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FINRA fines UBS $12m for short sale violations
26 October 2011
As a result violations, millions of short sale orders were mismarked or placed to the market without ensuring securities could be borrowed and delivered
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Finra
UBS
US supervisor, Financial Industry Regulatory Authority (FINRA), has fined UBS Securities $12m for violating regulation SHO (Reg SHO) and failing to properly supervise short sales of securities.
As a result of these violations, millions of short sale orders were mismarked or placed to the market without reasonable grounds to believe that the securities could be borrowed and delivered, said FINRA.
FINRA found that UBS' Reg SHO supervisory system regarding locates and the marking of sale orders was flawed and resulted in a systemic supervisory failure that contributed to...
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