According to ASIC regulation NXXT Trade is not a transaction permitted for an on-market buy-back. The MDP considered that Credit Suisse had failed to act in accordance with its clients’ instructions to conduct an on-market buy-back when it had entered the NXXT trades.
The MDP alleges that Credit Suisse was careless as it did not train its execution desk employees well so they were not aware that NXXT Trades were not permitted during an on-market buy-back. In addition, the company’s surveillance systems also didn’t prevent these trades to be executed.
Credit Suisse’s Australian branch reported the NXXT Trades to ASIC and took measures to remedy the situation by contacting its clients about the NXXT Trades. The company also cunducted training for its execution desk employees, updating the reminder emails sent to execution desk employees not to execute NXXT Trades during an on-market buy-back, and implementing further processes to review certain trades (including NXXT Trades).
The post Credit Suisse pays $75K infringement fine appeared first on LeapRate.
,
