The corporate regulator has agreed to close its investigations against UBS Securities after the investment bank agreed to undertake remedial steps to improve controls in its research department.
The Australian Securities and Investments Commission said on Tuesday will take no action against UBS Securities after completing its enquiries into the group's research operations.
The remedial steps include appointing additional supervisory roles in the department, ensuring compliance training focused on information barriers for staff, and prohibiting email or chat communications between the research department and outsiders.
UBS was facing scrutiny from ASIC over an altered report in March this year on the NSW government's electricity privatisation plans, as well as relating to a report on Newcrest Mining published in June 2013.
The corporate regulator was investigating UBS over its March research report on electricity privatisation, originally titled "Bad for the budget, good for the state" was later reissued with the title "Good for the state", reportedly after Premier Mike Baird's office complained.
The investment bank had also been advising the state government on its privatisation of the poles and wires.
UBS was also under ASIC scrutiny after Newcrest Mining's share price plunged in June 2013, when UBS analysts downgraded their forecasts for the company, days before a market update.
The market update included details of a massive $6 billion-plus in writedowns, sparking allegations Newcrest had selectively briefed analysts from firms such as UBS and Citi, providing them with information ordinary shareholders didn't have.
ASIC said on Tuesday UBS has appointed an independent expert to review the implementation of the remedial measures and to certify that these are being maintained for the next three years.
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