“The only thing surprising about UBS’ announcement today is its timing.” @BrookeSouthall @RIABiz features @MarketCounsel and @HamburgerLaw.

MarketCounsel, a regulatory compliance firm in Englewood, N.J., continues to express its outrage over the perceived sleight of hand by UBS in concert with its law firm, Bressler, Amery & Ross, P.C. — the firm that keeps the protocol list — in turning a 10-day warning into a five-day warning.  The firm issued a statement detailing its efforts to gain access to information, which reads in part:

“The only thing surprising about UBS’ announcement today is its timing. Rumors swirled last week that another wirehouse would be withdrawing from the Protocol around Thanksgiving. Yet the Protocol administrator’s weekly update arrived last Monday, Nov. 20 without any major firm withdrawing …. On Monday, Nov. 13 we learned that two additional firms withdrew from the Protocol, however we should have learned about that the week prior, on Nov. 6th and 9, when the two firms actually submitted their respective notices of withdrawal.”

“Bressler stands in conflicted position, serving as counsel to UBS and Morgan Stanley, making it incapable of discharging its duties as Protocol administrator without, as here, protecting its clients in the process. Bressler kept Morgan Stanley’s notable withdrawal embargoed for seven of the 10 days and has presumably now done the same with UBS, making a mockery of the Protocol 10-day notice provision.”

Read more here.


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