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US, UK and Swiss authorities have completed their investigations into the collapsing hedge fund.
This was announced by the Financial Times on Monday, citing people familiar with the matter.
The US Federal Reserve can impose fines of up to $300 million. The British Prudential Regulatory Authority (PRA) is threatened with fines of over $100 million, according to the report. However, penalties can be negotiated as part of reconciliation negotiations that have already begun.
Penalties will be published by the end of July
The Swiss financial market supervisor Finma cannot impose any penalties. However, it was stated that they plan to publish a report on the bank’s failures in the Archegos case.
According to the news in the Financial Times, the determinations and penalties of the authorities will be published by the end of July. However, this may be delayed due to the recent takeover of Credit Suisse (CS) by UBS.
The report stated that currently CS has allocated only 35 million francs for possible penalties in the Archegos case. When asked by AWP, Credit Suisse declined to comment on the post, and UBS and Finma could not be reached for comment. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
