BofA’s Finra Fine Caused by Not Registering Prime Brokerage Head

A U.S. watchdog’s decision to fine and censure Bank of America Corp. was triggered by the company’s failure to register the head of its global business serving hedge funds, according to people with knowledge of the situation.

The Financial Industry Regulatory Authority punished the bank for not getting the proper license for Martina Slowey, its London-based head of prime brokerage, said the people, who asked not to be identified because the information isn’t public. The bank’s Merrill Lynch unit was hit with a $150,000 fine after it allowed an unnamed executive to work since April 2016 without the required ...