Sept 25 (Reuters) -

Merrill Lynch, Pierce, Fenner & Smith Inc. and Harvest

Volatility Management LLC have agreed to pay a combined $9.3

million to settle U.S. Securities and Exchange Commission

charges related to investment limits and fees.

According to the SEC, the firms exceeded clients'

investment limits over a two-year period beginning in March

2016. Regulators said this led to clients paying higher fees,

facing increased market exposure, and getting hit with

investment losses.

The investment advisers sold a complex options trading

strategy to clients but did not abide basic client instructions,

Mark Cave, Associate Director of the SEC's Enforcement Division,

said in the SEC's statement.