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Abstract：Credit Suisse Securities faces a $7.1M FINRA fine after years of supervisory lapses tied to insider and manipulative trading risks.
Credit Suisse Securities (USA) LLC has agreed to pay a multimillion-dollar penalty following a settlement with the Financial Industry Regulatory Authority (FINRA), underscoring long-running failures in its oversight systems.
Between August 2012 and September 2020, regulators found that the firm did not maintain adequate procedures to ensure compliance with federal securities laws and FINRA rules designed to prevent insider trading and market manipulation.
The shortcomings were significant. Hundreds of millions of trade, order, and position records never made it into Credit Suisse‘s surveillance systems, leaving potential violations undetected. According to FINRA, the gaps allowed questionable trading activity—including suspected insider transactions and manipulative trades near market close—to slip past the firm’s radar.
These lapses amounted to violations of NASD Rules 3010(a) and (b), as well as FINRA Rules 3110(a), 3110(b), and 2010. As part of the settlement, Credit Suisse was formally censured and fined $7,125,000. Of that amount, $445,312.50 is payable directly to FINRA.
About FINRA
The Financial Industry Regulatory Authority (FINRA) is a self-regulatory organization overseeing U.S. broker-dealers. Its mission is to safeguard market integrity and protect investors by enforcing compliance with securities laws and industry standards.
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