Credit Suisse drops waiver request amid SEC opposition

Washington

CREDIT Suisse has quietly withdrawn a request for a waiver to raise capital more easily, after US Securities and Exchange Commission staff told the bank in recent weeks it would not win approval, people familiar with the matter said.

The bank had applied for the waiver following its agreement last year to pay US$2.5 billion to resolve criminal charges that it helped wealthy Americans evade US taxes. The criminal charges automatically triggered a federal law that deprives the bank for three years of the privilege of being known in the market as a "well-known seasoned issuer", or WKSI.