CAPCO has announced that it will no longer be offering insurance coverage to the broker-dealer community and that, as a consequence, it will not renew either the ExcessSIPC Surety Bond or the ExcessFSCS Surety Bond (together, the "Bonds") previously purchased by each of Credit Suisse Securities (USA) LLC ("CSSU") and Credit Suisse Securities (Europe) Limited ("CSSEL") (respectively) when the Bonds expire. Accordingly, on February 16, 2009, the excess insurance coverage available to Customers of CSSU or CSSEL (as the case may be) will expire. For more information, please visit www.capcoexcess.com.
CSSU remains a member of Securities Investor Protection Corporation (SIPC). SIPC plays an important role in the overall system of investor protection in the United States by, in certain specified situations, restoring funds to investors with assets in the hands of bankrupt and otherwise financially troubled brokerage firms. When a brokerage firm is closed due to bankruptcy or other financial difficulties and customer assets are missing, SIPC steps in as quickly as possible and, within certain limits, works to return customers' cash, stock, and other securities.
You may obtain more information about SIPC, including a brochure entitled "How SIPCProtects You, by contacting SIPC" at:
Securities Investor Protection Corporation
805 15th St. NW, Suite 800
Washington, DC 20005-2215
Tel: (202) 371-8300
Fax: (202) 371-6728
You may also visit SIPC's website at www.sipc.org. SIPC currently provides $500,000 of net equity protection, including $100,000 for claims for cash awaiting reinvestment (SIPCprotection). SIPC protection applies when a SIPC member firm fails financially and is unable to meet obligations to securities clients, but it does not protect against losses from the rise and fall in the market value of investments and does not cover all assets.
CSSEL is a broker-dealer which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom and is not a member of SIPC.
Contact your Client Service Representative if you have any questions.
1) Private Banking USA customers of CSSU will continue to have a level of excess SIPC coverage after February 16, 2009 by arrangement with Pershing LLC. If you are a Private Banking USA customer, please contact your Private Banking USA relationship manager for further details.