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Wednesday 03rd of December 2008

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April 7, 2008

Swiss regulators investigate UBS disclosures

by Gill Montia

Story link: Swiss regulators investigate UBS disclosures

UBS, the Swiss investment bank that has so far written down £18.6 billion in relation to the credit squeeze, is to face investigations by market regulators who will determine whether the bank has breached disclosure rules.

The Swiss Federal Banking Commission is looking at certain announcements made by UBS to ensure they are in line with stock exchange laws in Switzerland.

It will seek to establish whether “price-sensitive” announcements made over the past year have been made with appropriate timing.

Meanwhile, UBS is under pressure for a break-up of the business.

Luqman Arnold, a former chairman of the bank, is recommending that it separate out its investment banking and wealth management operations.

He is also gaining shareholder support for the sale of other parts of the group, to raise capital.

The bank, which is the largest loser to date in the credit crisis, is currently planning a £7.4 billion rights issue to bolster its balance sheet.

 

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