FINRA announced today that it has fined UBS Securities LLC (UBS) $2.5 million for Regulation SHO (Reg SHO) violations and supervisory failures spanning a period of nine years. Reg SHO is intended to address concerns regarding persistent failures to deliver and potentially abusive “naked” short selling (the sale of securities that an investor does not own or has not borrowed). The rule requires firms to take affirmative action to close out “failure to deliver” positions resulting from short sales in equity securities by borrowing or purchasing the securities by the beginning of regular trading hours the day after the ... (full story)