The FSA and the Swiss regulator have begun an investigation into trading losses at UBS.
In a statement published this week, the FSA says it has begun a formal investigation and is in contact with the Swiss Financial Market Supervisory Authority, which has also launched an investigation.
Finma says it will assess and rule upon the adequacy of the controls that were in place to prevent and detect unauthorised trading within the investment bank and its compliance with the Banking Act, the Stock Exchanges and Securities Trading Act and related regulations.
Finma says it does not expect to publish further information before the outcome of the enforcement proceedings.
In September, the FSA and Finma appointed KPMG to head an independent investigation into the events surrounding the alleged unauthorised trading at the London arm of the UBS investment bank.
Last week, former UBS trader Kweku Adoboli entered a not guilty plea in Southwark Crown Court against charges that he lost £1.5bn through unauthorised trading while working at UBS’s global synthetic equities division. Judge Alistair McCreath set a provisional trial date of September 3 and remanded Adoboli in custody.