# UOB GLOBAL EQUITY SALES LLC X-17A-5 (2022-02-25) — Broker-dealer annual report

- Company: UOB GLOBAL EQUITY SALES LLC
- Form: X-17A-5
- Filed: 2022-02-25
- Period: 2021-12-31
- Accession: 0001225152-22-000002
- CIK: 1225152
- File #: 8-65886
- Type: Broker-dealer
- Material weakness: No
- Auditor: Citrin Cooperman & Company LLP
- Auditor location: New York, NY
- Contact: Howard Berkenfeld
- Phone: 2123986633
- Signed by: Howard Berkenfeld (CCO)

Original filing: https://www.sec.gov/Archives/edgar/data/1225152/000122515222000002/uobes.pdf

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#### **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

0MB APPROVAL 0MB Number: 3235-0123 Expires: Oct. 31, 2023 Estimated average burden hours per response: 12

# **ANNUAL REPORTS FORM X-17A-5 PART Ill**

SEC FILE NUMBER 8-65886

**FACING PAGE** 

Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934

| FILING FOR THE PERIOD BEGINNING                                                                                  | ____<br>O_ll_O_ll_<br>2_0_                                  | 21 __ AND ENDING _______                | 12/31/2021<br>_                          |  |
|------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------|-----------------------------------------|------------------------------------------|--|
|                                                                                                                  | M M/DD/VY                                                   |                                         | MM/00/YY                                 |  |
|                                                                                                                  | A. REGISTRANT IDENTIFICATION                                |                                         |                                          |  |
| NAME OF FIRM: _::U::.;:O::.;:B::=Glo:.::: b.::. al::E:::9i::U~itJ.y.::.S.::.;al=e=-s .=.:LL:::C:_                | ___                                                         | __<br>_<br>_<br>_                       | ________<br>_                            |  |
| TYPE OF REGISTRANT (check all applicable boxes):                                                                 |                                                             |                                         |                                          |  |
| [] Broker-dealer<br>O Security-based swap dealer<br>D Check here if respondent is also an OTC derivatives dealer |                                                             | 0 Major security-based swap participant |                                          |  |
| ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)                                              |                                                             |                                         |                                          |  |
| 592 Fifth Avenue<br>, Suite 602                                                                                  |                                                             |                                         |                                          |  |
|                                                                                                                  | (No. and Street)                                            |                                         |                                          |  |
| New York                                                                                                         | New York                                                    |                                         | 10036                                    |  |
| (City)                                                                                                           | (State)                                                     |                                         | (Zip Code)                               |  |
| PERSON TO CONTACT WITH REGARD TO THIS FILING<br>(Name)                                                           | (Area Code - Telephone Number)                              | (Email Address)                         |                                          |  |
|                                                                                                                  | B. ACCOUNTANT IDENTIFICATION                                |                                         |                                          |  |
| INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*                                        |                                                             |                                         |                                          |  |
| Citrin Cooperman & Company LLP                                                                                   | (Name - if individual, state last, first, and middle nam e) |                                         |                                          |  |
| 709 Westchester Avenue                                                                                           | White Plains                                                | New York                                | 10604                                    |  |
| (Address)                                                                                                        | (City)                                                      | (State)                                 | (Zip Code)                               |  |
| Re8'ma, ~a w;,h PCAOB)(lf appl;wble)                                                                             |                                                             |                                         |                                          |  |
| T" of                                                                                                            | FOR OFFICIAL USE ONLY                                       |                                         | I PCAOB Reglm,uoa N•mbe,, tt appUwble( I |  |

accountant must be supported by a statement of facts and circumstances relied on as t he basis of the exemption. See 17 CFR 240.17a-S(e)(l)(ii), if applicable.

Persons who are t o respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid 0MB control number.

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#### **OATH OR AFFIRMATION**

| f                                                                                   | I d<br>d b I" f<br>k<br>h<br>e 1e , t e                                                                                                                                               |
|-------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| UOB Global Equity Sales LLC                                                         | as of                                                                                                                                                                                 |
| is true and correct. I further swear (or affirm) that neither the company nor any   |                                                                                                                                                                                       |
| ' as the case may be, has any proprietary interest in any account classified solely |                                                                                                                                                                                       |
|                                                                                     | 1, ----------------�:-=-::� swear (or affirm) that, to the best o my now e ge an<br>financial report pertaining to the firm of<br>2 021<br>partner, officer, director, or equivalent� |

ROBERT **ILARIA NOTARY PUBLIC-STATE OF NEW YORK No. 01 IL6134434**  Qualified in **Westchester County** My Commission Expires 10-03-2025

Robert Ilaria Notary Public *7-< ��1)/£:�-* -- .

#### This filing•• contains (check all applicable boxes):

- [3 (a) Statement of financial condition.
- [3 (b) Notes to consolidated statement of financial condition.
- GI (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in§ 210.1-02 of Regulation S-X).
- [] (d) Statement of cash flows.
- [l (e) Statement of changes in stockholders' or partners' or sole proprietor's equity.
- 0 (f) Statement of changes in liabilities subordinated to claims of creditors.
- � (g) Notes to consolidated financial statements.
- 0 (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable. X
- 0 (i) Computation of tangible net worth under 17 CFR 240.18a-2.
- O (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
- 0 (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable.
- O (I) Computation for Determination of PAB Requirements under Exhibit A to§ 240.15c3-3.
- 0 (m) Information relating to possession or control requirements for customers under 17 CFR 240.1Sc3-3.
- 0 (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable.
- 0 (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-l, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist.
- 0 (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.
- □(q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable.
- 0 (r) Compliance report in accordance with 17 CFR 240.17a-S or 17 CFR 240.18a-7, as applicable.
- 0 (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. X
- 0 (t) Independent public accountant's report based on an examination of the statement of financial condition.
- 0 (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-S, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.
- 0 (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-S or 17 CFR 240.18a-7, as applicable.
- 0 (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
- D (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-le or 17 CFR 240.17a-12, as applicable.
- D (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k).
- D (z) Other:-------------------------------------
- *\*'"To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18o-7(d)(2), as applicable.*

Signature: <sup>~</sup>

Title: CCO

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REPORT PURSUANT TO RULE 17a-5(e)(3) and Reports of Independent Registered Public Accounting Firm

UOB GLOBAL EQUITY SALES LLC (A Limited Liability Company)

Fl ANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION

> FOR T HE YEARS ENDED DECEMBER 31, 2021 AND 2020

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# **FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020**

#### **TABLE OF CONTENTS**

| REPORT OF INDEPENDENT REGISTERED PUBLIC<br>ACCOUNTING FIRM | 1-2       |
|------------------------------------------------------------|-----------|
|                                                            |           |
| FINANCIAL STATEMENTS                                       |           |
| Statements of Financial Condition                          | 3         |
| Statements of Operations                                   | 4         |
| Statements of Changes in Member's Equity                   | 5         |
| Statements of Cash Flows                                   | 6         |
| Notes to Financial Statements                              | 7 -<br>11 |
| SUPPLEMENTAL INFORMATION                                   |           |

| Computation of Net Capital Pursuant to Rule 15c3-l of the Securities<br>and Exchange Commission | 12 |
|-------------------------------------------------------------------------------------------------|----|
| Report of Independent Registered Public Accounting Firm                                         | 13 |
| Exemption Report                                                                                | 14 |

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Citrin Cooperman & Company, LLP Certified Public 1\ccountants

709 \Xlestchester 1\ venue White Plains, NY 10604 T 914.949.2990 **F** 914.949.2910 citrincoopcrman.com

# **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Member UOB Global Equity Sales LLC

### **Opinion on the Financial Statements**

We have audited the accompanying statements of financial condition of UOB Global Equity Sales I .LC as of December 31, 2021 and 2020, and the related statements of operations, changes in member's equity, and cash flows for the years 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 UOB Global Equity Sales I.LC as of December 31, 2021 and 2020, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of .America.

### **Basis for Opinion**

These financial statements are the responsibility of UOB Global Equity Sales LLC's management. Our responsibility is to express an opinion on UOB Global Equity Sales LLC's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United Sr.ates) ("PC1\OB") and are required ro be independent with respect to UOB Global Equity Sales LLC in accordance with the U.S. federal securities laws and the applicable rules and regulations of the ecuritics and Exchange Commission and the PC1\OB.

We conducted our audits 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 arc free of material misstatement, whether due to error or fraud. Our audits 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 audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. W.Je believe that our audits provide a reasonable basis for our opinion.

"Citrin Cooperman" is the br2nd under which Citrin Cooix--n-nan & Company, IJ.P, a liccn:K.'ll independent (.-P/\ firm, and Cittin Coopcnnan Advisors lLC serve clients· bu.smess oecds. ·1be two linns opeat.e "" scpu,atc legal entities in an alternative practice structure. Citrin Coopc:,:man is an indepcndem member of Moore North America, which is iLsdf a ..egional member of Moore Global NcLwork Lim.ited (MGNL).

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#### **Auditor's Report on Supplemental Information**

The supplemental information contained in Computation of Net Capital Pursuant to Rule 15c3-1 of the Securities and Exchange Commission has been subjected to audit procedures performed in conjunction with the audit of UOB Global Eguiry Sales LLC's financial statements. The supplemenlal information is the responsibility of UOB Global Eyuity Sales LLC's management. Our audit procedures included determining whether the supplemental 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 presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with 17 C.F.R. §240.17a-5. In our opinion, the supplemental information contained in Computation of Net Capital Pursuant to Rule 1 Sc3-1 of the Securities and Exchange Commission is fairly stated, in all material respects, in rdation to the financial statements as a whole.

We have served as UOB Global Equity Sales LLC's auditor since 2011. White Plains, ew York February 22, 2022

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# **STATEMENTS OF FINANCIAL CONDITION**

#### **DECEMBER 31, 2021 AND 2020**

|                                               |                                 | 2021        | 2020          |
|-----------------------------------------------|---------------------------------|-------------|---------------|
|                                               | ASSETS                          |             |               |
| Cash                                          | \$                              | 185,259     | \$<br>91,116  |
| Receivables from customer                     |                                 | 112,312     | 42,942        |
| Prepaid expenses                              |                                 | 1 024       | 56            |
| Total Assets                                  | \$                              | 298,595     | \$<br>134,114 |
|                                               | LIABILITIES AND MEMBER'S EQUITY |             |               |
| LIABILITIES                                   |                                 |             |               |
| Accrued expenses                              | \$                              | 21 ,<br>160 | \$<br>20,974  |
| Due to Parent                                 |                                 | 14,484      | 22,715        |
| Total Liabilities                             |                                 | 35,644      | 43,689        |
| COMMITMENTS AND CONTINGENCIES (Notes 4 and 5) |                                 |             |               |
| MEMBER'S EQUITY                               |                                 | 262,95<br>1 | 90,425        |
| Total Liabilities and Member's Equity         | \$                              | 298,595     | \$<br>134,114 |

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# **UOB GLOBAL EQUITY SALES LLC (A Limited Liability Company) STATEMENTS OF OPERATIONS**

### **FOR THE YEARS** E **DED DECEMBER 31, 2021 AND 2020**

|                      | 2021          | 2020            |  |
|----------------------|---------------|-----------------|--|
| REVENUES             |               |                 |  |
| Management fees      | \$<br>212,319 | \$<br>156,685   |  |
| Incentive fees       | 63,638        | 11 ,042         |  |
| Interest income      | 22            | 292             |  |
| Total Revenues       | 275 979       | 168,019         |  |
| EXPENSES             |               |                 |  |
| Payroll and benefits | 143,814       | 242,585         |  |
| Rent                 | 18,000        | 18,000          |  |
| Professional fees    | 53,400        | 49,096          |  |
| Compliance fees      | 18,625        | I 5,000         |  |
| Administration fees  | 12,000        | 12,000          |  |
| Licenses and fees    | 4,695         | 4,286           |  |
| Other                | 2 919         | 712             |  |
| Total Expenses       | 253,453       | 341,679         |  |
| et Income (Loss)     | 22,526<br>\$  | \$<br>(173,660) |  |

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# **UOB GLOBAL EQUITY SALES LLC (A Limited Liability Company) STATEMENTS OF CHANGES IN MEMBER'S EQUITY**

#### **FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020**

|                                  | 2021 |         | 2020 |           |
|----------------------------------|------|---------|------|-----------|
| Member's Equity -<br>January 1   | \$   | 90,425  | \$   | 264,085   |
| Member Contribution              |      | 150,000 |      |           |
| Net Income (Loss)                |      | 22,526  |      | (173,660) |
| Member's Equity -<br>December 31 | \$   | 262,951 | \$   | 90,425    |

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# **UOB GLOBAL EQUITY SALES LLC (A Limited Liability Company) STATEMENTS OF CASH FLOWS**

### **FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020**

|                                                        | 2021 |            | 2020 |           |
|--------------------------------------------------------|------|------------|------|-----------|
| CASH FLOWS FROM OPERA TING ACTIVITIES                  |      |            |      |           |
| Net income (loss)                                      | \$   | 22,526     | \$   | (173,660) |
| Adjustments to reconcile net income (loss) to net cash |      |            |      |           |
| used in operating activities:                          |      |            |      |           |
| Changes in assets and liabilities:                     |      |            |      |           |
| Prepaid expenses                                       |      | (968)      |      | 740       |
| Receivables from customer                              |      | (69,370)   |      | 27,787    |
| Accrued expenses                                       |      | 186        |      | ( 126)    |
| Due to Parent                                          |      | (8,231)    |      |           |
| Net Cash Used In Operating Activities                  |      | (55,857)   |      | (145,259) |
| CASH FLOWS PROVIDED BY FINANCING ACTIVITIES            |      |            |      |           |
| Member Contributions                                   |      | 150,000    |      |           |
| Beginning of Year<br>Cash -                            |      | 91,1<br>16 |      | 236,375   |
| End of Year<br>Cash -                                  | \$   | 185,259    | \$   | 91. I 16  |

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### **NOTES TO FINANCIAL STATEMENTS**

#### **DECEMBER 31, 2021 AND 2020**

#### **1. ORGANIZATIO**

UOB Global Equity Sales LLC (the "Company") was established as a limited liability company ("LLC") in the state of New York on ovember 22, 2002. The Company commenced operations in September 2003, when the Company became a broker-dealer in securities registered with the Securities and Exchange Commission ("SEC") and a registered member of the Financial Industry Regulatory Authority ("FINRA"). The Company is a wholly owned subsidiary of UOB Global Capital LLC (the "Parent").

The Company's activities have been limited to acting as a placement agent for alternative investments, including, but not limited to, hedge funds, private equity funds, etc. The Company does not carry security accounts for customers or perform custodial functions relating to customer securities. The Company's principal business office is located in ew York City.

Since the Company is an LLC, the member is not liable for the debts, obligations or liabilities of the Company, whether arising in tort, contract or otherwise, unless the member has signed a specific guarantee.

### **2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

# **Basis of Accounting**

The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Income is recognized as earned and expenses are recognized as incurred.

# **Use of Estimates**

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

#### **Revenue Recognition**

The Company recognizes revenue in a accordance with Financial Accounting Standards Board ("F ASB") Accounting Standards Update o. 2014-09, *Revenue from Contracts with Customers,* and all related amendments. The new revenue

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### **NOTES TO FINANCIAL STATEMENTS**

#### **DECEMBER 31, 2021 AND 2020**

### **2. SUMMARY OF SIGNlFICANT ACCOUNTING POLICIES (cont'd)**

#### **Revenue Recognition (cont'd)**

recognition guidance requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance requires an entity to follow a five-step model to (a) identify the contract(s) with a customer, (b) identify the performance obligations in the contract, (c) determine the transaction price, (d) allocate the transaction price to the performance obligations in the contract, and (e) recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, an entity may include variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. Significant judgment is required to determine whether performance obligations are satisfied at a point in time over time; how to allocate transaction prices where multiple performance obligations are identified; when to recognize revenue based on the appropriate measure of the Company's progress under the contract; and whether constraints on variable consideration should be applied due to uncertain future events.

The Company recognizes revenue once evidence of an arrangement, performance obligation is identified, the fee revenue is determined and the performance obligation has been satisfied. The Company enters into fee referral agreements with asset/investment management companies (" Investment Advisors"), whereby the Company earns a referral and or incentive fee for its role in referring investors to the Investment Advisors. Fees are paid on a quarterly and /or annual basis and are determined by the amount of the investment multiplied by the agreed on fee-sharing percentage.

#### **Accounts Receivable**

Accounts receivable are stated at the amount the Company expects to collect. The determination of the amount of uncollectible accounts is based on the amount of credit extended, estimated creditworthiness of the counterparty assumed by management, and the length oftime a receivable has been outstanding. Other factors are considered by management on a case-by-case basis.

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#### **NOTES TO FINANCIAL STATEMENTS**

#### **DECEMBER 31, 2021 AND 2020**

#### **2. SUMMARY OF SIG IFICANT ACCOU TING POLICIES (cont'd)**

#### **Accounts Receivable (cont'd)**

Based on management's assessment, the Company provides for estimated uncollectible amounts through a charge to earnings and a credit to a valuation allowance. Balances that remain outstanding after the Company has made reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. For financial assets measured at amortized cost (e.g., cash and cash equivalents and receivables from clients), the Company has concluded that there are de minimus expected credit losses based on the nature and contractual life or expected life of the financial assets and immaterial historic and expected losses based on the nature and contractual life or expected life of the financial assets. No allowance for credit losses was recorded as of December 3 I, 2021 and 2020-:-

#### **Income Taxes**

As a single-member LLC, the Company is considered a disregarded entity for Federal, ew York State and New York City income tax purposes. o provision for the New York City Unincorporated Business Tax has been made for the years ended December 31, 2021 and 2020.

The Company recognizes and measures its unrecognized tax benefits in accordance with FASB Accounting Standards Codification ("ASC") 740, *Income Taxes.* Under that guidance, management assesses the likelihood that tax positions will be sustained upon examination based on the facts, circumstances and information available at the end of each period, including the technical merits of those positions. The measurement of unrecognized tax benefits is adjusted when new information is available or when an event occurs that requires a change.

The Company is subject to examinations by taxing authorities.

#### **Subsequent Events**

In accordance with FASB ASC 855, *Subsequent Events,* the Company has evaluated subsequent events through February 22, 2022, the date on which these financial statements were issued. There were no material subsequent events that required recognition or additional disclosure in these financial statements.

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#### **NOTES TO FI ANCIAL STATEMENTS**

#### **DECEMBER 31, 2021 AND 2020**

#### **3. MANAGEMENT AND INCENTIVE FEES**

Management and incentive fees are calculated by the Investment Advisors according to the advisory agreement it has with each investor. Management fees are calculated based upon an agreed-upon rate and the value of the assets under management. Incentive fees are calculated at an agreed-upon rate and are dependent on the performance of the investment under management. The Company receives a portion of the management and/or incentive fees for its activities as a placement agent according to its agreement(s) with the Investment Advisors. Generally, such fees are earned and collected quarterly in arrears.

#### **4. RELATED PARTIES**

Pursuant to a cost-sharing agreement (the "Agreement") between the Parent and the Company, the Parent acts as the common paymaster for certain compensation and overhead costs incurred on behalf of the Company. In addition, pursuant to the Agreement, the Parent acts as the common paymaster for certain non-compensation related expenses incurred by itself and the Company. Included in the aforementioned costs are amounts paid by the Company and the Parent for direct costs as well as costs that are subject to an allocation (the "Allocated Costs") between the Company and the Parent. Allocated Costs generally consist of salaries and related benefits paid for shared personnel, as well as other overhead costs. The Agreement provides that allocations of shared employee compensation costs between the Company and the Parent are based on the estimated amount of time spent by employees on behalf of the Company and the Parent.

In addition, the Agreement provides that the allocation of other overhead costs is based primarily on the estimated usage of such services by the Company and the Parent. Total Allocated Costs charged to the Company by the Parent in 202 I and 2020 are included in the accompanying statements of operations and amounted to \$143,8 14 and \$242,585 in 2021 and 2020, respectively. The amount due to the Parent is \$14,484 and \$22,7 15 as of December 31, 2021 and 2020, respectively.

# **5. NET CAPITAL AND RESERVE REQUIREMENTS**

The Company is subject to the SEC's Uniform et Capital Rule ("SEC Rule 15c3- 1 "), which requires the maintenance of minimum net capital and that the ratio of aggregate indebtedness to net capital, both as defined, not exceed 15 to 1. Net capital

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#### NOTES TO FINANCIAL STATEMENTS

#### DECEMBER 3 J, 2021 AND 2020

### 5. NET CAPITAL AND RESERVE REQUIREMENTS (cont' d)

and aggregate indebtedness change from day to day. At December 31, 2021 and 2020, the Company's regulatory net capital was \$149,615 and \$47,426, respectively, which exceeded the Company's minimum net capital requirement of\$5,000 for both years. At December 31, 2021 and 2020, aggregate indebtedness was \$35,644 and \$43,689, respectively. At December 31, 2021 and 2020, the Company's ratio of aggregate indebtedness to net capital was 0.238 to 1 and 0.921 to I, respectively.

#### **6. CO CENTRATION OF CREDIT RISK**

The Company places its cash, which may at times be in excess of Federal Deposit Insurance Corporation limits, with high credit quality financial institutions and attempts to limit the amount of credit exposure with any one institution. Accounts receivable are from Investment Advisors for which the Company reviews their backgrounds and credit history before entering into agreements. Allowances for possible losses are based on factors surrounding the credit risk of the Investment Advisor, historical trends and other information. At December 3 1, 2021 and 2020, one customer accounted for 82. 79% and 93.12% of the Company's accounts receivable, respectively. The Company's receivables represent amounts due from the customer. These receivables are primarily paid to the Company in the month fol lowing the quarter in which the amounts are earned.

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SUPPLEME TAL INFORMATION

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#### COMPUTATION OF 1 ET CAPITAL PURSUA T TO RULE 15c3-1 OF THE SECURITIES AND EXCHANGE COMMISSION

#### DECEMBER 31, 2021 AND 2020

| 2021           | 2020         |  |
|----------------|--------------|--|
|                |              |  |
| \$<br>262,95 l | \$<br>90,425 |  |
| (113,336)      | (42,999)     |  |
| 149 615        | 47 426       |  |
| 149,615<br>\$  | \$<br>47,426 |  |
|                |              |  |
|                |              |  |
| 5,000<br>\$    | \$<br>5,000  |  |
| 144,615<br>\$  | 42,426<br>\$ |  |
|                |              |  |
| 35,644<br>\$   | 43,689<br>\$ |  |
|                |              |  |
| 0.238 to I     | 0.921 to I   |  |
|                |              |  |

There are no material differences between the com nutation of net canital nresented above and the comnutations of net canital in the Comnanv's unaudited Form X-17A-5. Part II A filing as of December 31, 2021 and 2020, as filed on Janua ry 26, 2022 and as amended, filed on February 17, 2021.

See report of independent registered public accounting firm.

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Citrin Coop erman & Company, **LLP**  Certified Public Accountants

709 Westchester ,\venue Whirc l'lains, NY 10604 **T** 914.949.2990 **F** 914.949.2910 citrincoopcrman.com

# **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Member UOB Global Equity Sales LLC

\'<le have re,,iewed management's statements, included in the accompanying Exemption Report, in which (1) UOR Global Equity Sales LLC identified the following provisions of 17 C.F.R. §1 Sc3-3(k) under which UOB Global Equity Sales LLC claimed an exemption from 17 C.F.R. §240.1 Sc3-3: (k(2)(i)) (the "exemption provisions") and (2) UOB Global Equity Sales LLC stated that UOB Global Eguity Sales LLC met the identified exemption provisions throughout the most recent fiscal year without exception.

UOB Global E quity Sales LLC is also filing this E xemption Report because UOB Global Equity Sales LLC's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5 arc limited ro acting as a placement agent for alternative investments. In addition, UOB Global Equity Sales LLC did not directly or indirectly receive, hold, or otherwise owe funds or securities for or to customers; did not carry accounts of or for customers; and did not carry PAB accounts (as defined in Rule 1 Sc3-3) throughout the most recent fiscal year without excepoon.

UOB Global Equity Sales LLC's management is responsible for compliance with the exemption provisions and its statements.

Our review was conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States) and, accordingly, included inquiries and other required procedures to obtain evidence about UOB Global Equity Sales LLC's compliance with the exemption provisions. A review is substantially less in scope than an examination, the objective of which is the expression of an opinion on management's statements. Accordingly, we do not express such an opinion.

Based on our review, we arc not aware of any material modifications that should be made to management's statements referred to above for them to be fairly stated, in all material respects, based on the provisions set forth in paragraph (k(2)(i)) of Rule 1 Sc3-3 under the Securities Exchange Act of 1934 and UOB Global Equity Sales LLC's other business activities contemplated by Footnote 74 of the SEC Release No. 34-70073 adopting amendments to 17 C.F.R. § 240.17a-5, and related SEC Staff Frequently Asked Questions.

White Plains, New York February 22, 2022

<sup>&</sup>quot;Citrin Coopcrman" is the brand under which Gtr::in Cooperman & Company, LLP, a lic~-nscd independent CPI\ firm, and Citrin Cooperman Advisors JJ.C serve clients' business needs. The two firms oix--rate as scpar.,te legal entities in an alternative practice srn.,crurc. Citrin Coopeunan is an i.ndependem member of Moore North Ameria, which is itself a region.al member of Moore Global Network Limited (MGNl.).

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**UOB Global Equity Sales** LLC (AMcmberof1heUnitedOvcrscasBankGroup) S92 FIFTH AVENUE, NEW YORK, 1.Y. 10036, USA Phone (212) 398-6633 Fax (212) 398-4030

# Exemption Report

UOB Global Equity Sales LLC (the "Company") is a registered broker-dealer subject to Ruic I 7a-5 promulgated by the Securities and Exchange Commission ( 17 C.F.R. §240. l 7a-5, "Reports to be made by certain brokers and dealers"). This Exemption Report was prepared as required by 17 C.F.R. § 240. I 7a-5(d)( I) and ( 4). To the best o f its knowledge and belief, the Company states the following:

(I) The Company claimed an exemption from 17 C.F.R. § 240.15c3-3 under the following provisions of 17 C.F.R. § 240. l 5c3-3 (k)(2)(i):

(2) The Company met the identified exemption provisions in 17 C.F.R. §240. I 5c3-3(k)(2)(i) through calendar year ending December 31, 2021 without exception.

(3) The Company is also filing this Exemption Report because the Company's other business activities contemplated by Footnote 74 of the SEC Release o. 34-70073 adopting amendments to 17 C.F.R. § 240. I 7a-5 are limited to acting as a placement agent for alternative investments, and the Company:

(a) did not directly or indirectly receive, hold or otherwise owe funds or securities for or to customers, (b) did not carry accounts of or for customers; and (c) did not carry PAB accounts (as defined in Rule I 5c3-3) throughout the most recent fiscal year without exception.

UOB Global Equity Sales LLC

I, Howard Berkenfeld, swear (or affirm) to my best knowledge and belief, this Exemption report is true and correct.

By: Howard Berkenfeld Title: Chief Compliance Officer


Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.