ZURICH (Reuters) – Swiss bank UBS (S:UBSG) may ask U.S. regulators to expand its license to sell more complex products and sophisticated investment advice to wealthy Americans living in Switzerland as it seeks to woo U.S. taxpayers abroad for growth. In an interview published on Sunday, Chief Executive Sergio Ermotti told Swiss newspaper SonntagsZeitung that UBS currently cannot sell some products and investments to U.S. taxpayers in Switzerland.
Ermotti did not specify which products, but a banking source told Reuters they would be investments and advice that UBS’s Swiss-based Swiss Financial Advisers unit (SFA), which caters to U.S. taxpayers the country above a certain wealth threshold, cannot offer now.
According to the source, UBS is reviewing options and is likely to approach the U.S. Securities and Exchange Commission (SEC) to seek regulatory permission for some currently off-limits products.
The source did not name specific products under review.