SEC Charges UBS With Improper Securities Valuation

Strapline: Regulation & Standards


UBS Global Asset Management (UBSGAM) has been penalized by the Securities and Exchange Commission (SEC) for failing to properly price securities in three mutual funds that it managed, resulting in a misstatement to investors of the net asset values (NAVs) of those funds.

An SEC investigation found that during a two-week period in 2008, UBSGAM, which is an SEC-registered investment adviser, did not follow the mutual funds’ fair valuation procedures in pricing certain illiquid fixed-income securi