On Mar. 19, UK FCA fined UBS for transaction reporting failures.
- FCA fined UBS AG £27.6mn for transaction reporting failure Nov. 2007-May 2017.
Allegations
- Failed to give complete, accurate information, re 86mn reportable transactions.
- In error, reported 49mn transactions to FCA, which were not, in fact, reportable.
- Over 9 1/2 years, made 135.8mn errors in transaction reporting, breaching rules.
- FCA also found that UBS AG had failed to take reasonable care in organizing and
controlling its affairs responsibly, effectively in respect of transaction reporting. - Failings re aspects of change management processes, maintenance of reference
data in reporting and testing of reported transactions, were accurate, complete.
Penalty
- UBS agreed to resolve case and so qualified for a 30% discount in overall penalty.
- Without this discount, FCA would have imposed financial penalty of £39,427,795.
