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Violation Tracker Individual Record

Company: Merrill Lynch
Current Parent Company: Bank of America
Penalty: $6,000,000
Year: 2014
Date: October 27, 2014
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: financial institution supervision failures
Violation Description: The Financial Industry Regulatory Authority censured and fined Merrill Lynch Professional Clearing Corp. $3.5 million for violating Regulation SHO, an SEC rule that established a regulatory framework to govern short sales and prevent abusive naked short selling. FINRA also censured and fined its affiliated broker-dealer, Merrill Lynch, Pierce, Fenner & Smith Incorporated, $2.5 million for failing to establish, maintain and enforce supervisory systems and procedures related to Regulation SHO and other areas.
Level of Government: federal
Action Type: agency action
Agency: Financial Industry Regulatory Authority
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: North Carolina
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Archived Source: (click here)
Notes: FINRA is a securities industry self-regulatory body authorized by the federal government.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.