Feb 21 Credit Suisse Group AG agreed
to pay more than $196 million and admit wrongdoing to settle
U.S. Securities and Exchange Commission charges that it provided
cross-border brokerage and investment advisory services to U.S.
clients without first registering with the regulator.
"Broker-dealer and investment adviser registration
provisions are core protections for investors," Andrew Ceresney,
director of the SEC enforcement division, said in a statement on
Friday. "As Credit Suisse admitted as part of the settlement,
its employees for many years failed to comply with these
requirements, and the firm took far too long to achieve
In settling SEC administrative proceedings, Credit Suisse
agreed to pay $82.2 million representing income from its U.S.
cross-border securities business, $64.3 million of interest and
a $50 million fine.