The Securities and Futures Commission (SFC) has fined UBS AG and UBS Securities Asia HK$9.8m (US$1.3m) and HK$1.75m, respectively, over various regulatory breaches including the mis-selling of 12 structured notes to 15 clients.
In May 2020, UBS AG reported to the SFC and the Hong Kong Monetary Authority (HKMA) that it had failed to disclose to its clients the ‘stop-loss event’ feature of a structured note issued by another bank before the execution of the trade. The failure affected 15 client accounts involving the sale of 12 structured notes between October 2017 and February 2020 for a total notional amount of approximately US$12m. The disclosure failure resulted from an omission of the stop-loss event f
Continue reading and get unlimited access for 7 days with a free trial of SRP.
Get a free trialAlready a subscriber? Login