Full text of UBS FINANCIAL SERVICES INC.'s X-17A-5 filed 2021-03-01 (period 2020-12-31). Broker-dealer annual report from SEC EDGAR — readable, searchable, and available as markdown for AI agents.
{0}------------------------------------------------ ## Notes to Consolidated Statement of Financial Condition Year Ended December 31, 2020 *(Amoums in Thousands of Dollars)* ### **1. Organization** UBS Financial Services Inc. ("UBSFSI") is registered as a broker-dealer with the Securities and Exchange Commission ("SEC"), a futures commission merchant with the Commodity Futures Trading Conunission ("CFTC") and Lhe ational Futures Association and is a member of various exchanges and the Financial lndustry Regulatory Authority ("FTNRA"). UBSFSl's business activities include securities and commodities brokerage, investment advisory and asset management services to serve the investment, cash management, financial planning and borrowing needs of individual and instirutional clients. UBSFSI is a wholly owned subsidiary of UBS Americas Jnc. ("UBS Americas") which is a wholly owned subsidiary of UBS Americas Holding LLC ("UBSAHL''). UBSAHL was established in order to become the intem1ediate holding company for all United States subsidiaries of UBS Group AG ("UBS" or "Group") pursuant to the rules enacted for foreign banks in the United States. UBSAflL js a wholly owned subsidiary of UBS AG which is a wholly owned subsidiary of UBS. #### **2. Summary of Significant Accounting Policies** ### **Principles of Consolidation and Basis of Presentation** The consolidated statement of financial condition includes tbe accounts of UBSFSI and its wl10lly owned subsidiaries (col.lecrively, the "Company"). the largest of which is UBS Financial Services Incorporated of Puerto Ri,co ("UBSFSTPR"). All material intercompany balances and transactions bave been eliminated. UBSFSI consolidates entities in which UBSFSI has a controlling financial interest. UBSFSI detemlines whether it has a contro!Ling financial interest in an enricy by first evaluating whether the entity is a voting interest entity or a variable interest entity ( 11VfE11). At December 31 . 2020, the Company does not have any interests in VIEs. The consolidated statement of financial condition is prepared in conformity with accounting principles generally accepted in the United States, which requjres management to make judgments and assumptions that affect the amounts reported in the consolidated statement of financial condition and accompanying notes. Actual results could differ from those estimates. Management makes estimates regarding valuations of certain assets and liabilities. expected credit losses, the outcome o…Read the full text as markdown