SEC Fine Could Lead To Limits On Structured Note Offerings

Law360, New York (October 13, 2015, 9:15 PM EDT) -- Hitting UBS AG with a $20 million penalty Tuesday, the U.S. Securities and Exchange Commission gave teeth to warnings that it expected clear disclosures on structured notes sold to retail investors, which could lead firms to limit the types of notes they put onto the market.

The penalty against UBS for allegedly making false and misleading statements and omitting information in offering materials for a series of structured notes linked to movements in 10 global currencies is the first in the SEC’s push for more clarity...
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