FINMA Concludes Proceedings Against Credit Suisse Related To Lex Greensill And His Companies

(RTTNews) - The Swiss Financial Market Supervisory Authority or FINMA, announced Tuesday it has concluded its enforcement proceedings against Credit Suisse Group (CS) in connection with its business relationship with financier Lex Greensill and his companies.

FINMA finds that Credit Suisse seriously breached its supervisory obligations in this context with regard to risk management and appropriate organizational structures.

FINMA has ordered remedial measures. In future, the bank will have to periodically review at executive board level the most important business relationships (around 500) in particular for counterparty risks.

In addition, the bank is required to record the responsibilities of its approximately 600 highest-ranking employees in a responsibility document. FINMA has also opened four enforcement proceedings against former Credit Suisse managers.