June 8, 2006
Richard B. Horn, Esq.
Re: "Similar Institution" under Section 3(a)(41) of the Exchange Act
Dear Mr. Horn:
This responds to your letter of June 1, 2006, on behalf of UBS AG, New York Branch ("UBS New York Branch"), in which you request advice from the staff of the Division of Market Regulation regarding whether UBS New York Branch would be deemed a "similar institution" as that term is used in Section 3(a)(41) of the Securities Exchange Act of 1934 ("Exchange Act").
Based on the facts and representations in your letter, and in particular your representation that: (1) UBS New York Branch is a branch of UBS AG, a Swiss banking corporation; (2) UBS New York Branch, as a federal branch of a foreign bank, has the same rights and privileges as a national bank and is subject to supervision and examination by the Office of the Comptroller of the Currency ("OCC"); and, (3) the OCC has examined UBS New York Branch annually, the staff of the Division of Market Regulation would regard UBS NY Branch as a "similar institution" for purposes of Section 3(a)(41) of the Exchange Act. This position is based upon the representations that you have made and any different facts and circumstances may require a different response.
Brian A. Bussey