April 13 UBS AG's Canadian unit said
it "inadvertently" acquired 1 million class A shares of Air
Canada, increasing its ownership in the air-carrier
beyond the 20 percent threshold permitted under Canadian law.
The shares were bought as part of regular activity to
facilitate client trading, UBS Securities Canada said in a
statement adding that it did not seek to control or influence
Air Canada at any point.
The trade, which was executed on Feb. 23, raised the bank's
ownership in Air Canada's Class A shares to 20.4 percent from
18.6 percent, it said in a statement.
The bank has now reduced its ownership to 14.5 percent of
Air Canada's class A shares, but it did not reveal when it cut
The brokerage said it reported the trading error to Quebec's
financial regulator Authorité des marchés financiers, and
regulatory authorities in other jurisdictions.
"UBS Canada takes this matter seriously and has implemented
remedial steps to address the error," it said.
Late last year, UBS had reported unauthorized deals by a
"rogue" trader at its London unit that cost the bank about $2
billion in losses.