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.

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