La Commodity Futures Trading Commission a publié un communiqué de presse dans lequel elle annonce avoir la condamnation de Merrill Lynch, Pierce, et Fenner & Smith Inc., pour n'avoir pas su surveiller le niveau de ses commissions sur une période de trois ans.
Merrill Lynch, Pierce, et Fenner & Smith Incorporated ont omis de superviser avec diligence leurs dirigeants, leurs salariés, et le traitement des contrats à terme par les agents de change pour la période se situant entre le 1er janvier 2010 et le mois d'avril 2013. Merrill Lynch est un FCM enregistré auprès de la CFTC et dont le cabinet est agréé à New York.
La Commodity Futures Trading Commission a imposé une amende de 1,2 million de dollars à Merrill Lynch, ainsi qu'à Pierce, Fenner & Smith Inc., pour l'ensemble de leurs manquements.
The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill Lynch) for failing to diligently supervise its officers’, employees’, and agents’ processing of futures exchange and clearing fees charged to its customers from at least January 1, 2010 through April 2013. Merrill Lynch is a CFTC-registered Futures Commission Merchant and approved swap firm located in New York, New York.
The CFTC Order finds that Merrill Lynch’s fee reconciliation process for identifying and correcting discrepancies between the invoices from the exchange clearinghouses and the amounts charged its customers had been faulty for more than two years. As a result, Merrill over-accrued fees from some clients and under-accrued fees from others. These fee reconciliations show that Merrill paid more than $318 million in exchange and clearing fees to the CME and Chicago Board of Trade during that time, but had unexplained over-accruals of approximately $451,318 (0.14% of fees paid) from 196 clients, according to the Order.
Additionally, the CFTC Order finds that Merrill Lynch did not hire qualified personnel to conduct and oversee its fee reconciliations and did not provide any completed procedures manuals regarding fee reconciliations to its staff until at least April 2013. The Order also finds that procedures Merrill Lynch did have up until that time were viewed as ”not fit for purpose” because they were “fundamentally flawed.” Merrill Lynch also did not provide any meaningful training to employees regarding how to conduct fee reconciliations until 2013, the Order finds.
The CFTC Order requires Merrill Lynch to pay a $1.2 million civil monetary penalty and cease and desist from violating CFTC Regulation 166.3 governing diligent supervision. The Order also requires Merrill Lynch to comply with undertakings that include, hiring an outside consulting firm to assist in training staff and reviewing and updating its current procedures regarding exchange and clearing fee reconciliations.
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