the power to

lead innovation

Payment strategies to help drive your business forward

Demographic shifts, new technologies and evolving regulations are creating change and disruption for companies worldwide. Banks are helping clients embrace innovation and thrive in this dynamic environment.

 


REGULATIONS GENERATE NEW OPPORTUNITIES

New regulations can often spur adoption that creates benefits for clients. The latest addition to PSD2, biometric requirements for e-commerce purchases emphasizes the need to adopt the Global Card Access app. PSD2 is a directive in the European Union that requires banks to provide payment account information to registered/authorized third parties - including fintechs who offer payment services to consenting bank clients.


APIs - empowering new opportunities

Banks have adhered to PSD2 obligations by using Application Programming Interfaces—or APIs—to provide access to client data, leading to an era of “open banking” where clients are empowered to seek new services and efficiencies. APIs work “behind the scenes” to aggregate data from multiple sources in a single place, making it easier to analyze and helping clients pivot toward new opportunities.


THREE TYPES OF NEW SERVICES

PSD2 introduces three new types of authorized/registered payment institutions.

 

Account Information Service Provider (AISP)

AISPs provide consolidated information on one or more payment accounts held by the payment service user with either another payment service provider or with more than one payment service provider.


Card Based Payment Instrument Issuer (CBPII) (AISP)

A Card Based Payment Instrument Issuer is a payment services provider that issues card-based payment instruments that can be used to initiate a payment transaction from a payment account held with another payment service provider.

Payment Initiation Service Provider (PISP)

PISP is a service to initiate a payment order at the request of the payment service user with respect to a payment account held at another payment service provider.


THE NEXT WAVE OF E-COMMERCE

 

APIs also enables new types of mobile commerce, led by the rise of a “super-app” that can combine messaging, maps, mobility, shopping, dining and other services. BofA is building APIs so that we can connect clients—either through CashPro® or third-party apps—to commerce that is driven by digital wallets, sharing economies and new people globally.

CARD INNOVATION

 

Changes in consumer behavior are rapidly spreading into the corporate environment. Smartphone ubiquity has given rise to a global, mobile workforce that is used to using their personal mobile devices to conduct business. Card trends—such as mobile wallet—can help you make things simpler for these employees while boosting program administrators’ visibility and keeping your company’s data safe.

PUTTING THE BENEFITS IN YOUR HANDS

BofA is investing heavily in innovations to help you benefit from these changes

 

Mobile wallet

Available through Apple Pay®, Google PayTM, Samsung Pay® globally

 

Contactless payments

Available now in EMEA, APAC and Canada. Coming to U.S. in 2021

 

Cardholder mobile website

Real-time functionality, including PIN management, mobile alerts, account suspension/reactivation

 

Prepaid card app

Instant account info, including balance, when money was loaded, mobile alerts, account suspension/reactivation

 

Virtual Payables and Travel

Tokenized, single-use account numbers for fast, secure vendor payments and centralized travel payments

 

 

Key Takeaways

  • Several factors—including tech advances—are changing how companies transact worldwide
  • PSD2 and APIs will lead to a more open banking environment where new entrants—including fintechs—can add value
  • BofA is offering capabilities that help you take advantage of these trends
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General Disclaimer for Bank of America Merrill Lynch

“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.

Investment products offered by Investment Banking Affiliates:
Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed.
©2020 Bank of America Corporation.

Disclaimer for Australia:

"Bank of America" is the marketing name for the lending, derivatives and other commercial banking activities of Bank of America Corporation ("BAC"). These activities are performed globally by banking affiliates of BAC and in Australia by Bank of America, N.A. Australian Branch ("BANA Australia"). "BofA Securities" is the marketing name for the securities, corporate advisory and capital markets activities of BAC. These activities are performed in Australia by Merrill Lynch Markets (Australia) Pty. Limited, Merrill Lynch (Australia) Futures Limited, Merrill Lynch Equities (Australia) Limited and their related bodies corporate which hold, or are exempt from the requirement to hold, an Australian Financial Services Licence. Apart from BANA Australia, none of the other BAC entities including BAC itself is an Authorised Deposit-taking Institution authorised under the Banking Act 1959 of Australia regulated by the Australian Prudential Regulation Authority. The obligations of BAC entities (other than BANA Australia) do not represent deposits or other liabilities of BANA Australia and are not guaranteed by BANA Australia.

©2020 Bank of America Corporation.

Disclaimer for India:

Bank of America, N.A. is a subsidiary of Bank of America Corporation, operating in India. Bank of America provides the following banking products in India: working capital and term loans, structured finance, export finance, global cash management, trade products, foreign exchange services and currency solutions. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC.

Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in India by DSP Merrill Lynch Ltd, which provides the following services in India: Research, Equity Sales & Trading, Futures & Options, Electronic Trading, Equity Capital Markets, Debt Capital Markets and M&A. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured . May Lose Value . Are Not Bank Guaranteed.

©2020 Bank of America Corporation.

Disclaimer for Brazil:

“Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation.  Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC.  Trading in securities and financial instruments, and strategic advisory and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities.  BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.

Ouvidoria Bank of America Merrill Lynch1 | DDG: 0800 886 2000

1Bank of America Merrill Lynch Banco Múltiplo S.A. and Merrill Lynch S.A. Corretora de Títulos e Valores Mobiliários

Investment products offered by Investment Banking Affiliates:

Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed.

© 2020 Bank of America Corporation. All rights reserved.

Disclaimer for Latin America:

“Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation.  Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC.  Trading in securities and financial instruments, and strategic advisory and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities.  BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.

Investment products offered by Investment Banking Affiliates:

Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed

Bank of America Corporation and its affiliates do not perform in any jurisdiction banking activities that are reserved by local law to licensed banks, except in those jurisdictions where its banking affiliates have procured the necessary licenses.

Unless otherwise indicated, all services/products are conducted on an offshore basis for Latin America. Some or all of the products may not be available in certain jurisdictions and are subject to change without notice.

This document and its content are for information purposes and shall not be interpreted as banking or financial intermediation, business solicitation and/or public offering of any kind.

“Merrill Lynch” is the trademark that Bank of America Corporation uses in the Republic of Argentina for its capital market, financial advisory and investment businesses, which are conducted by and through Merrill Lynch Argentina S.A.. This entity does not conduct any activities subject to banking license, such as capturing deposits from the public.

Bank of America México, S.A., Institución de Banca Múltiple is a banking affiliate in Mexico of Bank of America Corporation.

Bank of America N.A., Oficina de Representacion (Colombia), is a representative office in Colombia of Bank of America N.A., supervised by the Superintendencia Financiera de Colombia and authorized to promote in Colombia select products and services that Bank of America N.A. and BofA Securities, Inc. provides outside of Colombia. Neither Bank of America, N.A., nor its Representative Office in Colombia, is authorized to carry out in Colombia any activities that are reserved by Colombian law to locally licensed banks.

Bank of America N.A., Oficina de Representacion (Peru), is a representative office in Peru of Bank of America N.A., supervised by the Superintendencia de Banca, Seguros y Administradoras Privadas de Fondos de Pensiones and authorized to promote in Peru select products and services that Bank of America N.A. and its Investment Banking Affiliates provide outside of Peru. Neither Bank of America, N.A., nor its Representative Office in Peru, is authorized to carry out in Peru any activities that are reserved by Peruvian law to locally licensed banks.

Bank of America N.A., Oficina de Representacion (Chile), is a representative office in Chile of Bank of America N.A., supervised by the Comisión para el Mercado Financiero and authorized to promote in Chile select products and services that Bank of America N.A. provides outside of Chile. Neither Bank of America, N.A., nor its Representative Office in Chile, is authorized to carry out in Chile any activities that are reserved by Chilean law to locally licensed banks.

Bank of America Corporation does not have banking affiliates, branches or bank representative offices in any other jurisdiction in Latin America.

©2020 Bank of America Corporation.

Disclaimer for France:

BofA Securities Europe SA (“BofASE”) with registered address at 51, rue La Boétie, 75008 Paris, registered under n° 842 602 690 RCS Paris, is governed by articles L. 531-1 and following of the monetary and financial code. BofASE is authorized as an investment firm by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”), is regulated by the ACPR and the Autorité des Marchés Financiers, and is not a credit institution. BofASE’s share capital is 5,276,300,000 €.

©2020 Bank of America Corporation.

Disclaimer for Hong Kong:

“Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, National Association, Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.

Bank of America, National Association, Hong Kong Branch, is a branch of a national banking association organized and existing with limited liability under the laws of the United States of America.

Disclaimer for Canada:

"Bank of America" and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation including Bank of America, National Association, Canada Branch (BANA CB ) which is an authorized foreign bank regulated by the Office of the Superintendent of Financial Institutions. Deposits with BANA CB are not insured with the Canada Deposit Insurance Corporation.  BANA CB shall not impose undue pressure on, or coerce, a person to obtain a product or service from a particular person, including bank and any of its affiliates, as a condition for obtaining another product or service from BANA CB.

Trading in securities and financial instruments, and strategic advisory and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation including in Canada by Merrill Lynch Canada Inc. which is a registered broker-dealer regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF).  Merrill Lynch Canada Inc. is registered as an Approved Participant of the Bourse de Montreal.

Disclosure of best execution obligations and routing practices for Merrill Lynch Canada Inc. (IIROC Dealer Member Rule 3300)

<div class="disclaimer_pop"><div class="init_overlay"><div class="init_pop_wrap"><div class="init_title"><img src="/etc.clientlibs/boaml/clientlibs/resources/images/init_logo.png" /> <a class="close right" title="close">X</a></div>

<div class="init_content"><div id="tab-1" class="tab-content"><h2>General Disclaimer for Bank of America Merrill Lynch</h2>

<p>“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc., Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated, and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and Members of <a href="http://www.sipc.org/" target="_blank">SIPC</a>, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc., Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.</p>

<p>Investment products offered by Investment Banking Affiliates:<br />

Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed.<br />

©2020 Bank of America Corporation.<br />

</p>

</div>

<div id="tab-2" class="tab-content"><h2>Disclaimer for Australia:</h2>

<p>&quot;Bank of America&quot; is the marketing name for the lending, derivatives and other commercial banking activities of Bank of America Corporation (&quot;BAC&quot;). These activities are performed globally by banking affiliates of BAC and in Australia by Bank of America, N.A. Australian Branch (&quot;BANA Australia&quot;). &quot;BofA Securities&quot; is the marketing name for the securities, corporate advisory and capital markets activities of BAC. These activities are performed in Australia by Merrill Lynch Markets (Australia) Pty. Limited, Merrill Lynch (Australia) Futures Limited, Merrill Lynch Equities (Australia) Limited and their related bodies corporate which hold, or are exempt from the requirement to hold, an Australian Financial Services Licence. Apart from BANA Australia, none of the other BAC entities including BAC itself is an Authorised Deposit-taking Institution authorised under the Banking Act 1959 of Australia regulated by the Australian Prudential Regulation Authority. The obligations of BAC entities (other than BANA Australia) do not represent deposits or other liabilities of BANA Australia and are not guaranteed by BANA Australia.</p>

<p>©2020 Bank of America Corporation.</p>

</div>

<div id="tab-3" class="tab-content"><h2>Disclaimer for India:</h2>

<p>Bank of America, N.A. is a subsidiary of Bank of America Corporation, operating in India. Bank of America provides the following banking products in India: working capital and term loans, structured finance, export finance, global cash management, trade products, foreign exchange services and currency solutions. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC.</p>

<p>Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (&quot;Investment Banking Affiliates&quot;), including, in India by DSP Merrill Lynch Ltd, which provides the following services in India: Research, Equity Sales &amp; Trading, Futures &amp; Options, Electronic Trading, Equity Capital Markets, Debt Capital Markets and M&amp;A. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured . May Lose Value . Are Not Bank Guaranteed.</p>

<p>©2020 Bank of America Corporation.</p>

</div>

<div id="tab-4" class="tab-content"><h2>Disclaimer for Brazil:</h2>

<p>“Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation.&nbsp; Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC.&nbsp; Trading in securities and financial instruments, and strategic advisory and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities.&nbsp; BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.</p>

<p>Ouvidoria Bank of America Merrill Lynch<sup>1</sup> | DDG: 0800 886 2000</p>

<p><sup>1</sup>Bank of America Merrill Lynch Banco Múltiplo S.A. and Merrill Lynch S.A. Corretora de Títulos e Valores Mobiliários</p>

<p>Investment products offered by Investment Banking Affiliates:</p>

<p>Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed.</p>

<p>© 2020 Bank of America Corporation. All rights reserved.</p>

</div>

<div id="tab-5" class="tab-content"><h2>Disclaimer for Latin America:</h2>

<p>&quot;Bank of America Merrill Lynch&quot; is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (&quot;Investment Banking Affiliates&quot;), including, in the United States, BofA Securities, Inc., Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and members of <a name="SIPC" id="SIPC"></a><a name="SIPC" id="SIPC"></a>SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc., Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.</p>

<p>Bank of America Corporation and its affiliates do not perform in any jurisdiction banking activities that are reserved by local law to licensed banks, except in those jurisdictions where its banking affiliates have procured the necessary licenses.</p>

<p>Unless otherwise indicated, all services/products are conducted on an offshore basis for Latin America. Some or all of the products may not be available in certain jurisdictions and are subject to change without notice.</p>

<p>This document and its content are for information purposes and shall not be interpreted as banking or financial intermediation, business solicitation and/or public offering of any kind.</p>

<p>Ouvidoria Bank of America Merrill Lynch<sup>1</sup> | DDG: 0800 886 2000</p>

<p>1 Bank of America Merrill Lynch Banco Múltiplo S.A. e Merrill Lynch S.A. Corretora de Títulos e Valores Mobiliários</p>

<p>&quot;Merrill Lynch&quot; is the trademark that Bank of America Corporation uses in the Republic of Argentina for its capital market, financial advisory and investment businesses, which are conducted by and through Merrill Lynch Argentina S.A.. This entity does not conduct any activities subject to banking license, such as capturing deposits from the public.</p>

<p>Bank of America México, S.A., Institución de Banca Múltiple is a banking affiliate in Mexico of Bank of America Corporation.</p>

<p>Bank of America N.A., Oficina de Representacion (Colombia), is a representative office in Colombia of Bank of America N.A., supervised by the Superintendencia Financiera de Colombia and authorized to promote in Colombia select products and services that</p>

<p>Bank of America N.A. provides outside of Colombia. Neither Bank of America, N.A., nor its Representative Office in Colombia, is authorized to carry out in Colombia any activities that are reserved by Colombian law to locally licensed banks.</p>

<p>Bank of America N.A., Oficina de Representacion (Peru), is a representative office in Peru of Bank of America N.A., supervised by the Superintendencia de Banca, Seguros y Administradoras Privadas de Fondos de Pensiones and authorized to promote in Peru select products and services that Bank of America N.A. provides outside of Peru. Neither Bank of America, N.A., nor its Representative Office in Peru, is authorized to carry out in Peru any activities that are reserved by Peruvian law to locally licensed banks.</p>

<p>Bank of America N.A., Oficina de Representacion (Chile), is a representative office in Chile of Bank of America N.A., supervised by the Superintendencia de Bancos e Instituciones Financieras and authorized to promote in Chile select products and services that Bank of America N.A. provides outside of Chile. Neither Bank of America, N.A., nor its Representative Office in Chile, is authorized to carry out in Chile any activities that are reserved by Chilean law to locally licensed banks.</p>

<p>Bank of America Corporation does not have banking affiliates, branches or bank representative offices in any other jurisdiction in Latin America.</p>

<p>Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation, including, in the United States, BofA Securities, Inc., Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated and Merrill Lynch Professional Clearing Corp., which are registered broker-dealers and members of FINRA and <a name="SIPC_1" id="SIPC_1"></a><a name="SIPC_1" id="SIPC_1"></a>SIPC, and in other jurisdictions, by locally registered entities.</p>

<p>Investment products offered by Investment Banking Affiliates:<br />

Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed.</p>

<p>©2020 Bank of America Corporation.</p>

</div>

<div id="tab-7" class="tab-content"><h2>Disclaimer for France:</h2>

<p>BofA Securities Europe SA (“BofASE”) with registered address at 51, rue La Boétie, 75008 Paris, registered under n° 842 602 690 RCS Paris, is governed by articles L. 531-1 and following of the monetary and financial code. BofASE is authorized as an investment firm by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”), is regulated by the ACPR and the Autorité des Marchés Financiers, and is not a credit institution. BofASE’s share capital is 5,276,300,000 €.</p>

<p>©2020 Bank of America Corporation.</p>

</div>

<div id="tab-8" class="tab-content"><h2>Disclaimer for Hong Kong:</h2>

<p>“Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, National Association, Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of <a href="https://urldefense.proofpoint.com/v2/url?u=http-3A__www.sipc.org_&amp;d=DwMGaQ&amp;c=SFszdw3oxIkTvaP4xmzq_apLU3uL-3SxdAPNkldf__Q&amp;r=2-fdgqioXatVWN7aFbSrqqkIYS5e0AUsJriu71sulck&amp;m=DBWIn-g2hYkuBG-NP9mIQlXUMy1O5C6CsV6Zbz7RuDA&amp;s=QBhgdm8GdLo4qQza4wJIwqBVCE5Zws6wYDzPiEwfOZQ&amp;e=" target="_blank" style="color: blue;" class="t_track_hyperlink_in_text" data-bactmln="hyperlink_in_text_[sipc]_[https://urldefense.proofpoint.com/v2/url?u=http-3A__www.sipc.org_&amp;d=DwMGaQ&amp;c=SFszdw3oxIkTvaP4xmzq_apLU3uL-3SxdAPNkldf__Q&amp;r=2-fdgqioXatVWN7aFbSrqqkIYS5e0AUsJriu71sulck&amp;m=DBWIn-g2hYkuBG-NP9mIQlXUMy1O5C6CsV6Zbz7RuDA&amp;s=QBhgdm8GdLo4qQza4wJIwqBVCE5Zws6wYDzPiEwfOZQ&amp;e=]">SIPC</a>, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA.</p>

<p>Bank of America, National Association, Hong Kong Branch, is a branch of a national banking association organized and existing with limited liability under the laws of the United States of America.</p>

</div>

<div id="tab-6" class="tab-content"><h2>Disclaimer for Canada:</h2>

<p>"Bank of America" and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation including Bank of America, National Association, Canada Branch (BANA CB ) which is an authorized foreign bank regulated by the Office of the Superintendent of Financial Institutions. Deposits with BANA CB are not insured with the Canada Deposit Insurance Corporation.&nbsp; BANA CB shall not impose undue pressure on, or coerce, a person to obtain a product or service from a particular person, including bank and any of its affiliates, as a condition for obtaining another product or service from BANA CB.</p>

<p>Trading in&nbsp;securities and financial instruments, and strategic advisory and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation including in Canada by Merrill Lynch Canada Inc. which is a registered broker-dealer regulated by the Investment Industry Regulatory Organization of Canada (IIROC) and a member of the Canadian Investor Protection Fund (CIPF).&nbsp; Merrill Lynch Canada Inc. is registered as an Approved Participant of the Bourse de Montreal.</p>

<p>Disclosure of <a style="margin-top: 0; color: rgb(1,33,105); background: rgb(255,255,255); padding: 0.0px;" href="/content/dam/boamlimages/documents/articles/ID17_0030/Canada_Best_Execution_Client_Disclosure_v1_2020.pdf"><strong>best execution obligations and routing practices</strong></a> for Merrill Lynch Canada Inc. (IIROC Dealer Member Rule 3300)</p>

<a href="http://www.iiroc.ca/Pages/default.aspx" style="background: none;"><img src="/content/dam/boamlimages/documents/articles/Disclaimer/iiroc.jpg" width="70%" /></a><a href="https://www.cipf.ca/" style="background: none;"><img src="/content/dam/boamlimages/documents/articles/Disclaimer/cipf.jpg" width="70%" /></a></div>

<ul class="bullet">

<li><a name="tab-1" id="tab-1" class="tab-link">General Disclaimer</a></li>

<li><a name="tab-2" id="tab-2" class="tab-link">Disclaimer for Australia</a></li>

<li><a name="tab-4" id="tab-4" class="tab-link">Disclaimer for Brazil</a></li>

<li><a name="tab-6" id="tab-6" class="tab-link">Disclaimer for Canada</a></li>

<li><a name="tab-7" id="tab-7" class="tab-link">Disclaimer for France</a></li>

<li><a name="tab-8" id="tab-8" class="tab-link">Disclaimer for Hong Kong</a></li>

<li><a name="tab-3" id="tab-3" class="tab-link">Disclaimer for India</a></li>

<li class="lastLi"><a name="tab-5" id="tab-5" class="tab-link">Disclaimer for Latin America</a></li>

</ul>

</div>

</div>

</div>

</div>

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