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Routing and Execution Disclosures Made Pursuant to Rules 605 and 606 of SEC Regulation NMS
Rule 605 of SEC Regulation NMS requires "market centers" to publicly disclose, on a monthly basis, certain statistical information relating to the quality of executions provided to eligible client orders. The information generally depicts how orders of various sizes are executed relative to public quotes existing at the time of order receipt, and also attempts to measure speed of execution. The Rule 605 statistics for Merrill Lynch, Pierce, Fenner & Smith Incorporated are available for public review by clicking here.
Rule 606 of SEC Regulation NMS requires broker-dealers receiving non-directed client orders to publicly disclose, on a quarterly basis, the top execution venues to which such orders are routed for execution. Broker-dealers also must disclose material aspects of the relationships they maintain with the identified execution venues. The Rule 606 statistics for Merrill Lynch, Pierce, Fenner & Smith Incorporated are available for public review by clicking here.
Auction Rate Securities: A Description of Merrill Lynch's Auction Practices and Procedures
On May 31, 2006, the U.S. Securities and Exchange Commission ("SEC") announced that it had settled its investigation of fifteen firms, including Merrill Lynch, that participate in the auction rate securities market regarding their respective practices and procedures in the market. The SEC alleged in the settlement that the firms had managed auctions for auction rate securities in which they participated in ways that were not adequately disclosed or that did not conform to disclosed auction procedures. As part of the settlement, Merrill Lynch agreed to pay a civil money penalty of $1,500,000. In addition, Merrill Lynch, without admitting or denying the SEC's allegations, agreed to be censured, to cease and desist from violating certain provisions of the securities laws, to provide to customers written descriptions of its material auction practices and procedures, and to implement procedures reasonably designed to detect and prevent any failures by Merrill Lynch to conduct the auction process in accordance with disclosed procedures.
Participation by Issuers/Conduit Borrowers in Municipal Auction Rate Securities
Certain Municipal Issuers or Conduit Borrowers have determined to participate in the auction of their own auction rate securities pursuant to recent guidance from the U.S. Securities & Exchange Commission. These Issuers/Conduit Borrowers are required to provide a notice of their intent to participate in the auction and the interest rate and amounts that they will bid for and certain other detailed bidding information. The Issuer/Conduit Borrower's interests are different from any other bondholder in that they want the lowest possible interest rate. This information will be available to you at www.dacbond.com.
USA PATRIOT Act
In response to the terrorist attacks on September 11, 2001, the US Congress passed the USA PATRIOT Act. Parts of this Act apply to the financial services industry and require certain financial institutions to request specific information from clients. Click here for further information.
Copyright or Other Notices
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Use in the United Kingdom (UK)
Where this communication constitutes a financial promotion it is issued and approved for distribution in the UK by Merrill Lynch, Pierce, Fenner & Smith Limited or Merrill Lynch International only to, and directed at, (a) persons who have professional experience in matters relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (b) high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(1) of the Order (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is only available to relevant persons and will be engaged in only with relevant persons. The UK compensation scheme and rules for the protection of private customers do not apply to the services provided or products sold by non-UK regulated affiliates.
The information herein was obtained from various sources. We do not guarantee its accuracy. Neither the information, recommendations or opinions expressed herein constitutes an offer to buy or sell any securities, futures, options or investment products. Merrill Lynch may trade for its own account in the securities or other products described here.
Foreign-currency-denominated investments are subject to fluctuations in exchange rates that could have a positive or adverse effect on the investor's return. Unless otherwise stated, any pricing information in this message is indicative only, is subject to change and is not an offer to deal. Where relevant, the price quoted is exclusive of tax and delivery costs. Any reference to the terms of executed transactions should be treated as preliminary and subject to our written confirmation.
This information is not necessarily a publication of Merrill Lynch Research (ML Research), although a ML Research report may be referenced as a link or as an attachment hereto. Any summary of ML Research is qualified in its entirety by the views of ML Research and the specific disclaimers associated with that report. This information is for discussion purposes and neither the information nor any opinions expressed constitutes a solicitation by us for the purchase or sale of any securities or other financial instruments. Merrill Lynch and any affiliate may trade for its own accounts in any of the securities of issuers mentioned herein or in related investments, and may also from time to time perform or solicit investment banking or other services for, or from, any entity mentioned herein.
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Merrill Lynch reserves the right to monitor electronic communications (subject to and in accordance with local laws).
This material is approved for issue in the U.K. by Merrill Lynch International Bank Limited ("MLIB"), which is authorised by the Central Bank of Ireland, and subject to limited regulation by the Financial Services Authority. Details on the extent of MLIB's regulation by the Financial Services Authority are available from us on request. MLIB is a member of the London Stock Exchange.
Registered Office: Central Park, Leopardstown, Dublin 18, Ireland. Branch Office: 2 King Edward Street, London EC1A 1HQ.
In respect of U.K. investors, certain Merrill Lynch entities, including Merrill Lynch, Pierce, Fenner & Smith Inc. (MLPF&S), have no place of business in the U.K. and are not authorised or regulated by the UK. The U.K. rules for the protection of retail clients and the U.K. Financial Services Compensation Scheme do not apply to such business. As against such entities, the regulatory regime governing an investor's rights will be different to that of the U.K. Investors may, however, be entitled to similar protection in the jurisdiction in which the relevant entity is organised or resident.
Merrill Lynch International ("MLI") and Bank of America Merrill Lynch International ("BAMLI")
"Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority"
Merrill Lynch International Bank Limited, London Branch ("MLIB London")
"Authorised by the Central Bank of Ireland and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority"
Bank of America, N.A., London Branch ("BANA London")
"Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority."
MBNA Ltd, Merrill Lynch Portfolio Managers Ltd, Mortgages 1 Ltd, Wave Lending Ltd, Loans.co.uk Ltd, Mortgages Plc and Merrill Lynch Commodities (Europe) Ltd:
"Authorised and regulated by the Financial Conduct Authority"
MLIB London (Global Wealth Investment Management business to retail clients):
"Authorised by the Central Bank of Ireland and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our regulation by the Financial Conduct Authority and Prudential Regulation Authority are available from us on request"
E-commerce Activities: Minimum Information Requirements for Merrill Lynch International
Where a service and/or information is provided by way of an electronic medium such as a website or e-mail ("e-commerce activity"), the following details are hereby disclosed to the recipients of an e-commerce activity provided by Merrill Lynch International:
The e-commerce activity is provided by Merrill Lynch International ("MLI") whose registered office is at Merrill Lynch Financial Centre, 2 King Edward Street, London EC1A 1HQ, United Kingdom. MLI is authorised by the UK Financial Conduct Authority ("FCA") and is entered in the FCA's register (Register Number 147150). MLI's VAT number is GB245122493. MLI is subject to the FCA rules and guidance, access to which can be gained via the following link: www.fca.org.uk/.
E-commerce Activities: Minimum Information Requirements for Merrill Lynch, Pierce, Fenner & Smith Ltd
Where a service and/or information is provided by way of an electronic medium such as a website or e-mail ("e-commerce activity"), the following details are hereby disclosed to the recipients of an e-commerce activity provided by Merrill Lynch, Pierce, Fenner & Smith Ltd.
The e-commerce activity is provided by Merrill Lynch, Pierce, Fenner & Smith Ltd ("MLPFS") whose registered office is at Merrill Lynch Financial Centre, 2 King Edward Street, London EC1A 1HQ, United Kingdom. MLPFS is authorised by the UK Financial Services Authority ("FSA") and is entered in the FSA's register (Register Number 113956). MLPFS's VAT number is GB245122493. MLPFS is subject to the FSA rules and guidance, access to which can be gained via the following link: www.fsa.gov.uk.
Special Notice to Clients Regarding Short Sale Disclosure Requirement under Interim Final Temporary Rule 10a-3T
On October 15, 2008, the SEC adopted interim final temporary Rule 10a-3T (together with the guidance set forth in the adopting release, the "Interim Rule"). The Interim Rule requires certain institutional investment managers to disclose short positions in certain publicly traded securities ("Covered Securities") on Form SH on a weekly basis. The Interim Rule expires on August 1, 2009.
Customers/counterparties entering into any derivative transaction with Merrill Lynch will be deemed to have represented and warranted that: (i) on or prior to the date of the derivative transaction in Covered Securities, customer/counterparty has consulted with its legal advisors regarding the Interim Rule; and (ii) customer/counterparty is not entering into the derivative transaction with the intent to avoid or circumvent the disclosure obligations imposed by the Interim Rule. Customers/counterparties to derivative transactions will also be deemed to have acknowledged that Merrill Lynch may determine to: (i) disclose sales of Covered Securities sold short to hedge the Merrill Lynch exposure related to the derivative transaction on a Form SH in compliance with the Interim Rule; (ii) identify on such Form SH that any short position in the Covered Securities is a hedge for Merrill Lynch's exposure under a derivative transaction; and (iii) notwithstanding any other agreement between or among customer/counterparty and Merrill Lynch to the contrary, if requested by a regulator having jurisdiction over Merrill Lynch or the Interim Rule, provide such other information related to such short position or disclosure as such regulator may request.
The Interim Rule may be found at http://www.sec.gov/rules/final/2008/34-58785.pdf
We encourage you to consult your own legal counsel regarding the scope and application of the Interim Rule. Please contact your Merrill Lynch representative if you have any questions regarding this Special Notice.
Termination of Participation in FDIC's Transaction Account Guarantee Program
Beginning January 1, 2010, Bank of America will no longer participate in the FDIC's Transaction Guarantee Program. Bank of America's decision impacts Merrill Lynch clients enrolled in the Merrill Lynch Bank Deposit Program (MLBDP) Fully FDIC Insured Sweep option. Thus, after December 31, 2009, funds held in the MLBDP Fully FDIC Insured Sweep will no longer be guaranteed in full under the TAG Program, but will be insured up to $250,000 per depositor per Merrill Lynch Affiliated Bank under the FDIC's general deposit rules. As a reminder, since two Merrill Lynch affiliated banks participate in the MLBDP, clients can benefit from FDIC insurance up to $500,000 for individual accounts/$1,000,000 for joint accounts.
Information on Reporting Errors and Canceling Certain Transfers Going Outside Of the U.S. (Remittance Transfers) Errors
If you believe there has been an error or problem with a wire transfer initiated by you from your U.S. based account to a recipient outside of the United States (a "remittance transfer"), please contact your Financial Advisor by calling or writing to the office that services your account. If you do not know how to reach the office that services your account, call (800) MERRILL (637-7455).
You must make contact, within 180 days of the date we promised to you that funds would be made available to the recipient.
When you contact your Financial Advisor, please tell him/her:
1. The error or problem with the transfer, and why you believe it is an error or problem;
2. The name of the person receiving the funds, and if you know it, his or her telephone number or address;
3. The dollar amount of the transfer; and
4. The confirmation code or number of the transaction.
We will determine whether an error occurred within 90 days after you contact your Financial Advisor and we will correct any error promptly. We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of any documents we used in our investigation.
You have the right to cancel a remittance transfer and obtain a refund of all funds paid to us, including any fees.
In order to cancel, you must contact your Financial Advisor within 30 minutes from the time you authorized the transfer. If you cannot reach your Financial Advisor, please call (800) MERRILL (637-7455).
When you contact your Financial Advisor, you must provide him/her with information to help us identify the transfer you wish to cancel, including the amount and location where the funds were sent.
We will refund your money within three business days of your request to cancel a transfer as long as the funds have not already been picked up or deposited into a recipient's account.
For questions or complaints about remittance transfers sent through Merrill Lynch, you may contact:
Consumer Financial Protection Bureau
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