Key facts
- The U.S. SEC will not object to certain securities transactions for UBS Group's resolution plan.
- This removes a potential legal obstacle for UBS.
- A federal judge approved a settlement between the SEC and Elon Musk.
- The settlement concerns Musk's disclosures about Twitter share purchases.
- Elon Musk will pay a $1.5 million civil fine.
- Elon Musk did not admit wrongdoing in the settlement.
The U.S. Securities and Exchange Commission (SEC) has informed UBS Group that it will not object to specific securities transactions that are essential for the bank's orderly resolution. This decision removes a significant legal hurdle that could have complicated UBS's crisis-resolution efforts. The SEC's non-objection is a critical step in ensuring the bank can navigate its resolution process smoothly.