Legal
SFC reprimands and fines UBS AG $8 million for professional investor misclassification
The Securities and Futures Commission has reprimanded and fined UBS AG (UBS) $8 million for deficiencies in its internal systems and controls, resulting in the firm’s failure to ensure accurate classification of professional investors (PIs) for over 12 years (Note 1). The SFC’s investigation revealed that, between 2009 and July…
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