"Credit Suisse on Friday became the latest big bank to admit wrongdoing to the Securities and Exchange Commission, striking a deal over its failure to comply with a cardinal rule of the financial industry.
The bank, based in Zurich, was accused of
advising clients in the United States without first registering at the
S.E.C. Credit Suisse paid $196 million to settle with the federal
agency, which requires banks and other firms that offer investment
advice to comply with basic registration rules.
advising clients in the United States without first registering at the
S.E.C. Credit Suisse paid $196 million to settle with the federal
agency, which requires banks and other firms that offer investment
advice to comply with basic registration rules.
“The broker-dealer and investment adviser
registration provisions are core protections for investors,” Andrew J.
Ceresney, director of the S.E.C.’s enforcement division, said in a
statement.
registration provisions are core protections for investors,” Andrew J.
Ceresney, director of the S.E.C.’s enforcement division, said in a
statement.
While the penalty is significant, the
admission of wrongdoing underscored the importance of the case. It is
the fifth such admission since the S.E.C. — in an important reversal —
modified its longstanding policy of letting defendants settle without
“admitting or denying” wrongdoing."
admission of wrongdoing underscored the importance of the case. It is
the fifth such admission since the S.E.C. — in an important reversal —
modified its longstanding policy of letting defendants settle without
“admitting or denying” wrongdoing."
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