UBS fined $1.5m by HK regulator for 'lacking due skill and care'

The Securities and Futures Commission (SFC) has reprimanded and fined UBS AG and UBS Securities Asia HK$9.8m and HK$1.75m (HK11.55m, $1.5m) respectively for a raft of regulatory breaches. A number of issues concerning UBS's systems and controls were brought to the SFC's attention between September 2018 and November 2020 by self-reports from UBS or referrals of findings from the Hong Kong Monetary Authority (HKMA). The SFC's investigation found that between May 2004 and May 2018, UBS failed to make proper disclosure of its financial interests in some Hong Kong listed companies covered ...