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FINRA Fines UBS Securities $12m

UBS HQ Archway

The Financial Industry Regulatory Authority (FINRA) has announced that it has fined UBS Securities LLC $12m for violating Regulation SHO (Reg SHO) and failing to properly supervise short sales of securities.

FSA fines Credit Suisse $9.52m

Credit Suisse Logo

UK securities regulator The Financial Services Authority (FSA) has fined Credit Suisse (UK) Limited (Credit Suisse UK) $9.52m for systems and controls failings in relation to sales by its private bank of structured capital at risk products (SCARPs).

UBS Updates Its 2010 Financial Controls Assessment

Outside UBS

Following the discovery of the unauthorized trading activities that UBS announced in September, management has determined that certain internal controls were not effective on December 31, 2010, but at the same time has reconfirmed the reliability of the financial statements included in UBS's 2010 annual report.