Deutsche Bank AKTIENGESELLSCHAFT (DBAG) and its wholly-owned unit Deutsche Securities Asia (DSAL) have been fined a total of HK$8.3m ($1.05m) by the Securities and Futures Commission (SFC) of Hong Kong for flouting multiple regulatory norms.
DBAG was accused of failing to report 792 short positions from June 2012 and January 2015, and publishing 49 research reports on future contracts between January 2015 and March 2017 without the required registration.
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DSAL was accused of failing to segregate client funds within the prescribed timeline between January 2010 and December 2014.
The companies have agreed to submit an internal report to the regulator after 12 months to ensure implementation of remedial measures. The report will be prepared by the companies’ internal audit team.
The SFC took into consideration the self-reporting of the breaches and cooperation of the companies in the matter while determining the settlement.
“The SFC considers that the cooperation of DBAG and DSAL has expedited the disciplinary proceedings; otherwise, similar failures would have resulted in a substantially higher level of fine,” the watchdog said.
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