Posts tagged UBS.
The Financial Institutions Regulatory Authority fined a UBS unit $750,000 for mistakenly reporting customers' municipal-bond-account interest was tax-exempt, when the firm's handling of the trades made it taxable instead. Because the brokerage itself paid over 4000 customers about $1.2 million in interest, the payments weren't tax exempt; to qualify, the interest must be paid directly by a municipal issuer. Instead, the firm had used the customers' long positions in those bonds to cover the firm's short positions and so made substitute interest payments. FINRA's AWC stated ...
Posted in: FINRA

The American Commodity Futures Trading Commission (CFTC), British Financial Conduct Authority (FCA), and Swiss Financial Market Supervisory Authority (FINMA) announced fines of $3.4 billion against five global banks on Wednesday, November 12th, 2014. The five banks were UBS ($799 million), Citigroup ($668 million), JP Morgan Chase ($662 million), the Royal Bank of Scotland ($634 million), and HSBC ($618 million). Of the total fine, $1.77 billion came from the FCA, $1.475 billion came from the CFTC, and $138 million came from FINMA. All of the banks had set aside funds as reserves ...

The Financial Industry Regulatory Authority ("FINRA") has, in recent months, increased its regulatory focus on investor awareness regarding closed-end funds ("CEFs"). In October of last year, FINRA issued an Investor Alert entitled "Closed-End Fund Distributions: Where is the Money Coming From." The alert sought to educate investors about CEFs and, specifically, about the sources of the periodic guaranteed distributions that make CEFs attractive to investors. This alert followed on the heels (relatively speaking) of six-figure fines levied against Merrill Lynch and UBS in ...
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