On 16 May, FINRA fined Credit Suisse $200k for option reports.
- Bank fined $200k, of which $75k payable to FINRA and install compliance controls.
- For reporting options positions to large options positions reporting (LOPR) system.
- Alleged Violations
- Bank failed to report over the counter (OTC) options positions to the LOPR system.
- Reported positions with inaccurate tax ID or tax type fields in millions of instances.
- Failure to report, effected opening trades in single security for customer accounts,
acting in concert that exceeded position limit on both sides of market for 107 days.
- Seeking feedback on various proposals related to both naked, covered short selling.
- Coincides with sunsetting of number of related class orders, opportunity to review.
- Grant legislative relief to allow market makers of certain exchange-traded products
to naked short sell units in exchange traded fund or managed fund making market.
- Relief to allow naked short sales of unissued products during a deferred settlement.
- Also for naked short sales connected to IPO sell downs with special purpose vehicle.
- Change relevant time that short positions are calculated, remake sunsetting orders.
- After ASIC aims to consolidate all short selling-related relief into a single instrument.
- ASIC invites submissions by 20 June, aim for consolidated instrument before 1 October.