Finra fines UBS $12 million for failing to adequately supervise short sales

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The US Financial Industry Regulatory Authority (Finra) has fined UBS Securities $12 million for failings in its supervision of short sales of securities between 2005 and 2010.

Finra said on October 25 that UBS had allowed millions of short sales to go ahead without checking that the underlying securities could be borrowed and delivered. It also wrongly marked millions of short sales in its trading systems as being long. These failures "impacted UBS's technology, operations, and supervisory

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