UBS AG Files 20-F for Fiscal Year 2023

Ticker: IWFL · Form: 20-F · Filed: Mar 28, 2024 · CIK: 1114446

Ubs Ag 20-F Filing Summary
FieldDetail
CompanyUbs Ag (IWFL)
Form Type20-F
Filed DateMar 28, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Sentimentneutral

Sentiment: neutral

Topics: annual-report, financials, defined-benefit-plans

TL;DR

UBS AG dropped its 2023 20-F, check out their defined benefit plans and advisor comp.

AI Summary

UBS AG filed its 20-F for the fiscal year ending December 31, 2023. The filing details various aspects of the company's operations, including information on defined benefit plans in the UK, US, Germany, and Switzerland, as well as financial advisor compensation. Key dates mentioned include the reporting period of 20231231 and the filing date of 20240328.

Why It Matters

This filing provides crucial insights into UBS AG's financial health and operational structure for the past fiscal year, impacting investor understanding and regulatory compliance.

Risk Assessment

Risk Level: medium — The filing is a standard annual report, but the complexity of financial institutions and their disclosures can introduce inherent risks.

Key Numbers

  • 2023 — Fiscal Year End (The reporting period covered by the 20-F filing.)
  • 1231 — Fiscal Year End Month/Day (Indicates the end of the fiscal year for reporting.)

Key Players & Entities

  • UBS AG (company) — Filer of the 20-F
  • 20231231 (date) — Conformed period of report
  • 20240328 (date) — Filed as of date
  • 0001114446-24-001605 (accession_number) — Unique identifier for the filing
  • 6021 (sic_code) — Standard Industrial Classification for National Commercial Banks
  • CH 8001 (location) — Business address zip code
  • 06901 (zip_code) — Mail address zip code

FAQ

What is the primary SIC code listed for UBS AG in this filing?

The primary SIC code listed for UBS AG is 6021, which corresponds to National Commercial Banks.

What is the conformed period of report for this 20-F filing?

The conformed period of report for this filing is December 31, 2023 (20231231).

When was this 20-F filing submitted to the SEC?

This 20-F filing was submitted to the SEC on March 28, 2024 (20240328).

What specific types of defined benefit plans are mentioned in the filing?

The filing mentions defined benefit plans for UK, US and German, and Swiss members, as well as major defined benefit plans and fund ownership plans.

What is the business address city and country for UBS AG?

The business address city is Zurich, Switzerland (CH).

Filing Stats: 4,507 words · 18 min read · ~15 pages · Grade level 11 · Accepted 2024-03-28 07:10:45

Filing Documents

Financial Statements

Financial Statements refers to the consolidated financial statements of UBS AG, contained in the Annual Report. In the cross-reference table below, page numbers refer either to the Annual Report or the Supplement, as noted. Please see page 3 of the Annual Report for definitions of terms used in this Form 20-F relating to UBS. Form 20-F item Response or location in this filing Item 1 . Identity of Directors, Senior Management and Advisors. Not applicable. Item 2 . Offer Statistics and Expected Timetable. Not applicable. Item 3. Key Information B – Capitalization and Indebtedness. Not applicable. C – Reasons for the Offer and Use of Proceeds. Not applicable. D – Risk Factors. Annual Report,

Risk factors

Risk factors (23-35). Item 4 . Information on the Company. A – History and Development of the Company Not required under the reduced disclosure format. B – Business Overview. Annual Report, Our businesses (5-11). C – Organizational Structure. Not required under the reduced disclosure format. D – Property, Plant and Equipment. Annual Report, Property, plant and equipment (252) Information required by SEC Regulation S-K Part 1400 Annual Report, Information required by Subpart 1400 of Regulation S-K (253-258), Loss history statistics (76-77), and Note 9 to the Financial Statements ( Financial assets at amortized cost and other positions in scope of expected credit loss measurement) (165- 168). Item 4A . Unresolved Staff Comments. None. Item 5 . Operating and Financial Review and Prospects. A – Operating Results. Annual Report, Financial and operating performance (36-49), Note 1 to the Financial Summary of material accounting policies ) (140-156). B – Liquidity and Capital Resources. Not required under the reduced disclosure format. C—Research and Development, Patents and Licenses, etc. Not required under the reduced disclosure format. D—Trend Information. Not required under the reduced disclosure format. E—Critical Accounting Estimates Not applicable. Item 6. Directors, Senior Management and Employees. A – Directors and Senior Management. Not required under the reduced disclosure format. B – Compensation. Not required under the reduced disclosure format. C – Board practices. 1: Annual Report, Board of Directors (117-119). The term of office for members of the Board of Directors and its Chairman expires after completion of the next Annual General Meeting. The next UBS AG Annual General Meeting is scheduled on 23 April 2024. 2: Annual Report, Clauses on change of control (120), and Note 30 to the Financial Related parties ) (235-237). 3: Annual Report, Members of the Boa

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. (a) Quantitative Information About Market Risk. Annual Report, Market risk (77-85). (b) Qualitative Information About Market Risk. Annual Report, Market risk (77-85). (c) Interim Periods. Not applicable. Item 12.

Description of Securities Other than Equity Securities

Description of Securities Other than Equity Securities. A – Debt Securities Not applicable. B – Warrants and Rights Not applicable. C – Other Securities Not applicable. D – American Depositary Shares Not applicable. Item 13 . Defaults, Dividend Arrearages and Delinquencies. There has been no material default in respect of any indebtedness of UBS or any of its significant subsidiaries or any arrearages of dividends or any other material delinquency not cured within 30 days relating to any preferred stock of UBS AG or any of its significant subsidiaries. Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds. None. Item 15.

Controls and Procedures

Controls and Procedures. (a) Disclosure Controls and Procedures Annual Report, US disclosure requirements (123), and Exhibit 12 to this Form 20- F. Annual Report 2023 7 (b) Management's Annual Report on Internal Control over Financial Reporting Annual Report, Management's report on internal control over financial reporting (125). (c) Attestation Report of the Registered Public Accounting Firm Annual Report, Report of Independent Registered Public Accounting Firm (126). (d) Changes in Internal Control over Financial Reporting None. Item 16A. Audit Committee Financial Expert. Not required under the reduced disclosure format. Item 16B. Code of Ethics. Not required under the reduced disclosure format. Item 16C. Principal Accountant Fees and Services. Annual Report, Auditors (121-122). None of the non-audit services so disclosed were approved by the Audit Committee pursuant to paragraph (c) (7)(i)(C) of Rule 2-01 of Regulation S-X. Item 16D. Exemptions from the Listing Standards for Audit Committees. Not applicable. Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers. UBS AG does not have any class of equity securities registered pursuant to Section 12 of the Exchange Act. Item 16F. Changes in Registrant's Certifying Accountant. Not applicable. Item 16G. Corporate Governance. UBS AG has debt securities listed on the New York Stock Exchange (NYSE), and therefore discloses below the key differences from its corporate governance practices to the NYSE standards relevant to US-listed companies. Responsibility of the Audit Committee regarding independent auditors Our Audit Committee is responsible for the compensation, retention and oversight of independent auditors. It assesses the performance and qualifications of external auditors and submits proposals for appointment, reappointment or removal of independent auditors to the BoD. As required by the Swiss Code of Obligations,

Financial Statements

Financial Statements. Not applicable. Item 18.

Financial Statements

Financial Statements. Annual Report,

Financial statements

Financial statements (124-249), and Additional regulatory information (251-258). Item 19. Exhibits Supplement (14). Annual Report 2023 9 Supplemental information Disclosure Pursuant To Section 219 of the Iran Threat Reduction And Syrian Human Rights Act Section 219 of the US Iran Threat Reduction and Syria Human Rights Act of 2012 ("ITRA") added Section 13(r) to the US Securities Exchange Act of 1934, as amended (the "Exchange Act") requiring each SEC reporting issuer to disclose in its annual and, if applicable, quarterly reports whether it or any of its affiliates have knowingly engaged in certain activities, transactions or dealings relating to Iran or with the Government of Iran or certain designated natural persons or entities involved in terrorism or the proliferation of weapons of mass destruction during the period covered by the report. The required disclosure may include reporting of activities not prohibited by US or other law, even if conducted outside the US by non-US affiliates in compliance with local law. Pursuant to Section 13(r) of the Exchange Act, we note the following for the period covered by this annual report: UBS has a Group Sanctions Policy that prohibits transactions involving sanctioned countries, including Iran, and sanctioned individuals and entities. However, UBS Switzerland AG maintains one account involving the Iranian government under the auspices of the United Nations in Geneva after agreeing with the Swiss government that it would do so only under certain conditions. These conditions include that payments involving the account must: (1) be made within Switzerland; (2) be consistent with paying rent, salaries, telephone and other expenses necessary for its operations in Geneva; and (3) not involve any Specially Designated Nationals (SDNs) blocked or otherwise restricted under US or Swiss law. In 2023, the gross revenues for this UN-related account were approximately USD 5,731.46. We do not

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