March 22, 2019 / 4:13 PM / 4 months ago

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

FILE PHOTO: The company logo of the Bank of America and Merrill Lynch is displayed at its office in Hong Kong March 8, 2013. REUTERS/Bobby Yip

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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