The UK Financial Conduct Authority initiated criminal actions against Walid Choucair and Fabiana Abdel-Malek, a former compliance officer for UBS AG’s London branch, for prohibited insider trading. The alleged wrongful conduct occurred from June 2013 to June 2014. According to the FCA, Ms. Abdel‑Malek disclosed confidential information on five separate occasions to Mr. Choucair, who traded on the information. If convicted, the each individual faces up to seven years’ imprisonment.