California Department of Business Oversight Enters Consent Order with UBS Financial Services
SACRAMENTO (November 19, 2013) – The Department of Business Oversight (the Department) has entered
into a Consent Order with UBS Financial Services, Inc. (UBS) for violations of the California Corporate
Securities Law. The Order was issued as part of a settlement negotiated between UBS and a North American
Securities Administrators Association (NASAA) multi-state task force.
In accordance with the Consent Order, UBS has paid $72,454.56 to California, a figure based on unpaid
registration fees in the state. The national settlement total is $4,586,555.
An investigation conducted by a NASAA multi-state task force revealed that some of the UBS Client Service
Associates had been accepting unsolicited orders from clients without being properly registered in California as
broker-dealer representatives, when accepting orders from California residents, in violation of state law. UBS
also failed to develop procedures reasonably designed to prevent and detect violations of the Corporate
“The Department is committed to ensuring a fair and secure marketplace for California investors,” said
Commissioner of Business Oversight Jan Lynn Owen. “We are pleased to be a part of this interagency
enforcement effort by the Department, NASAA and other state regulators.”
California joins 49 other states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands (the States) in
reaching this resolution with UBS. As part of the settlement, UBS has made enhancements to its order entry
system to address issues with registration and books and records.
The Department encourages consumers to check the licensing status and enforcement history of a financial
company or professional prior to making an important financial decision. Contact the Department of Business
Oversight at (866) 275-2677or visit www.dbo.ca.gov.
On July 1, 2013, the Department of Corporations and the Department of Financial Institutions merged to become the
Department of Business Oversight. California consumers should contact the Department of Business Oversight to
check on the licensing and standing of the companies, investments or other financial services they are considering at
www.dbo.ca.gov or at the Department’s toll-free Consumer Services Office at 1 (866) 275-2677.
# # #
Press Release Contact
News & Info Links
Press Release Archives
- Press Releases 2023
- Press Releases 2022
- Press Releases 2021
- Press Releases 2020
- Press Releases 2019
- Press Releases 2018
- Press Releases 2017
- Press Releases 2016
- Press Releases 2015
- Press Releases 2014
- Press Releases 2013
- Press Releases 2009 - 2013 (Dept of Corporations)
- Press Releases 2001 - 2013 (Dept of Financial Institutions)