“Bad for the budget, good for the state” was changed to just
“Bad for the budget, good for the state” was changed to just "good for the state." John Farmer

No action over poles and wires report edit

AN INVESTMENT bank that favourably reworded a research report into the benefits of privatising NSW's electricity assets will receive no further action from the corporate watchdog.

UBS Securities faced a media backlash after it published two versions of its findings on the eve of the state election.

The first was headlined "Bad for the budget, good for the state".

The second simply read "Good for the state".

A parliamentary inquiry heard the title was changed after Premier Mike Baird's office called UBS while the report was being revised.

"ASIC was concerned that UBS Securities' control framework relating to its research function, and its compliance with that framework, at the relevant times was not adequate for an investment bank of UBS's size and complexity," an ASIC inquiry found.

"UBS Securities has acknowledged these concerns."

The inquiry determined no action should be taken against UBS, which has volunteered to take steps including the creation of new research committees and better training.

An independent expert has also been appointed to review how the new measures are working and to report to ASIC with regular appraisals.

"Should ASIC determine that any of these changes have not been fully implemented or maintained, it would be open to ASIC to take appropriate action, including enforcement action where warranted," the inquiry found.

-APN NEWSDESK


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