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
Document Reference:
IA-6829
Document Details
Legal Case Name
In the Matter of Merrill Lynch, Pierce, Fenner & Smith Incorporated
Document Name
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
Document Date
17-Jan-2025
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
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")."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Civil Penalty
Individual:
$25,000,000.00
Shared:
