Credit Suisse Pauses Rules Post-Guilty Plea: Hearing Deadline Looms
Published Date: 5/9/2025
Notice
Summary
Credit Suisse Services AG and related UBS companies got a temporary pass from certain legal rules after Credit Suisse pleaded guilty in a 2025 deal with the U.S. Justice Department. This temporary order stays in place while the SEC decides if a permanent order is needed. If you want a hearing, you have until May 30, 2025, to ask, so keep an eye on the clock!
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Temporary Exemption Lets UBS Keep Advising Funds
The SEC granted a temporary exemption effective May 5, 2025 that lets certain UBS entities (the Fund Servicing Applicants and other Covered Persons) continue to act as investment advisers, underwriters, or in similar roles despite a guilty plea by Credit Suisse Services AG tied to the 2025 Plea Agreement. The exemption remains in place until the SEC takes final action on the application for a permanent order.
Temporary Order Averts Possible Layoffs at UBS
Applicants state that without the requested relief, UBSAM, UBSAM (US) and UBSFS could lose a significant part of their business and that such a disqualification could 'potentially lead to layoffs of personnel.' The SEC's temporary exemption (effective May 5, 2025) prevents that immediate statutory bar from taking effect while the Commission considers a permanent order.
Orders Require Compliance Steps and Reporting
As conditions of the relief, the Applicants agreed to adopt and implement policies and procedures reasonably designed to ensure compliance within 60 days of the Orders and to notify the SEC's Division of Investment Management Chief Counsel (with copy to the Division of Enforcement) of any material violation within 30 days of discovery. The Applicants also agreed to comply in all material respects with the terms of the 2025 Plea Agreement.
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