Credit Suisse fined $6.5M for supervisory fails

Tuesday, 24. December 2019 12:11

The United States Financial Industry Regulatory Authority (FINRA) and major stock exchanges fined Swiss bank Credit Suisse's unit based in the US $6.5 million for supervisory lapses.

The company was found guilty of failing to create a monitoring system for its clients that would scan for potential unlawful trading in the 2010-2014 period, while until 2017 the company was breaking provisions of the market access rule.

FINRA stated that "Credit Suisse violated numerous provisions of the market access rule, which requires broker-dealers that provide their customers access to an exchange or an alternative trading system to reasonably manage the financial and regulatory risks of providing such access."

Related Links: Credit Suisse Group
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