Stock Groups

U.S. CFTC penalizes UBS $500,000 for failing to retain audio recordings By Reuters

© Reuters. FILEPHOTO: A branch in Zurich, Switzerland is adorned with the logo of Swiss bank UBS on June 22, 2020. REUTERS/Arnd Wiegmann

(Reuters) – On Thursday, the U.S. Commodity Futures Trading Commission issued a sanction to UBS AG for $500,000 because it failed to keep certain audio recordings in accordance with CFTC regulations.

“The order finds that as a result of failures in UBS’s audio retention systems, the firm deleted over 1,000 hours of audio data after one day, including voice recording files that were required by CFTC regulations to be retained for one year”, the CFTC said in a statement. UBS must pay $500,000 in civil penalties.

Disclaimer Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media does not accept any liability for trade losses that you may incur due to the use of these data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damage arising from the use of this information, including chart data and signals to buy/sell, contained on this site. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.