A subsidiary of Bank of America Merrill Lynch was fined over GBP 13 million (almost US $20 million) by the UK Financial Conduct Authority for a host of reporting failures from November 2007 through November 2014. According to FCA, during this time, Merrill Lynch International incorrectly reported in excess of 35 million customer transactions in violation of FCA requirements. Among other errors alleged were mis-identifying the counterparty and client on transactions, reporting incorrect trade times, incorrectly reflecting trades as buys or sells, not including a maturity date for equity swaps, and not reporting some derivatives trades at all. FCA claimed it notified MLI of its reporting failures prior to taking this disciplinary action. In resolving this matter, FCA took note of MLI’s cooperation with it, and that MLI self-reported most of its reporting breaches.