The Securities and Exchange Commission on Tuesday charged UBS Securities with violating the securities laws by failing to disclose that it retained $23.6 million it received upfront in the course of acquiring collateral for a collateralized debt obligation.

Without admitting or denying the commission’s findings, UBS agreed to pay nearly $50 million to settle the SEC charges, disgorging the $23.6 million, the disclosed fee of $10.8 million, about $9.7 million of prejudgment interest, and a penalty of $5.7 million.

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