The good news is it has nothing to do with tax evasion. The bad news is the bank may have manipulated Libor rates.

UBSsaid it received subpoenas from U.S. authorities investigating possible attempts to manipulate the setting of the London interbank offered rate.

The company received subpoenas from the U.S. Securities and Exchange Commission, the U.S. Commodity Futures Trading Commission and the U.S. Department of Justice, Zurich-based UBS said in its 2010 annual report published today. The bank also received an order to provide information to the Japan Financial Supervisory Agency concerning “similar matters,” it said.

“UBS understands that the investigations focus on whether there were improper attempts by UBS, either acting on its own or together with others, to manipulate Libor rates at certain times,” the bank said. “UBS is conducting an internal review and is cooperating with the investigations.”

But hey, did you hear? No new tax evasion charges!

UBS Says U.S. Authorities Are Investigating Possible Manipulation of Libor [Bloomberg]