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UBS fined US$37m by UK for 136 million reporting errors

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UBS Group AG was fined £28 million(S$50.2 million) by the UK Financial Conduct Authority for failings related to 136 million transaction reports between 2007 and 2017, the regulator said Tuesday.

[LONDON] UBS Group AG was fined £28 million(S$50.2 million) by the UK Financial Conduct Authority for failings related to 136 million transaction reports between 2007 and 2017, the regulator said Tuesday.

UBS didn't provide complete and accurate information in connection with about 87 million reportable transactions, and filed reports on another 49 million that weren't required, the FCA said in a statement.

"Firms must have proper systems and controls to identify what transactions they have carried out, on what markets, at what price, in what quantity and with whom," FCA Executive-Director for Enforcement and Market Oversight Mark Steward said. "If firms cannot report their transactions accurately, fundamental risks arise, including the risk that market abuse may be hidden."

UBS said it is "pleased to have resolved" the issue.

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"Although there was never any impact on clients, investors or market users the bank has made significant investments to enhance its transaction reporting systems and controls," the bank said in an emailed statement.

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