UBS fined over delayed information

Switzerland's Six Exchange has fined UBS 100,000 Swiss francs (€78,000) over a delay in publishing information relating to expected losses, the latest in a series of regulatory setbacks for the bank.

Six said today it had fined Europe's largest wealth manager in terms of assets for late publication of information available internally in the summer of 2007.

"In accordance with stock exchange rules, an issuer must inform the market of any potentially price-sensitive information as soon as it becomes itself aware of the main points of such information," the exchange said.

"If information provided by a company gives rise to certain market expectations, the company is obliged to inform the market at the point at which the issuer becomes aware that a profit or loss is predictable."

UBS was not available to comment.

Six said its investigation also focused on whether UBS's 2008 annual report breached corporate governance regulations.

Reuters