US regulators fine Bank of America-Merrill Lynch for misleading investors in structured notes

The US Securities and Exchange Commission (SEC) has fined Bank of America-Merrill Lynch (Baml) with a US$10m penalty to settle charges for its responsibility for misleading statements in offering materials provided to retail investors for structured notes linked to the Investable Volatility Index , a proprietary volatility index created by the bank and calculated by the Chicago Board Options Exchange (CBOE). According to the SEC's order, the offering materials emphasised that the notes were sub