(Bloomberg) -- Three Credit Suisse entities agreed to pay $10 million to settle a Securities and Exchange Commission probe into whether they improperly provided services to mutual funds before the Swiss bank was acquired by UBS Group AG. 

The SEC said Wednesday that Credit Suisse needed a waiver to continue advising or serving as an underwriter to mutual funds after agreeing to a settlement with the state of New Jersey in October 2022. The waiver wasn’t requested until after UBS announced it would buy Credit Suisse earlier this year, the regulator said. 

The bank’s purchase by UBS was announced in March in a deal brokered by the Swiss government. UBS was later granted the necessary waiver to advise mutual funds. The units are now wholly owned subsidiaries of UBS. 

UBS didn’t admit or deny wrongdoing as part of the settlement. “Following the identification and notification of this matter to the SEC, this settlement marks another important step in our efforts to proactively resolve Credit Suisse litigation and legacy matters,” the lender said in a statement.

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