Merrill ordered to pay $9.7 million for failing to disclose foreign exchange fees
The SEC enforcement action is another example of the agency's increased scrutiny of wrap-fee programs.
The SEC ordered Merrill Lynch to pay $9.7 million for failing to disclose foreign exchange fees in advisory accounts that required currency conversions.
The brokerage offered clients a wrap-fee program that charged them a fee based on assets under management. For that fee, they would receive serv
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