Three subsidiaries of Credit Suisse have agreed to pay $10 million to settle an investigation by the US Securities and Exchange Commission (SEC), according to reports. The investigation centered around whether these units had provided unauthorized services to investment funds over several months. The issue arose due to a rule in the US financial industry that can prohibit financial service providers from transacting with institutional investors after legal disputes with government agencies, unless they have obtained a special waiver. Credit Suisse should have applied for such a waiver immediately after reaching an agreement with the state of New Jersey in October 2022, but for unknown reasons, they waited until after the forced takeover by UBS in March. The necessary exemption for advising investment funds was later granted to UBS, which is now the parent company of these units.

UBS, as part of the settlement, neither admitted nor denied any wrongdoing. The bank stated that the settlement represents another important step in their efforts to proactively resolve legal disputes and legacy issues of Credit Suisse.