The bank was fined for "for regulatory breaches and internal control failings relating to position limit failures". The action follows an investigation conducted by the SFC into the holdings of Credit Suisse and Credit Suisse International which found open positions in the Industrial and Commercial Bank of China stock options in breach of the prescribed position limit of 50,000 contracts on 27 October 2011, 14 December 2011 and 15 December 2011. As part of the disciplinary action, Credit Suisse has agreed to engage an independent reviewer, approved by the SFC, to review its systems and controls for ensuring compliance with the regulator's rules. In addition to the aforementioned breaches, the SFC said it also found Credit Suisse failed to put in place effective internal controls to ensure that all open positions in stock options contracts in which extensions were granted were in compliance with the prescribed position limits.