NEW YORK (Reuters) – Merrill Lynch, Pierce, Fenner & Smith Inc has agreed to pay more than $9.5 million to settle charges from the U.S. Securities and Exchange Commission for failing to disclose foreign exchange fees to clients.
Merrill Lynch offered programs to advisory clients in which the clients paid Merrill a fee in exchange for a range of investment advisory services, including foreign currency exchanges between May 2016 and July 2020, the SEC said.
While the firm disclosed that it charged a markup or markdown on foreign currency exchanges, it did not disclose an additional fee, the regulator said.
(Reporting by Chris Prentice; Editing by Mark Porter)
