Credit Suisse in SEC Pact Over 'Blue Sheet' Submissions
September 28 2015 - 4:30PM
Dow Jones News
The U.S. arm of Credit Suisse Group AG agreed to pay $4.25
million and admitted that it provided deficient customer
stock-trading data—commonly referred to as "blue sheet data"—over a
two-year period in a settlement with the Securities and Exchange
Commission.
Credit Suisse Securities (USA) LLC, based in New York, also
agreed to be censured and to cease and desist future violations of
the books and records provisions of U.S. securities laws.
The SEC said Credit Suisse admitted that it made at least 593
deficient blue sheet submissions to the SEC from January 2012 to
January 2014, omitting more than 553,400 reportable trades
representing 1.3 billion shares. According to the SEC, Credit
Suisse identified technological and human errors that led to the
deficient reports and since has implemented several changes in
response, including measures to prevent, detect, and correct blue
sheet data errors.
A Credit Suisse spokeswoman declined to comment further.
According to the SEC order, the blue-sheet data deficiencies at
Credit Suisse were found in connection with a related
investigation, in which SEC staff compared the blue sheet
submissions from certain broker-dealers to equity cleared data from
the National Securities Clearing Corp.
The term "blue sheet" stems from the color of the forms
originally mailed to broker-dealers to complete and return to the
SEC, though such reports shifted to an electronic format in the
1980s.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 28, 2015 16:15 ET (20:15 GMT)
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