Credit Suisse Securities will pay $4.25 million to settle charges that the firm filed insufficient information with the SEC about its customers’ trades.
Credit Suisse submitted at least 593 deficient reports — called blue-sheet submissions — to the Securities and Exchange Commission, omitting more than 553,400 reportable trades representing 1.3 billion shares from January 2012 to January 2014, the agency said in a news release issued Monday.
Credit Suisse admitted to the SEC’s findings, blaming technological and human errors for the inadequate submissions, according to the SEC. Nicole Sharp, Credit Suisse spokeswoman, said the firm had no comment.
The SEC requires broker-dealers to submit trading data electronically to identify and analyze trades in the course of investigations and other work, the SEC said. The name of the submissions refers to the color of the forms broker-dealers completed before they were shifted to an electronic format in the 1980s.