Herbert Smith Freehills has advised UBS as the Swiss bank today (26 November) received a £29.7m fine from the Financial Services Authority (FSA) for allowing a rogue trader to rack up $2.3bn (£1.4bn) of losses.
The FSA said the fine, which was discounted from £42.4m for early settlement, was for serious weaknesses in the firm’s procedures, management systems and internal controls. The original fine was fixed at 15% of the revenue of the division in which the unauthorised trading took place.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]