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FINRA Fines Credit Suisse’s US Business Arm $900k

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FINRA Fines Credit Suisse's US Business Arm $900k

(CTN News) – It has been reported that the Financial Industry Regulatory Authority (FINRA) has imposed a fine of $900,000 and a censure on Credit Suisse’s subsidiary, Credit Suisse Securities (USA), for submitting over 9,000 delayed trades and hundreds of thousands of inaccurate TRACE reports.

US regulators detailed that the company has agreed to pay the penalty after accepting a Letter of Acceptance, Waiver, and Consent (AWC) that it submitted to the Financial Industry Regulatory Authority (FINRA), admitting to a series of violations of the agency’s rules.

In accordance with the documents released by FINRA, the enforcement action is expected to cover the period of November 2015 until March 2023, as indicated in the documents.

Throughout this period, the company committed a number of violations, including the submission of late and inaccurate trade reports, as well as the failure to meet internal late error rate targets on a regular basis.

Moreover, the company failed to provide notifications for approximately 190 new issue offerings in TRACE-reportable securities that were supposed to be announced.

Furthermore, the self-regulatory organisation found that Credit Suisse’s supervisory system, designed to ensure the accuracy and timeliness of TRACE reporting, was unreasonable as it was not intended to ensure either.

Credit Suisse, in response to these violations, has been fined $900,000 and has been censured as a result of these violations.

As soon as the formal decision has been made by FINRA, the penalties will be enforced. However, FINRA has agreed not to pursue any further actions related to the same findings outlined in the AWC if the agreement is accepted by the Commission.

In order to prevent the financial services company from being subjected to duplicate penalties, this provision will be included in the law.

FINRA has also issued a warning regarding attempts to trick member firms into giving out personal information by using phishing.

As a result, it has been observed that individuals posing as FINRA have been sending emails to FINRA members with links that entice them to click on malicious websites.

Prior to that, the regulatory authority imposed a $3 million penalty on the brokerage firm Webull for including unqualified options traders on their platform between the months of December 2019 and July 2021, a period spanning from December 2019 through July 2021.

In the past year, FINRA imposed a fine of $200,00 on Credit Suisse for deficient reporting practices.

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