemed as such by UBSL and you.
Thailand: This communication and any offering material term sheet, research report, other product or service documentation or any other information (the " Material") sent with this communication is done so as a result of a request received by UBS Europe SE, Luxembourg Branch ("UBSL") from you and/or persons entitled to make the request on your behalf. Should you have received the Material erroneously, UBSL asks that you kindly delete the e-mail and inform UBSL immediately. The Material, where provided, was provided for your information only and is not to be further distributed without the consent of UBSL. The Material may not have been approved, disapproved or endorsed by any financial or regulatory authority in your jurisdiction. UBSL has not, by virtue of the Material, made available, issued any invitation to subscribe for or to purchase any investment (including securities or products or futures contracts). The Material is neither an offer nor a solicitation to enter into any transaction or contract (including future contracts) nor is it an offer to buy or to sell any securities or products. The relevant investments will be subject to restrictions and obligations on transfer as set forth in the Material, and by receiving the Material you undertake to comply fully with such restrictions and obligations. You should carefully study and ensure that you understand and exercise due care and discretion in considering your investment objective, risk appetite and personal circumstances against the risk of the investment. You are advised to seek independent professional advice in case of doubt. Any and all advice provided on and/or trades executed by UBSL pursuant to the Material will only have been provided upon your specific request or executed upon your specific instructions, as the case may be, and may be deemed as such by UBSL and you.
Türkiye: The information in this document is not provided for the purpose of offering, marketing or sale of any capital market instruments or service in the Republic of Türkiye. Therefore, this document may not be considered as an offer made, or to be made, to residents of the Republic of Türkiye in the Republic of Türkiye. UBS Europe SE, Luxembourg Branch ("UBSL") is a branch of UBS Europe SE. UBS Europe SE is not licensed by the Turkish Capital Market Board (the CMB) under the provisions of the Capital Market Law (Law No. 6362). Accordingly neither this document nor any other offering material related to the instrument/service may be utilized in connection with providing any capital market services to persons within the Republic of Türkiye without the prior approval of the CMB. However, according to article 15 (d) (ii) of the Decree No. 32, there is no restriction on the purchase or sale of the instruments by residents of the Republic of Türkiye.
UAE: UBS Europe SE, Luxembourg Branch ("UBSL") is a branch of UBS Europe SE. UBS Europe SE is not licensed in the UAE by the Central Bank of UAE or by the Securities & Commodities Authority. The UBS AG Dubai Branch is licensed in the DIFC by the Dubaï Financial Services Authority as an authorised firm.
UK: Where products or services are provided from outside the UK, they will not be covered by the UK regulatory regime or the Financial Services Compensation Scheme. In accordance with regulatory requirements, we must point out that with regard to any investments mentioned, the value of an investment and the income from it can fall as well as rise (as a result of market and currency fluctuations) and you may not get back the amount originally invested. Changes in FX rates may have an adverse effect on the price, value or income of an investment. Values may fall as well as rise. Past performance is not a reliable indicator of future results. Tax information is provided based upon our understanding of current tax legislation and applicable rates. These may change in the future and they may not apply to your individual circumstances. UBS does not give legal or tax advice and you should consult your independent legal, tax and other professional advisers for specific advice, including before entering into or refraining from entering into any investment. In the United Kingdom, alternative investment funds that have not been authorised or approved by the regulator are classified as unregulated collective investment schemes. Such funds have their own specific risks and marketing them to Private Clients is prohibited unless an exemption applies. Any financing proposals included in this document are indicative only and subject to the credit approval process of UBS Europe SE, Luxembourg Branch (“UBS”), due diligence and documentation and do not therefore represent a commitment to lend on terms or structures outlined herein. UBS or its associates may have long or short positions in one or more of the investments described herein. UBS provides non-independent advice on retail investment products which is based on the products issued by a limited number of companies which we have carefully selected and assessed as suitable for our clients' needs. UBS may also provide restricted advice in respect of packaged products such as life insurance contracts and regulated collective investment schemes. For structured products, neither the principal amount nor any return due through the form of a coupon, based on the performance of the underlying indices is assured in the event of early redemption by the investor. Investors should take note of any additional restrictions imposed on the certificate holders during the life of the security as detailed in the term sheet. Where an attachment is a third party document, please be aware that it has been drafted without any input from UBS. The document is intended for the sole purpose of information and is not intended as an offer, or a solicitation of an offer to make any investment. Although all information expressed was obtained from sources believed to be reliable and in good faith, no representation or warranty, express or implied, is made as to its accuracy or completeness.
With regards to financial promotion of Private Markets to High Net Worth Investors - The content of this promotion has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000. Reliance on this promotion for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested.
With regards to financial promotion to Exempted Persons - This communication is being sent only to investment professionals, high net worth companies, high net worth unincorporated associations or partnerships, trustee of a high value trust, (terms as defined in article 19(5) and article 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (“FPO”)) or to persons to whom it would otherwise be lawful to distribute it. Accordingly, persons who do not have professional experience in matters relating to investments should not rely on this communication. Investments and financial services contemplated in this communication will only be available to the persons defined above.
Ukraine: UBS is a premier global financial services firm offering wealth management services to individual, corporate and institutional investors. UBS is established in Switzerland and operates under Swiss law and in over 50 countries and from all major financial centers. UBS Europe SE, Luxembourg Branch is a branch of UBS Europe SE. UBS Europe SE is not licensed as a bank/financial institution under Ukrainian legislation and does not provide banking and financial services in Ukraine. UBSL has not made and will not make any offer of the mentioned products to the public in Ukraine. No action has been taken to authorize an offer of the mentioned products to the public in Ukraine and the distribution of this document shall not constitute financial services for the purposes of the Law of Ukraine "On Financial Services and State Regulation of Financial Services Markets" dated 12 July 2001. Any offer of the mentioned products shall not constitute circulation, distribution, placement, sale, purchase or other transfer of securities in the territory of Ukraine. Accordingly, nothing in this document or any other documents, information or communications related to the mentioned products shall be interpreted as containing any offer or invitation to, or solicitation of, any such circulation, distribution, placement, sale, purchase or other transfer of securities in the territory of Ukraine. Electronic communication must not be considered as an offer to enter into an electronic agreement or other electronic instrument ("електронний правочин") within the meaning of the Law of Ukraine "On Electronic Commerce" dated 3 September 2015. This document is strictly for private use by its recipient and may not be passed on to third parties or otherwise publicly distributed.
Uruguay:
1) All securities / investment funds/products/services that will be offered to you by UBS
i) Are not and will not be registered with the Central Bank of Uruguay (BCU) to be publicly offered in Uruguay unless explicitly stated otherwise;
ii) Are offered to you on a private basis pursuant to section 2 of the Uruguayan law 18.627
2) Investment funds that will be offered to you correspond to investment funds that are not investment funds regulated by Uruguayan law 16,774 dated September 27, 1996, as amended unless explicitly stated otherwise; and
3) UBS represents and agrees that it has not offered or sold, and will not offer or sell, any securities/investment funds/products/services to the public in Uruguay, except in circumstances which do not constitute a public offering or distribution under Uruguayan laws and regulations.
4) UBS is not subject to supervision of the Uruguayan regulator (BCU). Deposits held with UBS are not protected by the Uruguayan Guarantee Fund of Bank Deposits. The deposits are subject to the applicable law and regulations of the respective UBS Booking Centre.
Upon request UBS can provide you with the following regarding investment funds:
1) How to access information which must be made available to investors according to the regulations of the country where the investment fund was established;
2) The investment fund rules and regulations; and
3) Information on the obligations of the investment fund's distributor.
USA: UBS Europe SE, Luxembourg Branch is a branch of UBS Europe SE. UBS Europe SE is not licensed in the United States. Any investment advisory or brokerage services in the United States can only be offered or provided by UBS affiliates which are licensed or exempt from registration to render such services in the United States. Wealth management services in the United States are provided by UBS Financial Services Inc. (“UBSFS”), a subsidiary of UBS AG. UBSFS is a registered broker-dealer offering securities, trading, brokerage services, and related products and services. UBSFS is a member of the Securities Investor Protection Corp. (SIPC) and the Financial Industry Regulatory Authority (FINRA). In providing wealth management services to clients, UBSFS offers both investment advisory services and brokerage services. Investment advisory services and brokerage services are separate and distinct, differ in material ways, and are governed by different laws and separate arrangements. It is important that clients understand the ways in which UBSFS conducts business and that they carefully read the agreements and disclosures that provided to them about the products or services UBSFS offers. For more information on products and services, visit www.ubs.com/workingwithus