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Tuesday 11

December, 2018 2:22 AM



UBS fined $120k for improper buy-backs

UBS fined $120k for improper buy-backs

ASIC has announced a $120,000 fine for UBS Group AG's Australian unit for an improper share buy-back.

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By AAP 20.11.2018 12:32 PM

UBS Group AG's Australian unit has been fined $120,000 after the Markets Disciplinary Panel found certain buy-backs were not in the ordinary course of trading.

The Australian Securities and Investments Commission said the fine came after the panel found that the unit, UBS Securities Australia Ltd, bought about 18 million securities in 2017 and reported the transactions to the Australian stock exchange as 'Trades with Price Improvement'.

According to the ASIC market integrity rules for competition in exchange markets, 'Trades with Price Improvement' are not in the ordinary course of trading and are not permitted for on-market buy-backs.

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