UBS Settles SEC Claims Over 'Locates' For $8M

Law360, New York (November 10, 2011, 4:57 PM EST) -- UBS Securities LLC agreed Thursday to pay an $8 million fine to resolve a U.S. Securities and Exchange Commission enforcement action accusing it of inaccurate recording practices in providing so-called locates to customers executing short sales.

The SEC simultaneously filed the charges and announced the settlement, under which the company will also retain an independent consultant to conduct a comprehensive review of the company's practices with respect to granting locate requests. UBS neither admitted nor denied the agency's allegations in settling the action.

According to the...
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