Defendant Name: Credit Suisse Securities (USA) LLC

Defendant Type: Subsidiary of Public Company
Public Company Parent: UBS Group AG
SIC Code: 6159
CUSIP: H4209710

Initial Case Details

Legal Case Name In the Matter of Credit Suisse Securities (USA) LLC; Credit Suisse Asset Management, LLC; and Credit Suisse Asset Management Limited
First Document Date 13-Dec-2023
Initial Filing Format Administrative Action
File Number 3-21811
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

Other
• Section 9(a) Investment Company Act

Resolutions

First Resolution Date 13-Dec-2023
Headline Total Penalty and Disgorgement $1,000,000

Related Documents:

34-99158 13-Dec-2023 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Section 203(e) of the Investment Advisers Act of 1940, and Sections 9(b) and 9(f) of the Investment Company Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On December 13, 2023, the SEC instituted settled administrative and cease-and-desist proceedings against Credit Suisse Securities (USA) LLC; Credit Suisse Asset Management, LLC; and Credit Suisse Asset Management Limited, stating: "From October 24, 2022 to June 7, 2023 (“Relevant Period”), Respondents unlawfully served or acted as an investment adviser or principal underwriter to registered investment companies and/or employees’ securities companies (“ESCs”). A New Jersey state court order issued on October 24, 2022 caused Respondents to be deemed ineligible to provide services to registered investment companies and ESCs under Section 9(a) of the Investment Company Act. During the Relevant Period, Respondents acted as an investment adviser or principal underwriter to registered investment companies or ESCs in violation of the ineligibility provisions of the Investment Company Act."
2023-249 13-Dec-2023 Press Release--Administrative Proceeding
Credit Suisse Entities to Pay $10 Million for Providing Prohibited Mutual Fund Services - New Jersey Court Order Caused Disqualification of Certain Credit Suisse Entities
On December 13, 2023, the SEC "announced that Credit Suisse Securities (USA) LLC and two affiliated Credit Suisse entities (collectively, the Credit Suisse Entities)agreed to pay more than $10 million to settle the SEC’s charges that they provided prohibited underwriting and advising services to mutual funds."

Other Defendants in Action:

Credit Suisse Asset Management, LLC
Credit Suisse Asset Management Limited