FINRA fines Merrill Lynch, BofA Securities $2.3M for reporting, registration failures
By 
Jeff Dale2024-10-01T15:36:00
The Financial Industry Regulatory Authority (FINRA) issued two separate fines against Merrill Lynch and BofA Securities totaling nearly $2.3 million for reporting violations and failing to timely file amendments on registration forms for their registered representatives.
FINRA ordered Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S) to pay a $2 million fine over its alleged failure to accurately report to the Trade Reporting and Compliance Engine (TRACE) more than two million retail customer transactions, the self-regulatory organization announced in disciplinary action Monday.
The regulator noted that $50,000 of the $2 million will cover the firm’s alleged misconduct related to more than 65,000 municipal securities transactions for retail customers that should not have been reported.
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