The Securities & Futures Commission has reprimanded and fined UBS Securities Hong Kong $1.6 million for regulatory breaches and internal control failings relating to position limit failures.
The disciplinary action follows an investigation into UBS holding, on behalf of its client UBS AG London, 175,697 contracts in China Construction Bank stock options, in breach of the prescribed position limit of 150,000 contracts on October 18, 2011.
The commission also found UBS failed to implement adequate internal controls to ensure the positions it held or controlled were in compliance with prescribed limits.
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