Swiss banking group Credit Suisse has been fined HK$2.8m ($3,58,260) by the Securities and Futures Commission (SFC) in Hong Kong for various control lapses.

The regulator alleged that the bank made disclosure failures related to certain research reports on securities listed in Hong Kong.

The breaches spanned for a decade and was said to be caused by an IT problem.

The glitch was rectified on 11 August 2016.

Credit Suisse was also accused of failing to reveal its role as a market maker.

According to the regulator, “an update by Credit Suisse in August 2016 to revise the market maker disclosure in its research reports led to an inadvertent exclusion of that disclosure from a disclosure template for its research reports”.

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By GlobalData

The problem lingered for almost a year until being resolved on 31 May 2017.

The bank self-reported the violations to the SFC and put in place remedial measures. It also cooperated with the regulator in resolving the matter.

The watchdog considered all these factors while determining the fine.

Credit Suisse has been entangled in several legal issues lately.

Earlier this year, Swiss NGO Public Eye filed a criminal complaint against the bank over undeclared loans to Mozambique.

In June 2018, Credit Suisse reached a $385m agreement with Lehman Brothers to settle legacy claims from 2009.

Nearly a month later, Credit Suisse was fined around $77m by US regulators for getting involved in corrupt hiring practices in Asia in order to win business.

Later in 2018, the bank was hit with a $10m fine for fraudulent trading activities.