Merrill Lynch has reached a more than $8 million settlement with the U.S. Securities and Exchange Commission, adding to a growing list of recent enforcement actions over alleged improper American Depositary Receipts trades and underscoring the importance of having robust compliance programs.
The SEC alleged Merrill’s securities lending desk mishandled more than 40,000 pre-released American Depositary Receipts in trades that occurred between June 2012 and November 2014. The New York-based bank generated about $4.4 million in net revenues through the improper transactions, according to the SEC.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]