UK fines UBS £27.6M for misreporting transactions

Tuesday, 19. March 2019 15:22

United Kingdom's Financial Conduct Authority said on Tuesday it is imposing a £27.6 million fine on Swiss banking giant UBS Group for failing to appropriately report 135.8 million transactions for the period between November 2007 and May 2017. The bank failed to properly and accurately report approximately 86.67 million reportable transactions, as well as reported 49.1 million transactions which were not reportable, the FCA explained.

"Firms must have proper systems and controls to identify what transactions they have carried out, on what markets, at what price, in what quantity and with whom. If firms cannot report their transactions accurately, fundamental risks arise, including the risk that market abuse may be hidden," FCA Executive Director of Enforcement and Market Oversight Mark Steward stated.

UBS agreed to cooperate with the financial regulator and was granted a 30% discount on the original fine of £39.4 million.

Related Links: UBS Group AG
Author:
Breaking the News / SS