UBS Securities fined $8 million for inaccurate recording practices


UBS Securities has agreed to retain an independent consultant to conduct a comprehensive review of its securities lending desk's policies, procedures and practices with regard to granting 'locate' requests. It has also agreed to pay an $8 million fine in respect of charges brought by the Securities and Exchange Commission (SEC).

The charges relate to inaccurate recording practices, specifically in the providing and recording of locates to customers wanting to execute short sales.

‘Locates' refer

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