SFC Fines Merrill Lynch Asian Subsidiaries $15m for Internal Control Failures

[kreslik.news]

Hong Kong’s Securities and Futures Commission (SFC), the country’s paramount securities regulator, has issued a fine to Merrill Lynch Far East Limited (MLFE) and Merrill Lynch (MLAP) Limited for $15 million, following a series of internal control failures, according to a regulatory statement.

The fine stemmed from multiple internal control failures at both MLFE and MLAP, with the SFC also reprimanding them for breaches in its Code of Conduct and the Internal Control Guidelines.

MLFE is currently licensed under the Securities & Futures Ordinance (SFO) to carry on business in securities and futures contracts, as well as advising on securities, corporate finance, and ... (read more)