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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.

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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.