Credit Suisse need to retain its Qualified Professional Asset Manager (QPAM) if it wants to continue to manage the $2bn of US pension funds assets despite the guilty plea that came in May 2014. In a public hearing US regulators, lawmakers, and consumer groups questioned ‘whether criminal violations in one unit of Credit Suisse Group AG reflect broader compliance problems at the Swiss bank’ says Reuters.
US Department of Labour (DOL) officials pressed Credit Suisse executives for assurances the US-based asset management unit had no implication in the violations.
It is not clear when the DOL will make its decision on whether to grant the exemption. Last November, it granted the bank a temporary waiver that is good for one year.