The US Securities and Exchange Commission (SEC) has provided regulatory relief to UBS Group, saying it will not object to certain securities transactions that may be required under Switzerland's bank resolution framework. The move removes a potential legal hurdle that could have complicated the Swiss banking giant's emergency resolution plans in a future financial crisis, Reuters reported.
According to a Reuters report, the SEC said on Wednesday it would not recommend enforcement action if UBS is directed by Swiss authorities to convert certain debt securities into equity without registering the offering with the U.S. regulator.
