ZURICH (dpa-AFX) - UBS Securities Canada Inc. (UBS) said Friday that it has reduced its holding of Class A shares in Air Canada (AC_A.TO, AC_B.TO) after it breached the Canadian securities legislation by crossing the 20 percent position reporting threshold.
On February 23, 2012, UBS Canada had acquired almost one million Class A shares of Air Canada as part of its regular activity to facilitate client trading which increased its aggregate beneficial ownership of the UBS AG group to 20.4 percent of Class A shares from 18.6 percent.
UBS Canada self-reported the trading error to the Authorité des marchés financiers and to securities regulators in the other non-principal jurisdictions.
The company noted that it has taken this matter seriously and has implemented remedial steps to address the error.
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