Bank of America said it’s seeking to resolve a Securities and Exchange Commission investigation into whether the bank complied with federal regulations for protecting customers’ holdings in brokerage accounts.
The Charlotte-based bank made the disclosure in a securities filing late Wednesday. Bank of America said the SEC has been examining whether its Merrill Lynch unit complied with a federal regulation that requires firms to take certain steps ensuring customers are safeguarded – in the event, for example, that the firm becomes insolvent.
“There can be no assurances that these discussions will lead to a resolution or whether the SEC will institute administrative or civil proceedings,” Bank of America wrote of its talks with the agency. “The timing, amount and impact of these matters is uncertain.”