Swiss Exchange Probes UBS on Possible Disclosure BreachesZoe Schneeweiss and Catherine Bosley
The Swiss stock exchange is starting a probe into UBS AG, the country’s biggest bank, on possible breaches of disclosure rules.
The examination concerns two statements published last year that refer to a reorganization of its investment bank and the settlement of claims in the U.S. and the U.K. that it manipulated benchmark interest rates, Zurich-based Swiss stock exchange operator SIX said in a statement today. The step follows a preliminary probe by SIX Exchange Regulation, which is in charge of monitoring and enforcing issuer obligations at the Swiss bourse.
“There is no basis for this investigation,” UBS said in an e-mailed statement. “We take our disclosure responsibilities very seriously. With respect to the matters referred to in the SIX release, we complied with all legal requirements. Our disclosures to the market were also consistent with our own high standards for disclosure quality and timeliness.”
On Oct. 30 of last year, UBS announced that it would cut about 10,000 jobs and retreat from capital-intensive trading businesses at the investment bank to boost profitability. The second alleged breach is the disclosure of a 1.4 billion-franc ($1.6 billion) fine to U.S., U.K. and Swiss regulators for trying to rig global interest rates, which was published on Dec. 19, according to SIX.