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SEC Fines UBS $8M For Alleged Investment Oversight Issues
Law360 (July 19, 2021, 5:24 PM EDT) The U.S. Securities and Exchange Commission on Monday fined UBS Financial Services Inc. $8 million on claims that its financial advisers had a flawed understanding of certain exchange-traded products, resulting in meaningful losses on customer accounts when products designed for short-term investing were held over longer-term periods.
Between January 2016 and January 2018, advisers purchased and held a volatility-linked ETP that tracks the expected volatility of the S&P 500 for extended periods on more than 1,800 accounts, holding it for over a year on hundreds of the accounts even though its value was known to decline over time, according to a.
UBS Agrees To Pay $8 Mln To Settle SEC Charges Over Volatility-tied Compliance Failures
ZURICH (dpa-AFX) - UBS Financial Services Inc agreed to pay more than $8 million to settle charges made by the U.S. Securities and Exchange Commission over compliance failures related to sales of a volatility linked exchange-traded product or ETP.
According to the SEC order, issuer of the product warned UBS that it was not appropriate to hold the product for extended periods, and the product s offering documents made clear that the product was more likely to decline in value when held over a longer period.
The SEC order found that UBS prohibited brokerage representatives from soliciting sales of the product and placed other restrictions on sales of the product to brokerage customers, but did not place similar restrictions on certain financial advisers use of the product in discretionary managed client accounts.