Dec 13, 5:02 PM ET
UBS Asset Management Income Fund: SEC orders Credit Suisse to pay $10,080,220 over adviser violation
On December 13, 2023, the SEC entered an administrative cease-and-desist order against Credit Suisse and certain affiliates, which consented without admitting or denying the findings. The SEC alleged that Credit Suisse acted as the Fund's investment adviser from October 24, 2022 to June 7, 2023 in violation of Section 9(a) of the Investment Company Act of 1940, and the Consent Judgment that triggered the issue did not involve the Fund. Shareholders should note that the Fund's advisory services remain with Credit Suisse until June 12, 2024, when they are expected to move to UBS-registered advisers.
- SEC order entered December 13, 2023; Credit Suisse consented without admitting or denying findings
- SEC alleges Credit Suisse advised the Fund in violation of Section 9(a) from October 24, 2022 to June 7, 2023
- Credit Suisse and affiliates agreed to pay disgorgement, prejudgment interest and civil penalties totaling $10,080,220
- Temporary exemption allows Credit Suisse to provide services to the Fund until June 12, 2024