The Texas State Securities Board Tuesday scheduled a Sept. 22 hearing to decide whether to suspend the license of UBS AG’s broker-dealer and financial services divisions in response to complaints that the Swiss-based firm misrepresented and omitted key information concerning the liquidity of auction-rate securities, fraudulently failed to disclose other risks tied to ARS, and did not sufficiently train its financial advisers on the specifics of the auction-rate market. 

   In an 11-page notice, the board said it will consider assessing an administrative fine as well as ordering that the firm cease and desist from engaging in fraudulent conduct, in addition to the possible suspension.

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