Over Archegos debacle: UBS faces hundreds of millions of dollars in fines

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US, UK and Swiss authorities have completed their investigations into the collapsing hedge fund.

This was announced by the Financial Times on Monday, citing people familiar with the matter.

The US Federal Reserve can impose fines of up to $300 million. The British Prudential Regulatory Authority (PRA) is threatened with fines of over $100 million, according to the report. However, penalties can be negotiated as part of reconciliation negotiations that have already begun.

Penalties will be published by the end of July

The Swiss financial market supervisor Finma cannot impose any penalties. However, it was stated that they plan to publish a report on the bank’s failures in the Archegos case.

According to the news in the Financial Times, the determinations and penalties of the authorities will be published by the end of July. However, this may be delayed due to the recent takeover of Credit Suisse (CS) by UBS.

The report stated that currently CS has allocated only 35 million francs for possible penalties in the Archegos case. When asked by AWP, Credit Suisse declined to comment on the post, and UBS and Finma could not be reached for comment. (SDA)

Source :Blick