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  1. Wealth
February 26, 2009

Lux. watchdog demands changes from UBS

By Spear's

Luxembourg’s financial market watchdog CSSF gave Swiss bank UBS three months on Wednesday to make changes to its Luxembourg custodian bank in the wake of the arrest of accused Wall Street swindler Bernard Madoff.

Luxembourg’s financial market watchdog CSSF gave Swiss bank UBS three months on Wednesday to make changes to its Luxembourg custodian bank in the wake of the arrest of accused Wall Street swindler Bernard Madoff.

But UBS rejected the calls from the CSSF to reform its Luxalpha fund and said in a statement it would “defend itself vigorously” as it did not believe the CSSF was correct.

The CSSF, which said it took the decision after receiving documents from UBS this month, called on the Swiss bank to “put in place the necessary infrastructure, that is human resources, adequate techniques and necessary internal rules, to fulfill all its responsibilities as a depository bank.”

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