CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. SEC Considering Taking Legal Action Against UBS

SEC Considering Taking Legal Action Against UBS

by Glen Shapiro, LawAndTax-News.com, New York

23 December 2004


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

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »