Defendant Name: Merrill Lynch, Pierce, Fenner & Smith Incorporated

Defendant Type: Subsidiary of Public Company
Public Company Parent: Bank of America Corporation
SIC Code: 6021
CUSIP: 06050510

Initial Case Details

Legal Case Name In the Matter of Merrill Lynch, Pierce, Fenner & Smith, Incorporated
First Document Date 17-Apr-2020
Initial Filing Format Administrative Action
File Number 3-19753
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

Other
• Section 206(2) Advisers Act

Resolutions

First Resolution Date 17-Apr-2020

Related Documents:

IA-5479 17-Apr-2020 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On April 17, 2020, the SEC instituted settled cease-and-desist proceedings against Merrill Lynch, Pierce, Fenner & Smith, Incorporated. The SEC stated: "These proceedings arise out of breaches of fiduciary duty and inadequate disclosures by registered investment adviser Merrill Lynch, Pierce, Fenner & Smith, Incorporated in connection with its mutual fund share class selection practices and the fees it received pursuant to Rule 12b-1 under the Investment Company Act of 1940 ("12b-1 fees")."
2020-90 17-Apr-2020 Press Release--Administrative Proceeding
SEC Orders Three Self-Reporting Advisory Firms to Reimburse Investors
The SEC "announced settled charges against two advisers that self-reported as part of the Division of Enforcement's Share Class Selection Disclosure Initiative, and a third adviser that self-reported within months of the initiative's self-reporting deadline. The Commission's orders today are the final cases the Division intends to recommend under the terms of the initiative. Including today's actions, the Commission has ordered more than $139 million to be returned to investors as part of the initiative."