Switzerland's stock exchange is looking into bank UBS over possible breaches of rules regarding publication of price sensitive information and information on its board.This content was published on September 18, 2009 - 12:50
The SIX Exchange Regulation said on Friday that it had started an investigation into breaches of the ad hoc publicity directive, from the end of 2007 to the end of 2008.
It is also looking into possible violations of the corporate governance directive in connection with the UBS 2008 annual report.
The bank did not comment. UBS is struggling to rebuild its reputation following a United States government tax evasion probe. It raked up huge losses in the credit crises.
A spokesman for the SIX Exchange declined to give further details about the investigation.
"It is normal that there is an investigation after they gave three different sets of numbers," said bank Vontobel analyst Teresa Nielsen. "I don't believe this will have any material impact on UBS' earnings."
In March, UBS said it had revised up its 2008 net loss by SFr1.2 billion ($1.16 billion) to include a big US tax fine and more writedowns from the SFr19.7 billion it originally reported, already the biggest loss in Swiss corporate history.
The other additional charges that increased the 2008 loss related to the Swiss National Bank's (SNB) valuation of around $7.8 billion of securities not yet transferred to an SNB stability fund, dedicated to mopping up UBS's toxic assets.
In May, UBS restated its 2008 accounts again, raising its full year loss by a further SFr405 million to correct accounting errors. It also reduced equity and equity attributable to UBS shareholders by SFr269 million.
swissinfo.ch and agencies
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