SFC fines Merrill over sale of index-linked notes in 2007

Hong Kong’s Securities and Futures Commission (SFC) has reprimanded Merrill Lynch Asia-Pacific and fined it HK$3 million ($386,000) over the sale of index-linked notes in 2007. In its investigation the SFC raised concerns that the bank had failed to properly assess the financial situation and investment objectives of more than 40 of the 72 customers in question, who had all invested in the index-linked notes. The SFC also expressed concern that key product information was provid…