Economy

Merrill Lynch fined $45.5 million in United Kingdom for failing to report transactions

Merrill Lynch fined $45.5 million in United Kingdom for failing to report transactions”

The FCA applauded Merrill Lynch for being "open and co-operative" and taking quick action, but noted the bank had been linked to two earlier transaction reporting cases.

Back in 2015 the firm was fined £13.3 million for incorrectly reporting over 35 million transactions and failing to report another 121,387 transactions between 2007 and 2014.

(Kitco News) - Bank of America's Merrill Lynch unit has been fined more than $45.5 million by the U.K.'s Financial Conduct Authority for failing to report 68.5 million exchange-traded derivative transactions between February 12, 2014 and February 6, 2016.

This is the first enforcement action against a firm for failing to report details of trading in exchange traded derivatives, under the European Markets Infrastructure Regulation (EMIR).

The reporting requirement, that came into force in 2012, was one of the key reforms introduced following the 2008 financial crisis to help improve transparency.

United Kingdom regulators are working to implement a raft of new regulations from around the world, including EMIR and Mifid.

Executive director of enforcement and market oversight Mark Steward said: "Effective market oversight depends on accurate and timely reporting of transactions". Its most previous episode from the FCA drew swift cooperation from the group however.

Merrill Lynch International accepted a settlement early on in the investigation, thereby securing a 30 percent penalty reduction, from the original £49.32 million fee.

Because of that, the Bank of America division of wealth management was given a discount of 30% on what would have resulted in a fine of nearly $65 million. There needs to be a line in the sand. EMIR has been around for almost four years and everyone kept asking if market participants are actually about to get punished for incorrect reports.



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