The New York Stock Exchange
has fined Merrill Lynch
$10 million for "supervisory and operational lapses," including failing to deliver prospectuses and product descriptions, according to a press release
The NYSE stated that the brokerage failed to deliver prospectuses for 64,000 open-ended fund transactions from October 2002 to March 2004. Merrill also failed to deliver prospectuses for 900 auction rate preferred stock transactions from January 2004 to July of 2004.
The fine was also related the firm's failure to maintain proper registration for 60 employees, and failure to comply with a 2000 disciplinary action related to email retention and personnel information.
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