Credit Suisse and the U.S. Securities and Exchange Commission (SEC) engaged in a months-long debate over the severity of reporting deficiencies that led the Swiss bank to delay its annual report last month.
it had postponed the annual filing after a "late call" with the regulator which raised questions about earlier financial statements.
"Management believes it is prudent to briefly delay the publication of its accounts in order to understand more thoroughly the comments received," Credit Suisse said at the time of the delay on March 9. As recently as March 10, the SEC asked the bank to explain how it decided that an "entity-level material weakness did not exist" for its 2021 and 2022 financial years.
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