SFC reprimands Merrill Lynch over index-linked notes

Hong Kong Star Ferry — Hong Kong, home of the SFC

Viren Vaghela
03 Jun 2011

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The Securities and Futures Commission (SFC) has reprimanded Merrill Lynch and fined it HK$3 million ($385,000) for inadequate systems in relation to the sale of two index-linked notes (ILNs) issued to 72 clients in 2007.

An SFC investigation found that Merrill had failed to properly assess the financial situation and investment objectives of more than 40 of the 72 high-net-worth customers who invested in the index-linked notes. The products were five-year callable notes linked to Japanese stock

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