On March 4, 2010, the Texas State Securities Board announced the settlement with UBS of a multi-state task force investigation concerning auction rate securities (ARS). The terms of the settlement are set forth in a Consent Order, which is available on the Texas State Securities Board’s website:
http://www.ssb.state.tx.us/News/Press_Release/03-04-10_press.php
Morgan Stanley Smith Barney clients who believe they are covered by the Consent Order or have questions regarding the terms of the Consent Order are encouraged to immediately contact UBS about their auction rate securities holdings.