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Reuters
Reuters
Business

Regulator says UBS Securities Australia Ltd fined for improper buy-backs

FILE PHOTO: The logo of Swiss bank UBS is seen at the company's headquarters in Zurich February 10, 2015. REUTERS/Arnd Wiegmann

(Reuters) - UBS Group AG's <UBSG.S> Australian unit was fined A$120,000($87,552.00) after the Markets Disciplinary Panel found that certain buy-backs were not in the ordinary course of trading, the Australian corporate watchdog said on Tuesday.

The Australian Securities and Investments Commission (ASIC) said the fine resulted after the panel found that the unit, UBS Securities Australia Ltd, bought about 18 million securities in 2017 and reported the transactions to the Australian stock exchange as 'Trades with Price Improvement'.

According to the ASIC market integrity rules for competition in exchange markets, 'Trades with Price Improvement' are not in the ordinary course of trading and are not permitted for on-market buy-backs.

(Reporting by Chandini Monnappa in Bengaluru; Editing by Muralikumar Anantharaman)

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