Swiss-based international investment bank, UBS announced on Tuesday that it has received a "Wells Notice" from the US Securities and Exchange Commission (SEC).
The Wells Notice notified the bank, which is Switzerland's largest, that the SEC is considering bringing civil enforcement proceedings against UBS for possible violations of federal securities laws arising from work performed by UBS’s Investment Bank for HealthSouth Corp., a US healthcare company.
Under SEC procedures, the Wells Notice affords UBS an opportunity to present its position to the securities regulator before a recommendation is made by SEC staff regarding any action to be taken against the firm.
UBS explained on Tuesday that it has been cooperating fully with all relevant authorities investigating the HealthSouth case, and will continue to offer the SEC its full cooperation. However, the bank reportedly refused to comment regarding the possible financial implications of an SEC action against it.
A comprehensive report in our Intelligence Report series examining offshore banking jurisdictions is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report3.asp
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