The Federal Reserve Board announced Friday the termination of enforcement actions against UBS Group AG and several Credit Suisse entities, effective May 12.
The terminated actions include a cease and desist order dated July 21, 2023, that applied to UBS Group AG, Credit Suisse AG, Credit Suisse Holdings (USA), Inc., and Credit Suisse AG’s New York Branch.
The Federal Reserve issued the original enforcement actions in July 2023. The central bank provided no details regarding the reasons for the initial actions or the circumstances leading to their termination.
UBS Group completed its acquisition of Credit Suisse in June 2023 following Credit Suisse’s financial difficulties and rescue by Swiss authorities.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
