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ECB fines BofA Securities Europe for breaching reporting requirements

BY Reuters | ECONOMIC | 01:10 PM EDT

FRANKFURT, March 27 (Reuters) - The European Central Bank fined BofA Securities Europe SA 6.2 million euros ($7.1 million) for intentionally breaching market risk reporting requirements, it said in a statement on Friday.

The ECB said the bank reported lower risk-weighted assets for market risk than it should have for six consecutive reporting periods between 2022 and 2024.

($1 = 0.8683 euros) (Reporting by Balazs Koranyi; Editing by Andrew Cawthorne)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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