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UBS Financial Services, Inc.

UBS Financial Services, Inc. (CRD #8174, New York, New York) received a censure and fine of $85,000. The firm was also required, within 30 days, to file with NASD’s Advertising Regulation Department all presentations, quarterly client letters, fact sheets, and quarterly performance updates relating to privately placed registered investment companies that the firm currently is using on the date of acceptance by the National Adjudicatory Council (NAC) of this AWC. According to the findings, the firm distributed sales literature regarding privately placed registered investment companies to its public customers that did not comply with NASD rules in that the pieces did not have adequate risk disclosure. The regulators also found that, although the pieces of sales literature were accompanied by offering documents and other sales literature that did include risk disclosure, such disclosure did not cure the violations since each piece of sales literature must independently comply with the standards of NASD Rule 2210(d)(1)(A). The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #CAF040051)

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