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UBS Securities to pay $2.5 million to FINRA for short selling, supervisory failures

( October 4, 2022, 16:51 GMT | Official Statement) -- MLex Summary: UBS Securities agreed to a $2.5 million settlement with the Financial Industry Regulatory Authority to resolve concerns over persistent failures to deliver, and potentially abusive “naked” short selling, during a nine-year period. Finra found that, from 2009 to 2018, UBS didn't timely close out at least 5,300 failure-to-deliver positions and routed or executed more than 73,000 short sales in securities with an unsatisfied close-out requirement without first borrowing or arranging to borrow the shares.Statement follows in full. Also see document below. ...

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