Merrill Lynch fined by SFC for mis-selling ILNs

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 Lynch 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 during 2007. The products were five-year callable notes linked

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