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. 

More than a year ago, the Charlotte-based company revealed that the SEC was looking into trading and research-related matters at the bank between 1999 and 2001. According to a recent SEC filing, the company stated that "the SEC staff has recently advised [Banc of America Securities] that it intends to recommend to the SEC an enforcement action against BAS in connection with these matters."

Bank of America Securities spokeswoman Eloise Hale said that they disagree with the SEC findings and propose to dispute the recommendation. She went on to add that the SEC has had the bank's cooperation and that it will continue to abide by the request.

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