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November 30, 2015 12:01 AM ET

Capital Markets

Company Overview of UBS Financial Services Incorporated of Puerto Rico

Company Overview

UBS Financial Services Incorporated of Puerto Rico is a financial services firm that offers underwriting services. The firm is based in San Juan, Puerto Rico. UBS Financial Services Incorporated of Puerto Rico operates as a subsidiary of UBS Financial Services Inc.

250 Munoz Rivera Avenue - Penthouse

Hato Rey

San Juan, PR 00918

United States



Key Executives for UBS Financial Services Incorporated of Puerto Rico

Compensation as of Fiscal Year 2015.

UBS Financial Services Incorporated of Puerto Rico Key Developments

FINRA Sanctions UBS Puerto Rico $18.5 Million for Supervisory Failures Regarding Sales of Puerto Rican Closed-End Funds and Related Loans

The Financial Industry Regulatory Authority (FINRA) announced that it has censured and fined UBS Financial Services Incorporated of Puerto Rico (UBS PR) $7.5 million for supervisory failures related to the suitability of transactions in Puerto Rican closed-end fund (CEF) shares. In addition, FINRA ordered UBS PR to pay approximately $11 million in restitution to 165 customers who were forced to realize losses on their CEF positions. FINRA found that for more than four years, UBS PR failed to monitor the combination of leverage and concentration levels in customer accounts to ensure that the transactions were suitable given the customers’ risk objectives and profiles. The firm failed to implement a reasonably designed system to identify and prevent unsuitable transactions in light of the unique Puerto Rican economy, in which retail customers typically maintained high levels of concentration in Puerto Rican assets and often used those highly concentrated accounts as collateral for cash loans. Despite UBS PR’s knowledge of these common practices, it failed to adequately monitor concentration and leverage levels to identify whether certain customers’ CEF transactions were suitable in light of the increased risks in their existing portfolio. In this case, UBS PR solicited certain customers to open lines of credit (LOCs) collateralized by their securities accounts. If the customer’s account value fell below the required collateral level, the customer received a “maintenance call” and was required to deposit additional assets or liquidate securities to meet the call. Where an LOC is collateralized by a diversified account, a customer may have a variety of securities that s/he can liquidate to meet a maintenance call. However, the risk of investor loss is increased when an LOC is collateralized by a highly concentrated account – and due to the unique benefits of Puerto Rican assets for Puerto Rican residents, UBS PR customer accounts were typically highly concentrated in CEF shares. The market events of Aug. 2013 caused the value of many CEF shares to plummet, and customers who received maintenance calls were forced to realize substantial losses in order to meet them.

UBS to Lay Off Employees in Puerto Rico

UBS AG plans to lay off about 40 employees at its Hato Rey, Puerto Rican unit UBS Financial Services Inc. of Puerto Rico as part of a restructuring plan. The layoffs are expected to mainly impact financial advisory and support staff citing a lack of performance.

The Securities Arbitration Law Firm of Klayman & Toskes, P.A. and Carlo Law Offices, P.S.C. File Claim Against UBS Financial Services Incorporated of Puerto Rico and UBS Financial Services

The Securities Arbitration Law Firm of Klayman & Toskes, P.A. together with Carlo Law Offices, P.S.C. announced that they filed a claim against UBS Financial Services Incorporated of Puerto Rico and UBS Financial Services Inc. on behalf of two retirees. The claim seeks to recover $1.5 million in damages sustained as a result of investing in UBS Puerto Rico Closed End Bond Funds (UBS PR CEBFs), including Puerto Rico Investors Tax Free Fund III, Puerto Rico AAA Portfolio Bond Fund and Puerto Rico Investors Bond Fund. According to the claim, the claimants, who are in their 70s, are unsophisticated investors who invested their hard earned life savings with UBS to devise a portfolio that would provide for their retirement years. After retiring, the claimants looked to UBS to devise a retirement portfolio to provide them with income and financial security. UBS recommended that they take out a loan through UBS Bank USA and use their securities account at UBS as collateral. Claimants followed this recommendation and the recommendation by UBS to purchase its proprietary UBS PR CEBFs that were concentrated in Puerto Rico Government Bonds (PRGBs), as well as individual PRGBs. With the securities account serving as collateral, the claimants wanted a low risk portfolio that would provide income. However, unbeknownst to claimants, their accounts with UBS incorporated a high degree of risk. They were exposed to concentration, leverage, and lack of liquidity. Had this information and the true nature of the risks of these investments been revealed to and known by claimants, or properly disclosed, they absolutely would not have invested their savings in these products.

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