MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, August 15, 2005 Merrill Fined for Prospectus Delivery 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. Printed from: MFWire.com/story.asp?s=10265 Copyright 2005, InvestmentWires, Inc. All Rights Reserved |