Credit Suisse Units Pay $10 Million to End SEC Mutual Fund Probe

Three Credit Suisse entities agreed to pay $10 million to settle a Securities and Exchange Commission probe into whether they improperly provided services to mutual funds before the Swiss bank was acquired by UBS Group AG.

The SEC said Wednesday that Credit Suisse needed a waiver to continue advising or serving as an underwriter to mutual funds after agreeing to a settlement with the state of New Jersey in October 2022. The waiver wasn’t requested until after UBS announced it would buy Credit Suisse earlier this year, the regulator said.

The bank’s purchase by UBS was announced in March ...