FSA fines Credit Suisse $1.75m for failing to provide compliance data fast enough

Credit Suisse has been fined £1.75m by the Financial Services Authority for failing to provide accurate and timely transaction reports.

Credit Suisse has been fined £1.75m by the Financial Services Authority for failing to provide accurate and timely transaction reports.

Financial institutions are required to have systems and controls in place to ensure they submit accurate data for reportable transactions by close of business the day after a trade is executed. This data is used to check for market abuse such as insider trading and market manipulation.

"Firms and their management must ensure they implement and operate systems and controls that are able to ensure quality transaction reporting. The standard of regulatory reporting by these firms fell far short of what the FSA expects and requires," said Alexander Justham, director of markets at the FSA.

Along with Credit Suisse, the FSA also fined Getco, a market maker trading on electronic markets, £1.4m, and agency broker Instinet £1.05m.

The FSA said all three firms were found to have committed multiple breaches that resulted in failures to provide transaction reports promptly and correctly to the FSA.

It noted that Instinet was also found to be in breach of FSA principles as the firm did not have adequate systems and controls in place to meet the transaction reporting requirements and failed to take adequate steps to review its processes and the accuracy of its transaction report data.

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