UBS Under Scrutiny For Possible Hong Kong Rate Misconduct

Law360, New York (December 20, 2012, 5:29 PM EST) -- Hong Kong authorities on Thursday said they are investigating UBS AG over possible misconduct involving the Hong Kong Interbank Offered Rate, after the bank agreed to pay $1.5 billion to settle a criminal claim of rate-fixing with U.S. and European officials.

The Hong Kong Monetary Authority said it received information from foreign regulatory bodies about UBS's possible misdeeds following several regulators' statements on Wednesday concerning UBS in connection to their investigations into the bank's submission of interest rates, especially the London Interbank Offered Rate.

The HKMA...
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