SIX Exchange Regulation has announced that it is opening up an investigation into UBS AG, a Swiss banking giant. The investigation is around UBS’s involvement in the LIBOR scandal which shocked the industry. The Swiss exchange’s regulatory division is basing its investigation on major breaches made by the bank in accordance with its rules on ad hoc publicity.
The latest investigation comes as no surprise to the bank as the on-going dilemma targeted Dutch-based Rabobank as reported by sources close to the matter. UBS came under the radar earlier this year when it was fined an amount of $1.5 billion. In the latest episode, UBS will be under the limelight with the regulator who is looking at a UBS notification issued in Q4 2012.
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The official notification states: “Having completed its preliminary investigation, SIX Exchange Regulation, which is charged by SIX Swiss Exchange Ltd with the monitoring and enforcement of issuer obligations, is now opening an investigation against UBS AG on the grounds of possible breaches of the rules governing ad hoc publicity.”
Leading inter-dealer broker, ICAP, faced the regulatory axe in relation to the LIBOR debacle.