Swiss Financial Market Supervisory Authority (FINMA) has announced that it has not seen ‘sufficient grounds’ to initiate inquiries against the Credit Suisse chairman’s statement on outflows.

The announcement comes after FINMA carried out an investigation to find out any possible breach of Swiss financial market law by bank.

In December last year, Credit Suisse chairman Axel Lehmann stated that outflows of funds from the bank was halted, but later it came to the fore that clients were still withdrawing funds from the bank, according to Reuters.

In its annual results, the bank said clients pulled out CHF110.5bn ($120.29bn) from the bank in three months between October and December 2022.

Last month, media reports also emerged about a possible probe led by FINMA in relation to Lehmann’s statement on outflows.

With the latest announcement, the regulator seeks to address those reports, stated FINMA.

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In a statement, FINMA said: “FINMA has investigated whether the statements give rise to indications of a violation of financial market law, which must be clarified within the framework of supervisory proceedings.

“After completing its investigations, it sees no sufficient grounds to open supervisory proceedings.”

The financial watchdog also laid out its expectations for future communications from Credit Suisse.

The latest development comes close on the heels of the bank delaying its annual report after a last-minute intervention from the US Securities and Exchange Commission (SEC).