UBS Ltd, Re

The scheme is appropriate and necessary to preserve contractual relationships and business continuity for UBS and its clients in the EEA post-Brexit, all statutory and procedural requirements are satisfied, adverse effects are either mitigated or inevitable, and no objections have been maintained; therefore, the court sanctions the scheme.

Parties: Applicant: UBS Limited; Applicant: UBS Europe SE
Jurisdiction: England and Wales
Judgment Date: 05 February 2019
Procedural Posture: Part VII Transfer/scheme of Arrangement / Sanction Hearing and Final Order
Outcome: Scheme sanctioned and order granted
Legal Topics: Cross Border Mergers, Transfer of Banking Business, Brexit Contingency Planning, Sanction of Schemes Under FSMA, Client Asset Protection

Banking and Finance Law Company Law Financial Services Regulation Cross Border Mergers Transfer of Banking Business Brexit Contingency Planning Sanction of Schemes Under FSMA Client Asset Protection

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Parties

UBS Limited

Applicant

UBS Europe SE

Applicant

Procedural Posture

Part VII Transfer/scheme of Arrangement / Sanction Hearing and Final Order

Legal Issues

1 Whether the court should sanction the proposed transfer scheme under Part VII of the Financial Services and Markets Act 2000 for the transfer of UBS Ltd's business to UBS Europe SE in light of Brexit and associated loss of passporting rights.

Ratio Decidendi

Court Disposition

Scheme sanctioned and order granted

Orders

The scheme of transfer under Part VII FSMA is sanctioned, including all ancillary provisions necessary to give effect to the scheme.