The Financial Services Authority (FSA) and the Swiss Financial Market Supervisory Authority (FINMA) are launching a comprehensive independent investigation into the events surrounding the trading losses incurred by UBS AG in its London operations.
The investigation, to be conducted by a third party firm independent of UBS, will focus:
- on the details of the unauthorised trading activity;
- on the control failures which permitted the activity to remain undetected; and
- will include an assessment of the overall strength of UBS’s controls to prevent unauthorised or fraudulent trading activity in its Investment Bank.
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