Bank of America Securities revealed last week that it may be facing a civil action by the US Securities and Exchange Commission (SEC), relating to trading activities which allegedly took place two years ago, in the firm's San Francisco office.
Announcing that it is "cooperating fully with the inquiry and is submitting reasons why it does not believe an action should be brought", BAS explained on Friday that:
"The SEC staff is alleging that BAS violated the books and records retention laws by improperly storing certain documents relevant to an inquiry and not producing the requested documents in a timely manner."
However, it added that:
"BAS continues to provide documents and to respond to requests from the SEC on this matter."
Although the SEC's agency staff are reported to be considering recommending a civil injunction against the securities subsidiary of Bank of America, the Associated Press revealed last week that no formal enforcement recommendation had been made.
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