UBS case shines light on proprietary index disclosures

US dealers’ custom index operations under heightened scrutiny following SEC enforcement action

asia markets

Eighteen days before Halloween, US structured product providers suffered a nasty fright. After years of general warnings to tighten up disclosures for products linked to proprietary indexes, the Securities and Exchange Commission (SEC) finally took action, accusing UBS of making false and misleading disclosures about the performance of one of its indexes.

The Swiss bank paid $19.5 million to settle the charges without admitting or denying them. But while the size of the settlement is a drop in

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