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Swiss Stock Exchange Launches Investigation Into UBS

Tom Burroughes, Editor , London, 21 September 2009

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The Swiss stock exchange is investigating UBS for possible breaches of the market's regulations, according to media reports

The exchange has begun an investigation into possible breaches by UBS of a directive on publicity in 2007 and 2008, as well as rules on financial reporting "relating to corporate governance," it said in a statement.

“Investigatory proceedings will continue for an indefinite period,” the statement said, and provided few other details about any issues it was investigating.

The announcement, made last Friday, comes as the Swiss banking and wealth management giant has been looking to put some of its problems behind it, such as the recent decision by the Swiss and US governments to let US transfer some US client details to US authorities, and the massive losses the bank sustained during the credit crunch.

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