07:32 AM EDT, 07/03/2024 (MT Newswires) -- UBS (UBS) is facing fines in South Korea after the country's financial regulator found that two Credit Suisse affiliates violated stock short-selling regulations, according to a Wednesday statement from South Korea's Financial Services Commission.

The regulator imposed a total of 27.17 billion South Korean won ($20 million) in penalty surcharges on Credit Suisse and Credit Suisse Singapore for naked short sale transactions made in 2021 to 2022, according to the statement.

UBS did not immediately respond to MT Newswires' request for comment.

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