SEC probing more proprietary index cost disclosures

Following UBS's $19.5 million fine for misleading investors about issuance costs, an SEC official confirms the regulator is working on another "case or two" examining the same issue

photo of reid muoio of the US SEC
Reid Muoio: Involve more employees in drafting documentation

The US Securities and Exchange Commission (SEC) is scrutinising a number of structured products linked to proprietary indexes amid concerns issuers are not being honest about the costs and fees connected to them.

"We have a case or two where there is an index or trading strategy with some cost or fee baked in that is over and above the sales commission and management fees, and we will look at that and see if there are [appropriate] disclosures," said Reid Muoio, deputy chief of the complex

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