UBS under scrutiny in HK for possible misconduct

The Hong Kong Monetary Authority (HKMA) is investigating possible misconduct by UBS in relation to Hong Kong Interbank Offered Rate (HIBOR) submissions, HKMA said in a statement Thursday.

According to the statement, HKMA noted several overseas regulatory authorities issued statements Wednesday on UBS in relation to their investigations into the bank's submission of interest rates, particularly the London Interbank Offered Rate.

HKMA has also received information from overseas regulatory authorities about possible misconduct by UBS involving submissions for the HIBOR and other reference rates in the region.

HKMA said that their investigation will assess whether the misconduct, if substantiated, has any material impact on the HIBOR fixing results.

It will follow up with overseas regulatory authorities to gather information, and will consider further action to be taken in the light of the investigation.