The Financial Industry Regulatory Authority has censured and fined Credit Suisse Securities LLC $10,000 for improper or late reporting of municipal securities trades.
The $10,000 was part of an overall $127,500 fine for numerous alleged trade-related violations of FINRA and Securities and Exchange Commission rules involving corporate debt and securities.
Violations of the Municipal Securities Rulemaking Board’s Rule G-14 on reports of sales or purchases resulted from two FINRA reviews.
The first found that, from Jan. 1, 2007, through June 30, 2007, Credit Suisse reported 4,566 or 51% of all interdealer muni transactions with improper information on contraparty correspondents.
The second review found that, from Oct. 1, 2007, through Dec. 31, 2007, the firm failed to report 238 trades within 15 minutes of execution. FINRA also said the firm double-reported 15 or 2% of the muni trades it submitted to the MSRB Real-Time Transaction Reporting System.
Credit Suisse officials declined to comment.
