UBS slammed over alleged misconducts

HKMA probe to investigate.

The Hong Kong Monetary Authority (HKMA) noted that several overseas regulatory authorities issued statements on 19 December on UBS in relation to their investigations into the bank’s submission of interest rates, particularly the London Interbank Offered Rate (LIBOR).

The HKMA has also received information from overseas regulatory authorities about possible misconduct by UBS involving submissions for the Hong Kong Interbank Offered Rate (HIBOR) and other reference rates in this region.

In this connection, the HKMA has commenced an investigation with a view to (i) ascertaining any misconduct committed by the bank in relation to HIBOR submissions, and (ii) assessing whether the misconduct, if substantiated, has any material impact on the HIBOR fixing results. The HKMA will follow up with the relevant overseas regulatory authorities to gather relevant information concerning the case and consider further actions that need to be taken in the light of its investigation findings and any other relevant information that comes to its attention.