Reported about 6 hours ago
UBS has obtained a waiver from the U.S. Department of Labor, allowing it to continue managing U.S. retirement plans despite a paperwork error that threatened $11 billion in assets. The waiver, effective retroactively from June 2023, comes after a lengthy review process and is essential for UBS to operate in the U.S. pension market. This situation underlines the complexities UBS faces in integrating Credit Suisse and highlights the potential risks of non-compliance in financial regulations.
Source: YAHOO