UBS fined for VIX ETN mis-selling

The US Securities and Exchange Commission (SEC) has fined UBS Financial Services for compliance failures relating to sales of a volatility linked exchange-traded note (ETN).  According to the regulator, the issuer of the iPath S&P 500 VIX Short-Term Futures ETN - VXX (Barclays) warned UBS that it ‘was not appropriate to hold the product for extended periods, and the product’s offering documents made clear that the product was more likely to decline in value when held over a