The NASD, formerly the National Association of Securities Dealers, has fined JP Morgan $6m (€5.5m) for unlawful profit sharing activities in 2000 before it acquired Hambrecht & Quist, the independent investment bank.

The US regulator found that Hambrecht & Quist received millions of dollars in inflated commissions from more than 90 customers who sought and received allocations of "hot" initial public offerings (IPOs) from the firm.