Defendant Name: UBS Financial Services Inc.

Defendant Type: Subsidiary of Public Company
Public Company Parent: UBS AG
SIC Code: 6021
CUSIP: H8923133

Initial Case Details

Legal Case Name In the Matter of UBS Financial Services Inc.
First Document Date 03-Nov-2014
Initial Filing Format Administrative Action
File Number 3-16239
Allegation Type Municipal Securities & Public Pensions

Violations Alleged

Other
• Section 15B(c)(1) Exchange Act; MSRB Rule G-15(f)

Resolutions

First Resolution Date 03-Nov-2014
Headline Total Penalty and Disgorgement $56,400

Related Documents:

34-73505 03-Nov-2014 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 15(b), 15B(c)(2) and 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On November 3, 2014, the SEC instituted settled administrative and cease-and-desist proceedings against UBS Financial Services Inc. According to the SEC: "These proceedings involve the sale of non-investment grade of 'junk' bonds issued by the Commonwealth of Puerto Rico ('Puerto Rico') by UBS, a registered broker-dealer and municipal securities dealer, to customers in amounts below the minimum denomination of the issue."
2014-246-UBS Financial 03-Nov-2014 Press Release--Administrative Proceeding
SEC Sanctions 13 Firms for Improper Sales of Puerto Rico Junk Bonds
On November 3, 2014, the SEC announced that it "sanctioned 13 firms for violating a rule primarily designed to protect retail investors in the municipal securities markets." The SEC further stated: "In its surveillance of trading in the municipal bond market, the SEC Enforcement Division's Municipal Securities and Public Pensions Unit detected improper sales below a $100,000 minimum denomination set in a $3.5 billion offering of junk bonds by the Commonwealth of Puerto Rico earlier this year." According to the SEC: "The enforcement actions are the SEC's first under Municipal Securities Rulemaking Board (MSRB) Rule G-15(f), which establishes the minimum denomination requirement."