ASIC has accepted an enforceable undertaking from UBS in relation to potential misconduct involving BBSW. UBS will also make a voluntary contribution of $1m to fund independent financial literacy projects in Australia. In July 2012, UBS reported to ASIC that it had found evidence of conduct seeking to influence its BBSW submissions, based on how the submissions may benefit UBS derivatives positions. In February 2013, UBS withdrew from the BBSW submissions panel. The enforceable undertaking requires UBS to ensure its participation in relation to the setting of Australian interest rate benchmarks upholds the integrity and reliability of those benchmarks and are in accordance with its obligations under the Commodity Futures Trading Commission Orders.