UBS Group Wins US Clearance for Crisis Resolution Contingency

UBS Group (UBSG.SW) received approval from the US Securities and Exchange Commission for its plan to convert certain debt securities into equity as part of its crisis resolution plan. The Swiss bank will not be required to register such an offering with the SEC if such a conversion is ordered by the Swiss Financial Market Supervisory Authority, according to a Wednesday release from the regulator. The potential conversion is part of resolution contingencies in case UBS becomes non-viable.