Notice2021-23166
Credit Suisse Asset Management, LLC., et al.; Notice of Application and Temporary Order
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
October 25, 2021
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 86 Issue 203 (Monday, October 25, 2021)</title>
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[Federal Register Volume 86, Number 203 (Monday, October 25, 2021)]
[Notices]
[Pages 58965-58969]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2021-23166]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. IC-34400; File No. 812-15274]
Credit Suisse Asset Management, LLC., et al.; Notice of
Application and Temporary Order
October 19, 2021.
AGENCY: Securities and Exchange Commission (``Commission'').
ACTION: Temporary order and notice of application for a permanent order
under section 9(c) of the Investment Company Act of 1940 (``Act'').
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Summary of Application: Applicants have received a temporary order
(``Temporary Order'') exempting them from section 9(a) of the Act, with
respect to a guilty plea entered on October 19, 2021 (``Guilty Plea''),
by Credit Suisse Securities (Europe) Limited (the ``Pleading Entity''
or ``CSSEL'') in the United States District Court for the Eastern
District of New York (the ``District Court'') in connection with a plea
agreement (``Plea Agreement'') between the Pleading Entity and the
United States Department of Justice (``DOJ''), until the Commission
takes final action on an application for a permanent order (the
``Permanent Order,'' and with the Temporary Order, the ``Orders'').
Applicants also have applied for a Permanent Order.
Applicants: CSSEL, Credit Suisse Asset Management, LLC (``CSAM''),
Credit Suisse Asset Management Limited (``CSAML''), Credit Suisse
Securities (USA) LLC (``CSSU,'' and together with CSSEL, CSAM and
CSAML, the ``Applicants'') and Credit Suisse Group AG (``CS
Group'').\1\
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\1\ CS Group is a party to the application solely for purposes
of making the representations and agreeing to the conditions in the
application that apply to it. For such purpose, it is included in
the term ``Applicants'' solely with respect to such representations
and conditions.
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Filing Date: The application was filed on October 19, 2021.
Hearing or Notification of Hearing: An order granting the requested
relief will be issued unless the Commission orders a hearing.
Interested persons may request a hearing by emailing the Commission's
Secretary at <a href="/cdn-cgi/l/email-protection#3566505647504154474c46187a53535c5650754650561b525a43"><span class="__cf_email__" data-cfemail="a5f6c0c6d7c0d1c4d7dcd688eac3c3ccc6c0e5d6c0c68bc2cad3">[email protected]</span></a> and serving applicants with a
copy of the request, personally or by mail. Hearing requests should be
received by the Commission by 5:30 p.m. on November 15, 2021 and should
be accompanied by proof of service on the applicants, in the form of an
affidavit, or for lawyers, a certificate of service. Pursuant to rule
0-5 under the Act, hearing requests should state the nature of the
writer's interest, any facts bearing upon the desirability of a hearing
on the matter, the reason for the request, and the issues contested.
Persons who wish to be notified of a hearing may request notification
by emailing the Commission's Secretary at <a href="/cdn-cgi/l/email-protection#aefdcbcddccbdacfdcd7dd83e1c8c8c7cdcbeeddcbcd80c9c1d8"><span class="__cf_email__" data-cfemail="6536000617001104171c16482a03030c0600251600064b020a13">[email protected]</span></a>.
ADDRESSES: The Commission: <a href="/cdn-cgi/l/email-protection#1b487e78697e6f7a69626836547d7d72787e5b687e78357c746d"><span class="__cf_email__" data-cfemail="d586b0b6a7b0a1b4a7aca6f89ab3b3bcb6b095a6b0b6fbb2baa3">[email protected]</span></a>. Applicants:
Roger Machlis, Credit Suisse Asset Management, LLC, Eleven Madison
Avenue, New York, NY 10010.
FOR FURTHER INFORMATION CONTACT: Kay M. Vobis, Senior Counsel, at
(202) 551-6728 or Trace W. Rakestraw, Branch Chief, at (202) 551-6821
(Division of Investment Management, Chief Counsel's Office).
SUPPLEMENTARY INFORMATION: The following is a temporary order and a
summary of the application. The complete application may be obtained
via the Commission's website by searching for the file number, or an
applicant using the Company name box, at <a href="http://www.sec.gov/search/search.htm">http://www.sec.gov/search/search.htm</a>, or by calling (202) 551-8090.
Applicants' Representations
1. The Pleading Entity is a limited liability company, incorporated
in the United Kingdom and authorized under the Financial Services and
Markets Act 2000, as amended. The Pleading Entity is an indirect
wholly-owned subsidiary of CSAG (defined below). Its principal activity
is acting as a broker dealer.
2. CSAM, a limited liability company formed under Delaware law, is
registered as an investment adviser under the Investment Advisers Act
of 1940 (the ``Advisers Act''). CSAM serves as investment adviser
(either as primary investment adviser or as investment sub-adviser) to
each Fund \2\ listed in Part 1 of Appendix A of the application.
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\2\ The term ``Fund'' as used herein refers to any investment
company that is registered under the Act (``RIC''), employees'
securities companies (``ESC''), investment company that has elected
to be treated as a business development company under the Act
(``BDC'') for which a Covered Person currently provides Fund
Servicing Activities, or, subject to the terms and conditions of the
Orders, may in the future provide Fund Servicing Activities.
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3. CSAML, a corporation formed under the laws of the United
Kingdom, is registered as an investment adviser under the Advisers Act.
CSAML serves as investment sub-adviser to the Fund listed in Part 2 of
Appendix A of the application.
4. CSSU, a limited liability company formed under Delaware law, is
registered as a broker-dealer under the Securities Exchange Act of
1934, as amended (the ``Exchange Act''), and as an investment adviser
under the Advisers Act. CSSU serves as principal underwriter to each
Open-End Fund listed in Part 3 of Appendix A of the application.
5. Each of the above Applicants is either a direct or indirect
wholly owned subsidiary of CS Group (CS Group, together with its
wholly-owned subsidiaries and affiliated entities, ``Credit Suisse'').
Credit Suisse AG (``CSAG'') is a wholly owned subsidiary, and the
principal operating subsidiary, of CS Group, which operates as a
holding company. Both CS Group and CSAG are corporations organized
under the laws of Switzerland.
6. Currently, CSAM, CSAML and CSSU (together, the ``Fund Servicing
Applicants''), which are affiliates of the Pleading Entity,
collectively serve as investment adviser or investment subadviser to
investment companies
[[Page 58966]]
registered under the Act or series of such companies and ESCs and as
principal underwriter to open-end management investment companies
registered under the Act (``Open-End Funds'') (such activities,
collectively, ``Fund Servicing Activities'').\3\ Applicants request
that any relief granted by the Commission pursuant to the application
also apply to any other existing company, other than CS Group and CSAG,
of which the Pleading Entity is an Affiliated Person and to any other
company of which the Pleading Entity may become an Affiliated Person in
the future (together with the Fund Servicing Applicants, the ``Covered
Persons'') with respect to any activity contemplated by section 9(a) of
the Act.\4\
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\3\ Other than the Fund Servicing Applicants, no existing
company of which the Pleading Entity is an ``affiliated person''
within the meaning of Section 2(a)(3) of the Act (``Affiliated
Person'') currently serves as an investment adviser or depositor of
any RIC, ESC or BDC, or as principal underwriter for any Open-End
Fund, registered unit investment trust (``UIT''), or registered
face-amount certificate company (``FACC'').
\4\ Covered Persons may, if the Order is granted, in the future
act in any of the capacities contemplated by section 9(a) of the
Act. Any existing or future entities that may rely on the Orders in
the future will comply with the terms and conditions of the
application. CS Group and CSAG do not and will not serve as
investment adviser, depositor or principal underwriter to any RIC,
ESC or BDC and are not a Covered Person.
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7. On October 19, 2021, the DOJ filed a criminal information (the
``Information'') in the District Court charging the Pleading Entity
with one count of conspiracy to commit wire fraud (18 U.S.C. 1349).
According to the Statement of Facts that served as the basis for the
Plea Agreement (the ``Statement of Facts'') the Pleading Entity,
through its employees, conspired to use U.S. wires and the U.S.
financial system to defraud U.S. and international investors in
connection with three financing transactions involving the Pleading
Entity and Mozambican state-owned enterprises, as further described in
the application (the ``Financing Transactions'').
8. In connection with the Plea Agreement, the ultimate parent of
the Pleading Entity, CS Group, entered into a Deferred Prosecution
Agreement on October 19, 2021 (the ``DPA'').
9. Pursuant to the Plea Agreement, the Pleading Entity entered the
Guilty Plea on October 19, 2021 in the District Court to the charge set
out in the Information. Applicants state that, according to the Plea
Agreement, the Pleading Entity agrees, among other things, as follows:
First, the Pleading Entity shall cooperate fully with the DOJ, Criminal
Division, Money Laundering and Asset Recovery Section and Fraud
Section, and the United States Attorney's Office for the Eastern
District of New York (collectively, the ``Offices'') in any and all
matters relating to the conduct described in the Plea Agreement and the
Statement of Facts and other conduct under investigation by the Offices
or any other component of the DOJ at any time during the term of the
DPA (the ``Term'') until the later of the date upon which all
investigations and prosecutions arising out of such conduct are
concluded or the end of the Term. Second, at the request of the
Offices, the Pleading Entity shall also cooperate fully with other
domestic or foreign law enforcement and regulatory authorities and
agencies, as well as the Multilateral Development Banks in any
investigation of the Pleading Entity, CS Group, its affiliates, or any
of its present or former officers, directors, employees, agents, and
consultants, or any other party, in any and all matters relating to the
conduct described in the Plea Agreement and the Statement of Facts and
any other conduct under investigation by the Offices or any other
component of the DOJ. Third, should the Pleading Entity learn during
the Term of any evidence or allegations of conduct that may constitute
a violation of the federal wire fraud statute had the conduct occurred
within the jurisdiction of the United States, the Pleading Entity shall
promptly report such evidence or allegation to the Offices. Fourth, the
Pleading Entity agrees that any fine imposed by the District Court will
be due and payable as specified in Paragraph 19 of the Plea Agreement,
and that any restitution imposed by the District Court will be due and
payable in accordance with the District Court's order. Finally, the
Pleading Entity agrees to commit no further crimes and to work with
Credit Suisse in fulfilling the obligations of Credit Suisse's DPA.
10. The Applicants expect that the District Court will enter a
judgment against the Pleading Entity (the ``Judgment'') that will
require remedies that are materially the same as set forth in the Plea
Agreement.
11. In the DPA, CS Group agreed to continue to cooperate fully with
any ongoing DOJ or non-U.S. investigations of the conduct. CS Group
also agreed to continue to make certain enhancements to its existing
compliance program, and to make annual reports to the DOJ about those
enhancements, as set out in Attachment C to the DPA, on an annual basis
for three years.
12. On October 19, 2020, the SEC instituted cease-and-desist
proceedings against GS Group concerning violations of the books and
records and internal control provisions of the Foreign Corrupt
Practices Act of 1977 and violations of the antifraud provisions of the
Securities Act of 1933 and the Securities Exchange Act of 1934 in
connection with the Financing Transactions, as further described in the
application (the ``SEC Order''). The SEC Order includes findings that
CS Group violated sections 17(a)(1), (2) and (3) of the Securities Act,
sections 10(b), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act and
rule 10b-5 thereunder. The SEC Order orders CS Group to cease and
desist from committing or causing any violations and any future
violations of those provisions and orders CS Group to pay a civil money
penalty of $65 million, disgorgement of $26,229,233 and prejudgment
interest of $7,822,639.
13. CS Group and its affiliates have entered into settlement
agreements with other U.S. and non-U.S. regulatory or enforcement
agencies related to the Financing Transactions. These include an order
issued by the U.K. Financial Conduct Authority on October 19, 2021 and
a finding issued by Swiss Financial Market Supervisory Authority on
October 19, 2021.
Applicants' Legal Analysis
1. Section 9(a)(1) of the Act provides, in pertinent part, that a
person may not serve or act as an investment adviser or depositor of
any registered investment company or as principal underwriter for any
Open-End Fund, UIT, or FACC, if such person within ten years has been
convicted of any felony or misdemeanor, including those arising out of
such person's conduct as a broker, dealer or bank. Section 2(a)(10) of
the Act defines the term ``convicted'' to include a plea of guilty.
Section 9(a)(3) of the Act extends the prohibitions of section 9(a)(1)
to a company, any affiliated person of which has been disqualified
under the provisions of section 9(a)(1). Section 2(a)(3) of the Act
defines ``affiliated person'' to include, among others, any person
directly or indirectly controlling, controlled by, or under common
control with, the other person. The Pleading Entity is an Affiliated
Person of each of the other Applicants within the meaning of section
2(a)(3) of the Act. Therefore, the Applicants state that the Plea
Agreement would result in a disqualification of each Fund Servicing
Applicant for ten years under section 9(a)(3) were they to act in any
of the capacities listed in section 9(a), by effect of a conviction
described in section 9(a)(1).
[[Page 58967]]
2. Section 9(c) of the Act provides that: ``[t]he Commission shall
by order grant [an] application [for relief from the prohibitions of
subsection 9(a)], either unconditionally or on an appropriate temporary
or other conditional basis, if it is established [i] that the
prohibitions of subsection 9(a), as applied to such person, are unduly
or disproportionately severe or [ii] that the conduct of such person
has been such as not to make it against the public interest or the
protection of investors to grant such application.'' Applicants have
filed an application pursuant to section 9(c) seeking a Temporary Order
and a Permanent Order exempting the Fund Servicing Applicants and other
Covered Persons from the disqualification provisions of section 9(a) of
the Act.
3. Applicants believe they meet the standards for exemption
specified in section 9(c). Applicants assert that (i) the conduct that
served as the basis for the Plea Agreement, the DPA and the SEC Order
(the ``Conduct'') was limited and did not involve any of the Fund
Servicing Applicants. The Conduct similarly did not involve any Fund
with respect to which the Fund Servicing Applicants engage in Fund
Servicing Activities, and none of such Funds ever participated in the
offerings or transactions at issue or acquired the subject securities
or loans in the secondary market; \5\ (ii) application of the statutory
bar would impose significant hardships on the Funds and their
shareholders, (iii) the prohibitions of section 9(a), if applied to the
Fund Servicing Applicants, would be unduly or disproportionately severe
and (iv) the Conduct did not constitute conduct that would make it
against the public interest or protection of investors to grant the
exemption from section 9(a).
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\5\ Applicants make no representation in respect of the Funds
that were not advised or sub-advised by any of the Fund Servicing
Applicants during the period of the Conduct.
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4. Applicants represent that the Conduct did not involve any of
Fund Servicing Applicants.\6\ Instead, the Applicants state that the
Conduct occurred as a result of the actions of three employees who are
no longer employed by any Credit Suisse affiliate, as well as a number
of internal control and other failures. The three employees were part
of a wholly separate legal entity, separate business division, and
separate supervisory structure from the Fund Servicing Applicants and
had no connection with or input into the Fund Servicing Applicants'
business. Further, the internal control and other failures that were
part of the Conduct did not involve the Funds Servicing Applicants.
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\6\ The Pleading Entity does not and will not serve in any of
the capacities described in section 9(a) of the Act.
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5. Applicants assert that, in light of the limited scope of the
Conduct, it would be unduly and disproportionately severe to impose a
section 9(a) disqualification on the Fund Servicing Applicants.
Applicants assert that the conduct of the Applicants has not been such
to make it against the public interest or the protection of investors
to grant the exemption from section 9(a).
6. Applicants assert that neither the protection of investors nor
the public interest would be served by permitting the section 9(a)
disqualifications to apply to the Fund Servicing Applicants because
those disqualifications would deprive the Funds they serve of the
advisory or sub-advisory and underwriting services that shareholders
expected the Funds would receive when they decided to invest in the
Funds. Applicants also assert that the prohibitions of section 9(a)
could operate to the financial detriment of the Funds and their
shareholders, including by causing the Funds to spend time and
resources to engage substitute advisers, subadvisers, and principal
underwriters, which would be an unduly and disproportionately severe
consequence particularly given that no Fund Servicing Applicants and
none of their employees were involved in the Conduct and that the
Conduct did not involve any of the Funds or Fund Servicing Activities.
7. Applicants assert that if the Fund Servicing Applicants were
barred under section 9(a) from providing investment advisory and
underwriting services to the Funds and were unable to obtain the
requested exemption, the effect on their businesses and employees would
be severe. Applicants state that the Fund Servicing Applicants have
committed substantial capital and other resources to establishing
expertise in advising and sub-advising Funds with a view to continuing
and expanding this business. Similarly, Applicants represent that if
CSSU were barred under section 9(a) from continuing to provide
underwriting services to the Funds and were unable to obtain the
requested exemption, the effect on its current business and employees
would be significant. CSSU has committed substantial resources to
establish expertise in underwriting the securities of the Funds that
are Open-End Funds and to establish distribution arrangements for Open-
End Fund shares. Applicants further state that prohibiting the Fund
Servicing Applicants from engaging in Fund Servicing Activities would
not only adversely affect their business, but would also adversely
affect their employees who are involved in these activities.
8. Applicants represent that: (i) None of the current or former
directors, officers or employees of Applicants (other than certain
former personnel of the Pleading Entity who were not involved in any of
the Fund Servicing Applicants' Fund Servicing Activities) engaged in
the Conduct; (ii) no current or former director, officer, or employee
of the Pleading Entity or any Covered Person who previously has been or
who subsequently may be identified by the Pleading Entity or any U.S.
or non-U.S. regulatory or enforcement agencies as having been
responsible for the Conduct will be an officer, director, or employee
of any Applicant, CS Group, CSAG, and of any Covered Person; (iii) such
directors, officers, and employees and any other person who otherwise
participated in the Conduct have had no, and will not have any future,
involvement in the Covered Persons' activities in any capacity
described in section 9(a) of the Act; and (iv) because the directors,
officers and employees of Applicants (other than certain former
personnel of the Pleading Entity who were not involved in any of the
Fund Servicing Applicants' Fund Servicing Activities) did not engage in
the Conduct, shareholders of the Funds were not affected any
differently than if those Funds had received services from any other
non-affiliated investment adviser or principal underwriter.
9. Applicants have agreed that none of CS Group, CSAG, the
Applicants or any of the other Covered Persons will employ the former
employees of the Pleading Entity or any other person who subsequently
may be identified by the Pleading Entity or any U.S. or non-U.S.
regulatory or enforcement agencies as having been responsible for the
Conduct in any capacity without first making a further application to
the Commission pursuant to section 9(c).
10. Applicants have also agreed that each of CS Group, CSAG,
Applicants, and the Covered Persons will adopt and implement policies
and procedures reasonably designed to ensure that it will comply with
the terms and conditions of the Orders granted under section 9(c).
11. In addition, each of CS Group, CSAG, Applicants and the Covered
Persons will comply in all material respects with the material terms
and conditions of the Plea Agreement, the DPA and with the material
terms of the SEC Order, and any other orders issued by, or settlements
with, regulatory or
[[Page 58968]]
enforcement agencies addressing the Conduct, in each case as such terms
and conditions are applicable to it. In addition, within 30 days of
each anniversary of the Permanent Order (until and including the third
such anniversary), CS Group will submit a certification signed by its
chief executive officer and its chief compliance officer, confirming
that (i) the Pleading Entity has complied with the terms and conditions
of the Plea Agreement in all material respects; (ii) CS Group has
complied with the terms and conditions of the DPA in all material
respects; and (iii) CS Group, CSAG, Applicants and the Covered Persons
have complied with the terms and conditions of the Orders in all
material respects.
12. Applicants further state that Credit Suisse has undertaken
certain other remedial measures, as described in greater detail in the
application. These include three types of remedial measures in response
to, or that bear on, this matter: (i) Those directly related to the
Conduct or would have applied to the transactions in question; (ii)
those implicating the broader risk management systems and controls
surrounding the relevant business as a whole; and (iii) industry-wide
and multilateral reforms designed to address one or the root causes of
the issues that arose in connection with these transactions. In
connection with the remedial measures, CS Group will submit to
Commission staff (i) a remediation report as described in Section IV.F.
of the application (the ``Remediation Report'') and (ii) a multilateral
remedies report, as described in Section IV.F. of the application (the
``Multilateral Remedies Report'') within 30 days of each anniversary of
the Permanent Order (until and including the third such anniversary).
13. As a result of the foregoing, the Applicants submit that absent
relief, the prohibitions of section 9(a) would be unduly or
disproportionately severe, and that the Conduct did not constitute
conduct that would make it against the public interest or protection of
investors to grant the exemption.
14. To provide further assurance that the exemptive relief being
requested in the application would be consistent with the public
interest and the protection of the investors, the Applicants agree that
they will, as soon as reasonably practical, with respect to each of the
Funds for which a Fund Servicing Applicant is the primary adviser,
distribute to the boards of directors or trustees of the Funds
(``Board'') written materials describing the circumstances that led to
the Plea Agreement, as well as any effects on the Funds and the
application.
15. The written materials will include an offer to discuss the
materials at an in-person meeting with each Board for which Fund
Servicing Applicants provide Fund Servicing Activities, including the
directors who are not ``interested persons'' of the Funds as defined in
section 2(a)(19) of the Act and their independent legal counsel as
defined in rule 0-1(a)(6) under the Act, if any. With respect to each
of the Funds for which a Fund Servicing Applicant is not the primary
investment adviser, the relevant Fund Servicing Applicant will provide
such materials to the Fund's primary investment adviser and offer to
discuss the materials with such primary investment adviser. The
Applicants undertake to provide the Boards with all information
concerning the Plea Agreement and the application as necessary for
those Funds to fulfill their disclosure and other obligations under the
U.S. federal securities laws and will provide them a copy of the
Judgment as entered by the District Court.
16. Certain of the Applicants and their affiliates have previously
applied for exemptive orders under section 9(c) of the Act, as
described in greater detail in the application.
Applicants' Conditions
Applicants agree that any order granted by the Commission pursuant
to the application will be subject to the following conditions:
1. Any temporary exemption granted pursuant to the application will
be without prejudice to, and will not limit the Commission's rights in
any manner with respect to, any Commission investigation of, or
administrative proceedings involving or against, Covered Persons,
including, without limitation, the consideration by the Commission of a
permanent exemption from section 9(a) of the Act requested pursuant to
the application or the revocation or removal of any temporary
exemptions granted under the Act in connection with the application.
2. None of CS Group, CSAG, Applicants or any of the Covered Persons
will employ the former employees of the Pleading Entity or any other
person who subsequently may be identified by the Pleading Entity or any
U.S. or non-U.S. regulatory or enforcement agencies as having been
responsible for the Conduct in any capacity without first making a
further application to the Commission pursuant to section 9(c).
3. Each of CS Group, CSAG, Applicants, and the Covered Persons will
adopt and implement policies and procedures reasonably designed to
ensure that it will comply with the terms and conditions of the Orders
applicable to it within 60 days of the date of the Permanent Order, or
with respect to condition four immediately below, such later date or
dates as may be contemplated by the Plea Agreement, the DPA, the SEC
Order, or any other orders issued by regulatory or enforcement agencies
addressing the Conduct.
4. Each of CS Group, CSAG, Applicants and the Covered Persons will
comply in all material respects with the material terms and conditions
of the Plea Agreement, the DPA, with the material terms of the SEC
Order, and any other orders issued by, or settlements with, regulatory
or enforcement agencies addressing the Conduct, in each case as such
terms and conditions are applicable to it. In addition, within 30 days
of each anniversary of the Permanent Order (until and including the
third such anniversary), CS Group will submit a certification signed by
its chief executive officer and its chief compliance officer,
confirming that (i) the Pleading Entity has complied with the terms and
conditions of the Plea Agreement in all material respects; (ii) CS
Group has complied with the terms and conditions of the DPA in all
material respects; and (iii) CS Group, CSAG, Applicants and the Covered
Persons have complied with the terms and conditions of the Orders in
all material respects. Each such certification will be submitted to the
Chief Counsel of the Commission's Division of Investment Management
with a copy to the Chief Counsel of the Commission's Division of
Enforcement;
5. Applicants will provide written notification to the Chief
Counsel of the Commission's Division of Investment Management with a
copy to the Chief Counsel of the Commission's Division of Enforcement
of a material violation of the terms and conditions of the Orders
within 30 days of discovery of the material violation. In addition, CS
Group will submit to the Chief Counsel of the Commission's Division of
Investment Management, with a copy to the Chief Counsel of the
Commission's Division of Enforcement, (i) the Remediation Report and
(ii) the Multilateral Remedies Report within 30 days of each
anniversary of the Permanent Order (until and including the third such
anniversary). CS Group's first of each such report will be signed by
its chief executive officer and chief compliance officer.
[[Page 58969]]
Temporary Order
The Commission has considered the matter and finds that Applicants
have made the necessary showing to justify granting a temporary
exemption.
Accordingly,
It is hereby ordered, pursuant to section 9(c) of the Act, that the
Covered Persons are granted a temporary exemption from the provisions
of section 9(a), effective as the date of the Guilty Plea, solely with
respect to the Guilty Plea entered into pursuant to the Plea Agreement,
subject to the representations and conditions in the application, until
the Commission takes final action on their application for a permanent
order.
By the Commission.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-23166 Filed 10-22-21; 8:45 am]
BILLING CODE 8011-01-P
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.