U.S. SEC says Bank of America Merrill Lynch to pay $8 million ADR lapses

March 22, 2019

WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission on Friday said Bank of America’s Merrill Lynch subsidiary had agreed to pay $8 million to settle charges it mishandled American Depositary Receipts (ADRs).

The bank is one of several the SEC has fined in recent months for mishandling the issuance of ADRs which are U.S. securities that represent foreign shares of a foreign company.

(Reporting by Michelle Price; Editing by Chizu Nomiyama)

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