Credit Suisse Securities (USA) LLC (CRD #816, New York, New York) recently submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $50,000. Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it transmitted numerous reports to OATS that contained inaccurate, incomplete or improperly formatted data, in that the firm submitted Execution or Combined Order/Execution Reports with a Reporting Exception Code (REC) of “P” (representing a transaction between two proprietary accounts) but with a capacity code other than “P” (representing a principal capacity); submitted Execution or Combined Order/Execution reports for orders that had been routed to a national securities exchange or execution; improperly submitted Execution or Combined Order/Execution Reports with a REC when they were required to be matched to a related trade report in a FINRA transaction reporting system; submitted Execution or Combined Order/Execution Reports for proprietary orders that had been routed away from the firm for execution; improperly submitted Execution or Combined Order/Execution reports with a REC of “P” for executions that did not represent a trade between two firm accounts; submitted Execution or Combined Order/Execution Reports with a REC of “A” (representing an agency average price transaction) but with a capacity code other than “A” (representing an agency capacity); submitted Execution or Combined Order/Execution reports for orders that had been routed away from the firm for execution and/or reported the inaccurate price and execution time for agency average price executions; and improperly submitted Execution or Combined Order/Execution reports with a REC of “A” for executions that did not represent an agency average price transaction. The findings stated that the firm failed to provide accurate written notification disclosing to its customer the correct compensation type and/or the correct capacity in transactions. The findings also stated that the firm erroneously double reported last sale reports to the OTCTM Reporting Facility (OTCRF).
If you have questions about investments you made with Credit Suisse Securities (USA) LLC, the securities attorneys of The White Law Group may be able to help. To speak with a securities attorney, please call the firm’s Chicago office at 312/238-9650.