# VONTOBEL SECURITIES LTD. X-17A-5 (2026-03-06) — Broker-dealer annual report - Company: VONTOBEL SECURITIES LTD. - Form: X-17A-5 - Filed: 2026-03-06 - Period: 2025-12-31 - Accession: 0000825602-26-000011 - CIK: 825602 - File #: 8-38977 - Type: Broker-dealer - Material weakness: No - Auditor: Ernst & Young Ltd - Auditor location: Basel, V8 - Contact: Susanne Schuemperli - Phone: 0041 582835520 - Website: ey.com - Signed by: Beat Dunki (CEO) Original filing: https://www.sec.gov/Archives/edgar/data/825602/000082560226000011/2025VonSecUSGAAPfinancials.pdf --- {0}------------------------------------------------ # Report of Independent Registered Public Accounting Firm with financial statements and supplemental information as of December 31, 2025 of Vontobel Securities Ltd, Zurich {1}------------------------------------------------ ![](_page_1_Picture_0.jpeg) Aeschengraben 27 www.ey.com/en ch P.O. Box EY Ernst & Young Ltd Phone: +41 58 286 86 86 To the Shareholder and Board of Directors of Vontobel Securities Ltd, Zurich # Report of the Independent Registered Public Accounting Firm # Opinion on the Financial Statements We have audited the accompanying statement of financial condition of Vontobel Securities Ltd (the Company) as of December 31, 2025, the related statements of operations, changes in shareholder's equity and cash flows for the year then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025, and the results of its operations and its cash flows for the year then ended in conformity with U.S. generally accepted accounting principles. # Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are apublic accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. # Supplemental Information The accompanying information contained in Schedules I (computation of net capital under Rule 15c3-1 of the Securities and Exchange Commission) and II (computation for determination of reserve requirements and information relating to possession of control requirements under Rule 15c3-3 of the Securities and Exchange Commission) has been subjected to audit procedures performed in conjunction with the audit of the Company's financial statements. Such information is the responsibility of the Company's management. Our audit procedures included determining whether the information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information. Informing our opinion on the information, we evaluated whether such information, including its form and content, is presented in conformity with Rule 17a-5 under the Securities Exchange Act of 1934. In our opinion, the information is fairly stated, in all material respects, in relation to the financial statements as a whole. {2}------------------------------------------------ Ernst & Young Ltd Kristina Prenrecaj Daniel Ramseier Certified Public Accou tant (Switzerland) Certified Public Accountant (Switzerland) (Auditor in charge) ~~~~Z~! ~ ~? . r-~~.c~~ We have served as the Company's auditor since 2012 Basle, Switzerland February 27, 2026 ### Enclosures - Financial statements (statement of financial condition and related statements of operations, changes in shareholder's equity and cash flows and related notes) - Schedule I: Computation of net capital under Rule 15c3-1 of the Securities and Exchange Commission - ► **Schedule II: Computation for determination of reserve requirements and information relating to** - **possession of control requirements under Rule 15c3-3 of the Securities and Exchange Commission** {3}------------------------------------------------ ### **Statement of Financial Condition December 31, 2025** | | CHF | USD | |--------------------------------------------------------------|-----------|------------| | Assets | | | | Cash and cash equivalents | 8,840,996 | 11,159,351 | | Prepaid expenses | 5,781 | 7,297 | | Fail to deliver | 3,893 | 4,914 | | Other assets | 1,422 | 1,795 | | Total assets | 8,852,092 | 11,173,357 | | Liabilities and shareholder's equity | | | | Liabilities | | | | Accrued expenses | 346,905 | 437,873 | | Other liabilities | 86,519 | 109,207 | | Fail to receive | 3,893 | 4,914 | | Deferred tax liabilities | 3,066 | 3,870 | | Total liabilities | 440,383 | 555,864 | | Shareholder's equity | | | | Share capital, CHF 1,000 par value, 2,000 shares authorized, | | | | issued and outstanding | 2,000,000 | 2,524,456 | | Additional paid-in capital | 7,000,000 | 8,835,595 | | Accumulated deficit | (588,291) | (742,558) | | Total shareholder's equity | 8,411,709 | 10,617,493 | | Total liabilities and shareholder's equity | 8,852,092 | 11,173,357 | *The accompanying notes are an integral part of these financial statements.* {4}------------------------------------------------ ### **Statement of Operations For the year ended December 31, 2025** | | CHF | USD | |------------------------------------------|-----------|-----------| | REVENUES | | | | Commission income | 3,759,720 | 4,745,624 | | Other income | 4,618 | 5,829 | | Interest income | 1,320 | 1,666 | | Net loss from market maker transactions | (163) | (206) | | Total revenues | 3,765,495 | 4,752,913 | | EXPENSES | | | | Employee compensation and benefits | 1,107,147 | 1,397,472 | | Technology and communications | 376,312 | 474,991 | | Occupancy and equipment costs | 113,125 | 142,790 | | Professional fees | 113,066 | 142,715 | | Clearance fees | 81,394 | 102,738 | | Other expenses | 250,481 | 316,164 | | Total expenses | 2,041,525 | 2,576,870 | | Income before provision for income taxes | 1,723,970 | 2,176,043 | | Less: provision for income taxes | (290,147) | (366,232) | | Net income | 1,433,823 | 1,809,811 | *The accompanying notes are an integral part of these financial statements.* {5}------------------------------------------------ ## **Statement of Changes in Shareholder's Equity For the year ended December 31, 2025** | | CHF | CHF | CHF | CHF | |----------------------------------------------------------|-----------|-----------|-------------|-------------| | Shareholder's equity, beginning of year | 2,000,000 | 7,000,000 | (1,022,114) | 7,977,886 | | Dividend paid | - | - | (1,000,000) | (1,000,000) | | Net income | - | - | 1,433,823 | 1,433,823 | | Shareholder's equity, end of year | 2,000,000 | 7,000,000 | (588,291) | 8,411,709 | | | | | | | | | USD | USD | USD | USD | | Shareholder's equity, beginning of year | 2,206,897 | 7,724,138 | (1,127,850) | 8,803,185 | | Impact of exchange rate movements on
opening balances | 317,559 | 1,111,457 | (162,291) | 1,266,725 | | Dividend paid | - | - | (1,262,228) | (1,262,228) | | Net income | - | - | 1,809,811 | 1,809,811 | | Shareholder's equity, end of year | 2,524,456 | 8,835,595 | (742,558) | 10,617,493 | {6}------------------------------------------------ ### **Statement of Cash Flows For the year ended December 31, 2025** | | CHF | USD | |-------------------------------------------------------------------------------------------------|-------------|-------------| | Cash flows from operating activities: | | | | Net income | 1,433,823 | 1,809,811 | | Adjustments to reconcile net income to net cash provided by | | | | operating activities: | | | | Increase in deferred tax liabilities | 997 | 1,258 | | Changes in operating assets and liabilities: | | | | Decrease in prepaid expenses | 1,862 | 2,350 | | Increase in other assets | (792) | (1,000) | | Increase in accrued expenses | 17,735 | 22,386 | | Increase in other liabilities | 21,429 | 27,048 | | Net cash provided by operating activities | 1,475,054 | 1,861,854 | | Cash flows from financing activities: | | | | Dividend paid | (1,000,000) | (1,262,228) | | Effect of exchange rate changes on cash and cash equivalents | - | 1,328,341 | | Net increase | 475,054 | 1,927,967 | | Cash and cash equivalents , beginning of year | 8,365,942 | 9,231,384 | | Cash and cash equivalents , end of year | 8,840,996 | 11,159,351 | | | | | | Supplemental disclosure of cash flow information:
Cash paid during the year for income taxes | 277,965 | 321,488 | *The accompanying notes are an integral part of these financial statements.* {7}------------------------------------------------ ## **Notes to Financial Statements December 31, 2025** #### **Note 1 - Nature of business** Vontobel Securities Ltd (the "Company") is a wholly-owned subsidiary of Vontobel Holding Ltd (the "Holding" or the "Parent"); both are incorporated in Zurich, Switzerland. The Company operates in the United States of America ("US") and is registered as a broker-dealer with the Securities and Exchange Commission (the "SEC") and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). The Company provides, on an agency basis, introducing brokerage services to US institutional investors primarily in European securities. Such services include sales brokerage as well as services for external asset managers. The Company operates a branch in New York. The Company has brokerage and services agreements with Bank Vontobel Ltd., Zurich (the "Bank"), the Holding and Vontobel Asset Management Inc., New York, whereby the Bank executes transactions and provides related clearing, custodial and administrative services to the Company. Such administrative services include management support and controlling, corporate identity and project tasks. Vontobel Asset Management Inc., New York, provides office space and administration services to the New York branch of the Company. Costs are allocated on the basis of cost center allocation (according to effective consumption or full time equivalents). ### **Note 2 - Summary of significant accounting policies** #### *Basis of Presentation* The financial statements have been prepared in conformity with accounting principles generally accepted inthe United States ("US GAAP"). The Company's functional and reporting currency is that of the Parent, Swiss Francs (CHF). These financial statements are presented in both Swiss Franc and US Dollars for presentation purposes and based on the exchange rate at December 31, 2025 of CHF 0.79225 per USD 1.00. This presentation should not be construed as representation that the Swiss Francs amount could be converted to US Dollars at this rate. #### *Use of Estimates* The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect thereported amounts of assets andliabilities and disclosures of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. #### *Cash and Cash Equivalents* For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with an original maturity of three months or less at acquisition to be cash equivalents. Included in cash and cash equivalents are demand deposits with banks and are stated at face value. #### *Deferred Tax Assets and Liabilities* Income taxes are accounted for in accordance with the provisions of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification 740 ("ASC 740") "Accounting for Income Taxes" under the asset and liability method. As required under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of assets and liabilities and the respective tax basis amounts. Deferred tax assets and liabilities are measured under tax rates that are expected to apply to taxable income in the years in which these differences are expected to be realized. The effect of a change in tax rate on deferred tax assets and liabilities is recognized in the period of the tax change. A valuation allowance is recorded when it is determined that it is more-likely-than-not, based upon all available evidence both positive and negative, that a portion or all of its deferred tax assets will not be realized. For certain tax positions, a more-likely-than-not threshold is used, which is based on the technical merits of the tax position taken. Tax positions that meet the more-likely-than-not recognition threshold are measured as the larges amount of tax benefits determined on a cumulative probability basis, which are more-likely-than-not to be realized upon ultimate settlement in the financial statements. #### *Revenue Recognition* Commissions revenue is recorded on a trade-date basis. The Company has determined that this date represents the appropriate point in time to recognize commission revenue as there are no significant actions which the Company needs to take subsequent to this date. {8}------------------------------------------------ ### **Notes to Financial Statements December 31, 2025** ### *Foreign Currency Translation* The Company's functional and reporting currency is that of the Parent, Swiss Francs (CHF). The financial statements are translated into US Dollars and are based on the year end exchange rate. As December 31, 2025, the exchange rate was CHF 0.79225 per USD 1.00. Gains and losses resulting from translation of the statements are excluded from the statement of operations and accumulated other comprehensive loss are reported as a separate component of equity. This convenience translation should not be construed as representation that the Swiss Francs amounts could be converted to US Dollars at this rate. #### *Comprehensive Income (Loss)* The Company reports and displays comprehensive income (loss) and its components in shareholder's equity. The components of other comprehensive income (loss), such as changes in foreign currency translation adjustments, are added to net income to arrive at comprehensive income (loss). Other comprehensive income (loss) items have no impact on net income as presented in the statement of operations. #### *Leases* In accordance with US GAAP (ASC 842 Leases), payments related to existing leasing contracts, which are short-term leases (lease term less than 12 months), are recognized in "occupancy and equipment costs" on the statement of operations. #### *Taxes* The Company pays income taxes both in Switzerland and in the US as revenues are generated in both locations. In addition, the Company pays capital taxes on the Company's net equity in Switzerland. The income tax rate is graduated in proportion to the ratio of income before taxation to capital. Capital taxes are recognized within "other expenses" on the statement of operations. The Company is subject to Switzerland corporate income taxes at a 19.7% tax rate and is included in "provisions for income taxes" on the statement of operations. The amount of current and deferred taxes is recognized as of the date of the financial statements, utilizing currently enacted tax laws and rates. The Company recognizes and measures its unrecognized tax benefits in accordance with the provisions of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification 740 ("ASC 740") "Accounting for Income Taxes". As required under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributed to temporary differences between the financial statement carrying amounts of assets and liabilities and respective tax basis amounts. Deferred tax assets and liabilities are measured under tax rates that are expected to apply to taxable income in the years in which these differences are expected to be realized. The effect of a change in tax rate on deferred tax assets and liabilities is recognized in the period of the tax change. The measurement of unrecognized tax benefits is adjusted when new information is available, or when an event occurs that requires a change. A valuation allowance is recorded when it is determined that it is more-likely-than-not, based upon all available evidence both positive and negative, that a portion of all its deferred tax assets will not be realized. #### *Recent Accounting Pronouncements* In November 2024, the FASB issued Accounting Standards Update ("ASU") No. 2024-03, Income Statement - Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 requires additional disclosures about the nature of expenses included in the income statement, such as purchases of inventory, employee compensation and depreciation. ASU 2024-03 is effective for public business entities for annual periods beginning after December 15, 2026. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2024-03 on its financial statements and related disclosures. Management does not believe that any other recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company's financial statements. {9}------------------------------------------------ ### **Notes to Financial Statements December 31, 2025** **Note 3 - Expiry date of losses carried forward and deferred taxes** | | CHF | USD | |-----------------------------------------------|-------------|-------------| | Total operating losses carried forward, Swiss | 0 | 0 | | Deferred tax assets, Swiss | | | | Gross deferred tax assets | 0 | 0 | | Valuation allowance | (0) | (0) | | Net deferred tax assets, Swiss | 0 | 0 | | Operating losses carried forward, US | | | | Fiscal year 2007 (expires 2027) | - | - | | Fiscal year 2008 (expires 2028) | 698,091 | 881,150 | | Fiscal year 2009 (expires 2029) | 884,080 | 1,115,910 | | Fiscal year 2010 (expires 2030) | 1,256,741 | 1,586,294 | | Fiscal year 2011 (expires 2031) | 1,547,286 | 1,953,028 | | Fiscal year 2012 (expires 2032) | 1,855,945 | 2,342,626 | | Fiscal year 2013 (expires 2033) | 1,692,214 | 2,135,959 | | Fiscal year 2014 (expires 2034) | 708,943 | 894,847 | | Fiscal year 2015 (expires 2035) | 985,953 | 1,244,497 | | Fiscal year 2016 (expires 2036) | 1,128,904 | 1,424,934 | | Fiscal year 2017 (expires 2037) | 869,871 | 1,097,976 | | Fiscal year 2018 (no expiration) | 836,095 | 1,055,342 | | Fiscal year 2019 (no expiration) | 27,404 | 34,590 | | Fiscal year 2022 (no expiration) | 98,855 | 124,778 | | Total operating losses carried forward, US | 12,590,382 | 15,891,931 | | Deferred tax assets, US | | | | Gross deferred tax assets | 3,147,596 | 3,972,983 | | Valuation allowance | (3,147,596) | (3,972,983) | | Net deferred tax assets, US | 0 | 0 | The Company recognizes Swiss deferred tax assets related to tax losses that can be carried forward. In general, Swiss tax losses can be carried forward for seven years. After valuation allowances there were no Swiss net deferred tax assets to be recognized as of December 31, 2025. The Company recognizes US deferred tax assets related to tax losses that can be carried forward. According to US regulations all losses carried forward before January 1, 2018 can be carried forwarded for twenty years; all net operational losses after this date can be carried forward indefinitely but only 80% of the taxpayer's taxable income can be utilized. After valuation allowances there were no US net deferred tax assets to be recognized as of December 31, 2025. The deferred tax liabilities recognized on the statement of financial condition are due to temporary differences related to share-based performance plan accruals. The share-based performance plan is administered by the Parent. #### **Note 4** - **Commitments** No material lease commitments to third parties exist at year ended December 31, 2025. However, the Company has entered into service level agreements with the Bank, the Holding and Vontobel Asset Management Inc., New York, for transaction and management services (Note 5). {10}------------------------------------------------ ## **Notes to Financial Statements December 31, 2025** #### **Note 5** - **Related party transactions** During the year, the Company had significant related party transactions, resulting in significant related party balances with affiliates at year end. The following table sets forth the Company's related party assets and liabilities, included on the statement of financial condition as of December 31, 2025. | | CHF | USD | |-----------------------------|-----------|-----------| | Assets (related party) | | | | Cash and cash equivalents | 5,935,839 | 7,492,382 | | Prepaid expenses | 5,781 | 7,297 | | | 5,941,620 | 7,499,679 | | Liabilities (related party) | | | | Accrued expenses | 72,229 | 91,169 | | | 72,229 | 91,169 | The cash and cash equivalent amount is held at the Bank. The following table sets forth the Company's related party revenue and expenses, included on the statement of operations for the year ended December 31, 2025. | | CHF | USD | |------------------------------------|-----------|-----------| | Revenue (related party) | | | | Commission income | 1,281,948 | 1,618,110 | | Interest income | 1,320 | 1,666 | | | 1,283,268 | 1,619,776 | | Expenses (related party) | | | | Employee compensation and benefits | 133,576 | 168,603 | | Technology and communications | 342,741 | 432,617 | | Occupancy and equipment costs | 113,125 | 142,790 | | Clearance fees | 81,394 | 102,738 | | Other expenses | 144,186 | 181,996 | | | 815,022 | 1,028,744 | The Company earns commission fees from the Bank for acting as the introducing broker in accordance with the brokerage and service agreement. Interest income earned on the cash balance held at the Bank is based on rates paid by the Bank to not affiliated third parties for similar accounts. The Company incurs expenses relating to various securities transactions and financing activities with affiliates, as well as fees for administrative services performed on behalf of the Company under the terms of various agreements. {11}------------------------------------------------ ### **Notes to Financial Statements December 31, 2025** #### **Note 6** - **Net capital requirements** As a registered broker-dealer, the Company is subject to the net capital requirements of the SEC's Uniform Net Capital Rule Under Rule 15c3-1 of the Securities and Exchange Act of 1934 (Rule 15c3-1). The Company is required to maintain a minimum net capital of the greater of 6 2/3% of aggregated indebtedness, as defined, or USD 250,000. The ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1 (and the rule of the "applicable" exchange also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1). At December 31, 2025, the Company had net capital, as defined of USD 3,019,515 of which USD 2,769,515 was in excess of its required net capital, as defined of USD 250,000. The Company's net capital ratio, as defined was 0.18 to 1. #### **Note 7** – **Off-balance sheet risk and concentration of credit risk** In the normal course of business, the Company executes, as agent, transactions on behalf of customers. If the agency transactions do not settle because of failure to perform by either the customer or the counterparty, the Company may be required to discharge the obligation of the nonperforming party and, as a result, may incur a loss if the fair value of the security is different from the contract amounts of the transaction. The Company does not anticipate non-performance by customers or counterparties in the above situations. However, the Company's policy is to monitor its market exposure and counterparty risk and has not recorded a contingent liability in the financial statements for these indemnifications. At December 31, 2025, all cash accounts of the Company are held outside of the United States in Switzerland. #### **Note 8** – **Legal and regulatory matters** The Company may be subject to claims, legal proceedings and regulatory matters that arise in the ordinary course of its business activities. Management believes that any liability that may ultimately result from the resolution of these matters, if any, will not have a material adverse effect on the financial condition or results of operations of the Company. The Company's maximum exposure regarding these matters is unknown, as this would involve future claims that may be made against the Company that has not yet occurred. The Company expects the risk of loss to be remote. #### **Note 9** - **Employee benefit plans** The Company participates in the pension plan of the Bank for employees located in Switzerland (the "ZH Plan"). The Company accounts for its participation in this single employer plan as a multiemployer plan. For the year ended December 31, 2025, the Company made contributions to the ZH Plan in the amount of CHF 27,220 (USD 34,358) which is included in "employee compensation and benefits" on the statement of operations. The Company participates in a defined contribution pension plan for employees located outside of Switzerland ("US Plan"). Contributions to the US Plan are paid by the employer. For the year ended December 31, 2025, the Company made contributions in the amount of CHF 34,708 (USD 43,809) to US Plan which is included in "employee compensation and benefits" on the statement of operations. #### **Note 10** - **Reporting by segment** The Company is engaged exclusively in wealth management activities in Switzerland and United States. This focus on pureplay wealth management includes certain internal supporting functions that serve entirely the core business activities. Revenues from wealth management activities primarily encompass commissions charged for servicing and advising wealth management clients as well a net interest income on financial instruments. The Company has identified its chief executive officer as the chief operating decision maker ("CODM"), who uses net income to evaluate the results of the business, predominantly in the forecasting process, to manage the Company. Additionally, the CODM uses excess net capital (see Note 6), which is not a measure of profit and loss, to make operational decisions while maintaining capital adequacy. Although the Company operates in Switzerland and the United States, the CODM manages the business activities using consolidated information of the Company as a whole, and the Company is therefore considered to have a single reportable segment. The accounting policies used to measure profit and loss of the segment are the same as those described in the nature of business and summary of significant accounting policies. {12}------------------------------------------------ ## **Notes to Financial Statements December 31, 2025** At December 31, 2025, the total assets presented in the Company's statement of financial condition represents total assets of the Company's single reportable segment. In addition, for the year ended December 31, 2025, segment revenue and significant expenses, including those expense categories and amounts that are regularly provided to the the CODM, and segment net income are included in the Company's statement of operations. **Note 11** – **Income taxes** | Income before income taxes consisted of the following:
United States
Switzerland | \$
387,059
1,788,984 | |----------------------------------------------------------------------------------------|----------------------------| | | \$
2,176,043 | | The income tax provision consisted of the following: | | | Current: | | | United States | \$
5,131 | | Switzerland | 364,971 | | Total current tax expense | 370,102 | | Deferred: | | | United States | (2,596) | | Switzerland | (1,274) | | Total deferred tax expense | (3,870) | | Total income tax provision | \$
366,232 | to the total effective tax rate: The following presents a reconciliation of the income tax provision based on the U.S. federal statutory tax | U.S. federal statutory tax rate | 21.00
% | |------------------------------------------------------------------------|---------------| | Increase/(decrease) in income taxes resulting from: | | | Temporary differences related to share-based performance plan accruals | (0.18) | | U.S. income excluded from taxation | (3.74) | | Statutory tax rate difference between United States and | | | Switzerland | (1.07) | | Other | 0.82 | | Effective tax rate | 16.83
% | | The Company made payments to the following jurisdictions: | | | United States | \$
4,655 | | Switzerland | | | Swiss Federal | 107,579 | | City of Zürich | 209,254 | | Income taxes paid (net of refunds received) | \$
321,488 | #### **Note 12** - **Subsequent events** No events have occurred since the balance sheet date that affect the relevance of the information provided in the year 2025 financial statements and would therefore need to be disclosed. {13}------------------------------------------------ ### **Supplementary Information - Schedule I Computation of Net Capital Under Rule 15c3-1 of the Securities and Exchange Commission December 31, 2025** | | USD | |---------------------------------------------------------|--------------------| | Shareholder's equity | 10,617,493 | | Less: nonallowable assets
Cash and cash equivalents | 7,360,984 | | Prepaid expenses | 7,297 | | Other assets
Total nonallowable assets | 1,795
7,370,076 | | Net capital before haircuts | 3,247,417 | | Haircuts
Foreign currency assets | (227,902) | | Net capital | 3,019,515 | | Computation of basic net capital requirement | | | Aggregate indebtedness | | | Accrued expenses
Other liabilities | 437,873
109,207 | | Fail to receive
Total aggregate indebtedness | 4,914
551,994 | | Minimum net capital required (greater of USD 250,000 or | | | 6 2/3% of aggregate indebtedness | 250,000 | | Excess net capital | 2,769,515 | | Net capital ratio | 0.18 to 1 | The Company has classified USD 7,360,984 of its cash balance at the affiliated Bank as non-allowable, because this cash is not used to settle operational liabilities. There are no material differences between the above computation of net capital and the computation reported in the Company's unaudited Form's X-17A-5, Part IIA filing as of December 31, 2025, filed on January 27, 2026. {14}------------------------------------------------ ### **Supplementary Information — Schedule II Computation for Determination of Reserve Requirements and Information Relating to Possession or Control Requirements Under Rule 15c3-3 of the Securities and Exchange Commission December 31, 2025** The Company is exempt from Securities and Exchange Commission ("SEC") Rule 15c3-3 pursuant to provision(k)(2)(ii) with respect to clearing all transactions an a fully disclosed basis through its clearing firm. Further, the Company operates pursuant to the exemptive provisions of (k)(2)(i) of Rule 15c3-3. Vontobel Securities AG Brian Fischer Chairman of the Board of Directors Beat Dünki Chief Executive Officer Susanne Schümperli Chief Financial Officer ad interim Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.