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UBS unauthorised trading: FINMA initiates enforcement proceedings

In September 2011, the Swiss Financial Market Supervisory Authority (FINMA) announced that, along with the UK Financial Services Authority (FSA), it was jointly launching an independent investigation into the events surrounding trading losses incurred by UBS AG (UBS) in the London operations of its Investment Bank. 

FINMA has now initiated formal administrative enforcement proceedings against UBS under Swiss law and is in close contact with the FSA which has also commenced a formal enforcement investigation against UBS. FINMA will assess and rule upon the adequacy of the controls that were in place to prevent and detect unauthorised trading within the Investment Bank and their compliance with the Banking Act (BA) and the Stock Exchanges and Securities Trading Act (SESTA) and related regulations.

FINMA does not expect to publish further information before the outcome of the enforcement proceedings.

The FSA's press release can be accessed here:
http://www.fsa.gov.uk/library/communication/statements/2012/ubs.shtml

Contact

Tobias Lux, Media Spokesperson, tel. +41 (0)31 327 91 71, tobias.lux@finma.ch