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

Defendant Type: Subsidiary of Public Company
Public Company Parent: Bank of America Corporation
SIC Code: 6029
CUSIP: 06050510

Initial Case Details

Legal Case Name In the Matter of Merrill Lynch, Pierce, Fenner & Smith Incorporated
First Document Date 17-Jan-2025
Initial Filing Format Administrative Action
File Number 3-22433
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

Other
• Section 206(4) Advisers Act; Rule 206(4)-7 Advisers Act

Resolutions

First Resolution Date 17-Jan-2025
Headline Total Penalty and Disgorgement

See Related Documents

Related Documents:

IA-6829 17-Jan-2025 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 and Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On January 17, 2025, the SEC instituted settled administrative and cease-and-desist proceedings against Merrill Lynch, Pierce, Fenner & Smith Incorporated, stating: "These proceedings arise out of registered investment adviser Merrill Lynch, Pierce, Fenner & Smith Incorporated's ("Merrill Lynch") failure to adopt and implement written policies and procedures reasonably designed to prevent violations of the Advisers Act and the rules thereunder relating to its cash sweep program, specifically its use of the Merrill Lynch Bank Deposit Program ("MLBD Program")."
2025-16_3-22433 17-Jan-2025 Press Release--Administrative Proceeding
SEC Charges Pair of Wells Fargo Advisory Firms and Merrill Lynch with Compliance Failures Relating to Cash Sweep Programs; Firms Agree to Pay Civil Penalties of $60 Million Combined to Settle SEC Charges
On January 17, 2025, the SEC "announced settled charges against registered investment advisers Wells Fargo Clearing Services LLC and Wells Fargo Advisors Financial Network LLC (collectively Wells Fargo Advisors) and against Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch) for failing to adopt and implement written policies and procedures reasonably designed to prevent violations of the Advisers Act and the rules thereunder relating to the firms’ cash sweep programs. The firms agreed to settle the SEC’s charges and pay $60 million in total civil penalties."