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AI brief of an SEC Form 8-K · UBS ASSET MANAGEMENT HIGH YIELD CREDIT FUND (DHY)

UBS High Yield Fund (DHY): SEC orders Credit Suisse to pay $10,080,220 over adviser violation

Mixed Impact 3 of 5 legal/regulatory Written later

The SEC issued a cease-and-desist order against Credit Suisse and affiliates, which consented without admitting or denying findings. The SEC said Credit Suisse acted as the fund's investment adviser in violation of Section 9(a) of the Investment Company Act of 1940 from October 24, 2022 to June 7, 2023, and the firms agreed to pay $10,080,220 in disgorgement, interest and civil penalties.

Key points

  • SEC order dated December 13, 2023; Credit Suisse and affiliates censured and agreed to cease and desist
  • Alleged violation period: October 24, 2022 to June 7, 2023
  • Total payment of disgorgement, prejudgment interest and civil penalties: $10,080,220
  • Fund services continue under a time-limited exemption through June 12, 2024, when they are expected to move to UBS advisers

The filing

CompanyUBS ASSET MANAGEMENT HIGH YIELD CREDIT FUND (DHY)
Form8-K, current report
Filed with the SECDec 13, 2023, 5:08 PM ET
Accession number0001104659-23-125772

Items reported: 8.01 Other Events

Read the filing on SEC.gov ↗

Written by AI on Nov 9, 2026, 8:28 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 13, 2023.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.