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BANK OF AMERICA

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CFTC : Merrill Lynch to Pay $300,000 for Failure to Promptly Produce Audit Trail Data

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09/10/2019 | 04:11pm EDT

By Stephen Nakrosis

The U.S. Commodity Futures Trading Commission said Tuesday that Merrill Lynch, Pierce, Fenner & Smith Inc. will pay $300,000 to settle charges it failed to produce required records and separately failed to "supervise its employees and agents to ensure that they fulfilled the firm's statutory and regulatory obligations to keep and promptly produce such records."

The CFTC said Merrill Lynch failed to produce reliable audit trail data requested by the commission's enforcement division. The CFTC order said these failures led to delays in a CFTC investigation.

The CFTC order also noted Merrill Lynch took steps to revise its procedures for responding to regulatory data requests, including delegating employees to interpret the requests, provide data and independently assess the procedure and results.

"As this case shows, the CFTC will hold registrants accountable for their regulatory obligations," said James McDonald, director of the CFTC's Division of Enforcement. "Recordkeeping requirements are important for regulatory and enforcement purposes, and the failure to produce reliable audit trail data here impeded a CFTC investigation."

A spokesperson for Merrill Lynch said the company had no comment.

Bank of America Corp. (BAC) is the parent of Merrill Lynch.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

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Financials (USD)
Sales 2019 91 740 M
EBIT 2019 38 496 M
Net income 2019 26 606 M
Debt 2019 -
Yield 2019 2,20%
P/E ratio 2019 10,7x
P/E ratio 2020 9,91x
Capi. / Sales2019 3,06x
Capi. / Sales2020 3,06x
Capitalization 281 B
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Technical analysis trends BANK OF AMERICA
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TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 32,80  $
Last Close Price 30,17  $
Spread / Highest target 45,8%
Spread / Average Target 8,71%
Spread / Lowest Target -7,19%
EPS Revisions
Managers
NameTitle
Brian T. Moynihan Chairman, President & Chief Executive Officer
Catherine P. Bessant President-Global Product Solutions & CMO
Thomas Kell Montag Co-Chief Operating Officer
Paul M. Donofrio Chief Financial Officer
Thomas J. May Independent Director
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