Virginia will receive $425,000 from Merrill Lynch to settle allegations that some of the firm's client associates in the commonwealth weren't registered.
The State Corporation Commission said Wednesday that the settlement stemmed from a multistate investigation.
About 60 percent of Merrill Lynch's client associates were registered only in their home state or in their home state and one other state.
Typically, client associates provide administrative and sales support to Merrill Lynch's financial advisers.
According to the commission, Merrill Lynch has implemented a new internal system to comply with registration requirements.