Defendant Name: UBS Securities LLC

Defendant Type: Subsidiary of Public Company
Public Company Parent: UBS AG
SIC Code: 6021
CUSIP: H4209710

Initial Case Details

Legal Case Name In the Matter of UBS Securities LLC
First Document Date 15-Jan-2015
Initial Filing Format Administrative Action
File Number 3-16338
Allegation Type Broker Dealer

Violations Alleged

Securities Act
• Sec 17(a)(2)
Other
• Section 17(a) Exchange Act; Rule 17a-4(b)(1) Exchange Act; Rules 301(b)(2), 301(b)(5), 301(b)(8), 301(b)(10), 303 Regulation ATS Exchange Act; Rule 612 Regulation NMS

Resolutions

First Resolution Date 15-Jan-2015
Headline Total Penalty and Disgorgement $14,476,389

Related Documents:

33-9697 15-Jan-2015 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Sections 15(b) and 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On January 15, 2015, the SEC instituted settled administrative and cease-and-desist proceedings against UBS Securities LLC. According to the SEC: "UBS is the owner and operator of UBS ATS, an alternative trading system ('ATS') commonly referred to as a 'dark pool.' UBS ATS is a private execution venue that accepts, matches, and executes orders to buy and sell securities that it receives from UBS clients and UBS ATS subscribers. Those clients and subscribers include many of the world's largest asset managers, broker-dealers, and institutional investors, who may place trades on behalf of all kinds of investors, including pension funds and individuals with retail brokerage accounts. Between May 2008 and August 2012, UBS ATS was among the largest ATSs. As measured by dollar volume, it was the nation's largest equity ATS during the second quarter of 2014, having executed over $416 billion in equity securities transactions in that period. During the same quarter, UBS executed trades for nearly 10.7 billion shares on UBS ATS. Between 2008 and 2012, UBS's operation of and disclosures regarding UBS ATS violated federal securities laws and regulations at different times and in numerous ways."
2015-7 15-Jan-2015 Press Release--Administrative Proceeding
SEC Charges UBS Subsidiary With Disclosure Violations and Other Regulatory Failures in Operating Dark Pool
On January 15, 2015, the SEC announced that it, "charged a subsidiary of UBS with disclosure failures and other securities law violations related to the operation and marketing of its dark pool."