Bank of America has revealed that the Securities and Exchange Commission will bring an enforcement action brought against its Banc of America Securities division, Dow Jones reported yesterday.

The company disclosed in March that the SEC had specified it was debating the recommendation of charges. The staff cannot follow through with these charges unless it is approved by the SEC's five commissioners. 

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.