The Financial Industry Regulatory Authority (FINRA) has imposed a fine of $275,000 against Credit Suisse Securities (USA), for failing to comply fully with one of the key terms of the 2003 Global Research Analyst Settlement.
That settlement, which was between regulators and 13 leading financial services firms, required those firms to make independent research available to their customers.
It has added that the requirement to provide customers with independent research was part of the Security and Exchange Commission’s final agreement with Credit Suisse and was incorporated into a separate agreement with FINRA.
Susan Merrill, executive vice president and chief of enforcement, said: “One of the primary purposes of the Global Settlement’s requirement to provide independent research is to ensure that individual investors could obtain reliable, objective investment advice. By failing to comply fully with this undertaking, on multiple occasions and for a prolonged period of time, Credit Suisse undermined this important goal.”
