Merrill Lynch agrees to pay over $9.5 million to settle SEC charges over fee disclosures

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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.