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May 29, 2015 5:36 PM ET

Capital Markets

Company Overview of Merrill Lynch, Pierce, Fenner & Smith Incorporated

Company Overview

Merrill Lynch, Pierce, Fenner & Smith Incorporated offers security brokerage and dealership services. Additionally, it provides investment advisory services. BofA Merrill Lynch, Pierce, Fenner & Smith Incorporated was formerly known as Merrill Lynch Pierce Fenner & Smith, Inc. The firm is based in New York, New York. As of January 1, 2015, Merrill Lynch, Pierce, Fenner & Smith Incorporated operates as a subsidiary of BAC North America Holding Company.

One Bryant Park

New York, NY 10036

United States

Phone:

800-637-7455

Key Executives for Merrill Lynch, Pierce, Fenner & Smith Incorporated

Chief Operating Officer
Head of Asia-Pacific (APAC) region
Global Head of Intermediary Business
Managing Director of Mid-America Market
Senior Vice President
Compensation as of Fiscal Year 2014.

Merrill Lynch, Pierce, Fenner & Smith Incorporated Key Developments

Fannie Mae Seeks To Sell 3,200 Delinquent Loans

Joy Cianci, Senior Vice President for credit portfolio management of Federal National Mortgage Association (OTCBB:FNMA) said, "Fannie Mae plans to sell off 3,200 delinquent loans with an unpaid balance of $786 million, the first such sale for the government-sponsored enterprise." Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse Group AG (SWX:CSGN), and The Williams Capital Group, L.P. are acting as advisers for the sale.

Merrill Lynch Wealth Management Announces Management Promotions

Merrill Lynch Wealth Management announced the promotions of Perry Downing, senior vice president; Brandon LaCroix, vice president; and David Lloyd and Rich Pettit, assistant vice president.

The Financial Industry Regulatory Authority Fines $1.9 Million to Merrill Lynch, Pierce, Fenner & Smith Incorporated

The Financial Industry Regulatory Authority (FINRA) announced that it has fined Merrill Lynch, Pierce, Fenner & Smith Incorporated $1.9 million for fair pricing and supervisory violations in connection with more than 700 retail customer transactions in distressed securities over a two-year time period. Merrill Lynch was also ordered to pay more than $540,000 in restitution, plus interest, to affected customers. FINRA found that Merrill Lynch's Global Banking & Markets Credit Trading Desk purchased Motors Liquidation Company Senior Notes (MLC Notes) from retail customers at prices 5.3% to 61.5% below the prevailing market price. The Credit Desk, after accumulating smaller lots of MLC Notes through retail customer transactions, sold the MLC Notes to other broker-dealers within the prevailing market price. Of the 716 retail customer transactions, 510 had markdowns in excess of 10%. As a result, in 716 instances, Merrill Lynch purchased MLC Notes at prices that were not fair to its retail customers. The notes were originally issued by General Motors Corporation prior to its bankruptcy. FINRA also found that Merrill Lynch did not have an adequate supervisory system in place to detect whether the firm's Credit Desk executed a retail customer transaction at a price consistent with the prevailing market price of that security. Specifically, the firm did not conduct post-trade best execution or fair pricing reviews of these transactions, or conduct fair pricing or best execution post-trade reviews of other retail customer trades executed on the Credit Desk. As part of the sanctions, Merrill Lynch is also ordered to provide three reports over the next 18 months regarding the effectiveness of the firm's supervisory system with respect to the pricing of retail customer transactions executed by the Credit Desk.

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