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Violation Tracker Individual Record

Company: UBS AG
Current Parent Company: UBS
Penalty: $500,000
Year: 2021
Date: October 14, 2021
Offense Group: financial offenses
Primary Offense: investor protection violation
Violation Description: The Commodity Futures Trading Commission issued an order simultaneously filing and settling charges against UBS AG, provisionally registered swap dealer, for failing to retain certain audio recordings for the time required under CFTC regulations. The order finds that as a result of failures in UBS's audio retention systems, the firm deleted over 1,000 hours of audio data after one day, including voice recording files that were required by CFTC regulations to be retained for one year. The order requires UBS to pay a $500,000 civil monetary penalty and to cease and desist from further violations of CFTC regulations, as charged.
Level of Government: federal
Action Type: agency action
Agency: Commodity Futures Trading Commission
Civil or Criminal Case: civil
HQ Country of Current Parent: Switzerland
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking & securities
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.