Credit Suisse Securities (USA) LLC has settled allegations that it failed to properly report certain trading data to U.S. securities regulators over a two-year period.

The U.S. Securities and Exchange Commission (SEC) announced on Monday that it has settled charges against the brokerage firm in connection with the firm’s deficient trading data submissions. Credit Suisse agreed to settle the charges by paying a US$4.25 million penalty and admitting it violated the recordkeeping and reporting provisions of U.S. securities laws. It also agreed to be censured, and to cease and desist future violations.

According to the SEC, Credit Suisse admitted that from January 2012 to January 2014, it made at least 593 deficient submissions of so-called “blue sheet” data to the SEC, which omitted more than 553,400 reportable trades representing 1.3 billion shares. Brokers are required to submit the data — named for the colour of the forms that the data was originally filed on before the process went electronic in the 1980s — so that the SEC can analyze trading activity.

Credit Suisse identified “certain technological and human errors as the root cause of the deficient blue sheet submissions,” the SEC reports, adding that the firm subsequently implemented several changes designed to ensure the accuracy of this data.

“Accurate and complete blue sheet data is essential to the commission’s efforts to detect many forms of unlawful conduct,” said Sharon Binger, director of the SEC’s Philadelphia office, in a statement “We will continue to hold broker-dealers who fail to comply with their obligation to provide the commission with reliable blue sheet data accountable for their failure.”