U.S. – FINRA Fine CS Options Reports

U.S. – FINRA Fine CS Options Reports

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.