UBS Group (UBS) will not face an objection if it swaps specific securities for new stock during a Swiss-mandated restructuring without registration, the Securities and Exchange Commission said Wednesday.

The division approved the decision based on representations that the exchange qualifies for a registration exemption, the commission said.

The Swiss Financial Market Supervisory Authority will direct the conversion if the company becomes commercially unviable, it said.

UBS Group will function as the issuer for both the original securities and the new equity shares, the commission added.