Credit Suisse Securities agreed to pay the Securities and Exchange Commission US $4.25 million for its alleged failure from January 2012 to 2014 to electronically report “accurate and complete” securities transaction information to the SEC upon its request. This failure related to 593 submissions of so-called “Blue Sheet” data. According to the SEC, the errors were caused by a number of different situations, including migration to a new Blue Sheet reporting system that contained a coding error and the “inadvertent failure to remove a ‘dry-run’ flag;” breakdowns in the interface between the firm’s Blue Sheet reporting system and its order management system; and breakdowns in the process to validate the accuracy and completeness of Blue Sheet submissions. The Commission acknowledged Credit Suisse’s remedial efforts in agreeing to the settlement. In June 2014, the Financial Industry Regulatory Authority filed settled enforcement actions against three broker-dealers for not providing to the SEC, FINRA and other regulators complete and accurate Blue Sheet data about certain trades arranged by the firms and their clients. The three firms settling their charges by each paying fines of US $1 million were Barclays Capital Inc., Goldman, Sachs & Co, and Merrill Lynch Pierce Fenner & Smith Inc. (Click here for further background on the FINRA action in the article “FINRA Settles With Three Firms for US $1 Million Apiece for Filing Inaccurate Blue Sheet Data; Charges Pending Against Fourth” in the June 8, 2014 edition of Bridging the Week.)