UBS Ltd, Re [2019] EWHC 261 (Ch) (05 February 2019)

UBS Ltd, Re [2019] EWHC 261 (Ch) (05 February 2019)

The scheme is sanctioned because it is necessary due to Brexit, meets all statutory requirements, has been carefully designed to minimise adverse effects, and no objections remain from clients, customers, or regulators. The court is satisfied that the scheme is appropriate and commercially sensible in the circumstances.

Citation
[2019] EWHC 261 (Ch)
Parties
Applicant: UBS Limited; Applicant: UBS Europe SE
Jurisdiction
England and Wales
Judgment Date
05 February 2019
Procedural Posture
Part VII Transfer Scheme Under Financial Services and Markets Act 2000 / Sanction Hearing and Final Order
Outcome
Scheme sanctioned and order granted
Legal Topics
Part VII Transfer, Cross Border Merger, Brexit Contingency Planning, Contract Transfer, Client Asset Protection, Deposit Taking Business, Regulatory Compliance
Financial Services Law Company Law Banking Law Part VII Transfer Cross Border Merger Brexit Contingency Planning Contract Transfer Client Asset Protection +2 more

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Parties

UBS Limited

Applicant

UBS Europe SE

Applicant

Procedural Posture

Part VII Transfer Scheme Under Financial Services and Markets Act 2000 / Sanction Hearing and Final Order

Legal Issues

  1. 1 Whether the court should sanction the transfer scheme under Part VII FSMA 2000
  2. 2 Whether the scheme adequately protects affected parties' interests
  3. 3 Whether statutory and regulatory requirements are satisfied

Ratio Decidendi

The scheme is sanctioned because it is necessary due to Brexit, meets all statutory requirements, has been carefully designed to minimise adverse effects, and no objections remain from clients, customers, or regulators. The court is satisfied that the scheme is appropriate and commercially sensible in the circumstances.

Court Disposition

Scheme sanctioned and order granted

Orders

  • Sanction of the transfer scheme under Part VII FSMA 2000
  • Ancillary orders to give effect to the scheme