Compliance

Swiss Private Bank Reprimanded By Regulator For Manipulating Its Share Price

Max Skjönsberg, London, 26 April 2012

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The Swiss regulator has reprimanded Valiant, the private bank and holding firm, for manipulating its share price in 2010.

Valiant propped up the price of its own shares against the general market trend and kept it artificially high before a sharp fall in October 2010, the Swiss Financial Market Supervisory Authority said in a statement.

“We have set out organisational measures that Valiant need to implement to prevent this from happening again, a process the bank has already started,” a spokesperson for the FINMA told WealthBriefing. “We will make sure that they will be carried out within a certain timeframe, but we have to give them some time, say a few semesters (six-month periods).”

"The FINMA wanted us to carry out two main measures,” a spokesperson for Valiant told this publication. “These two demanded measures have already been initiated by Valiant at the end of 2010 and the FINMA acknowledges this.”

The regulator has not imposed any financial penalties on Valiant and has neither the authority nor the instruments to fine financial institutions.

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