FINRA Fines UBS Securities $12M for Regulation SHO Violations and Supervisory Failures

The Financial Industry Regulatory Authority (FINRA) announced today that it has fined UBS Securities LLC UBS $12 million for violating Regulation SHO and failing to properly supervise short sales of securities. As a result of these violations, millions of short sale orders were mismarked and/or placed to the market without reasonable grounds to believe that the securities could be borrowed and delivered.