Defendant Name: UBS Financial Services Inc.

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

Initial Case Details

Legal Case Name In the Matter of UBS Financial Services, Inc. and UBS Securities LLC
First Document Date 27-Sep-2022
Initial Filing Format Administrative Action
File Number 3-21174
Allegation Type Broker Dealer

Violations Alleged

Other
• Failure to supervise under Section 15(b)(4)(E) Exchange Act

Resolutions

First Resolution Date 27-Sep-2022
Headline Total Penalty and Disgorgement $125,000,000

Related Documents:

34-95929 27-Sep-2022 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to 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 September 27, 2022, the SEC instituted settled administrative and cease-and-desist proceedings against UBS Financial Services, Inc. and UBS Securities LLC, stating: "From at least January 2018 to September 2021, UBS employees sent and received off-channel communications that related to the business of the broker-dealer operated by UBS. Respondents did not maintain or preserve the substantial majority of these written communications. Respondents’ failure was firm-wide, and involved employees at all levels of authority. As a result, UBS violated Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder."
2022-174_3-21174 27-Sep-2022 Press Release--Administrative Proceeding
SEC Charges 16 Wall Street Firms with Widespread Recordkeeping Failures
On September 27, 2022, the SEC "announced charges against 15 broker-dealers and one affiliated investment adviser for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications. The firms admitted the facts set forth in their respective SEC orders, acknowledged that their conduct violated recordkeeping provisions of the federal securities laws, agreed to pay combined penalties of more than $1.1 billion, and have begun implementing improvements to their compliance policies and procedures to settle these matters."

Other Defendants in Action:

UBS Securities LLC