Published on: January 11, 2024 at 11:49 a.m. ET
Written by Helena Smolak
Spain’s stock market regulator said it had begun disciplinary proceedings against Deutsche Bank’s operations in the country following what it called “very serious violations” in marketing complex products to Spanish customers.
The National Securities Market Commission (CNMV) made a disclosure on Thursday, and its executives…
Written by Helena Smolak
Spain’s stock market regulator said it had begun disciplinary proceedings against Deutsche Bank’s operations in the country following what it called “very serious violations” in marketing complex products to Spanish customers.
The National Securities Market Commission (CNMV) said on Thursday that its executive committee had decided in mid-December to begin disciplinary proceedings.
According to the regulator, the proceedings stem from advisory services provided to Spanish clients in connection with highly complex and high-risk currency financial derivative products.
“These disciplinary proceedings are initiated based on the facts also found in an internal investigation conducted by Deutsche Bank Group,” the CNMV said.
A Deutsche Bank spokesperson said that Deutsche Bank is aware of the proceedings regarding the historic sale of foreign exchange derivatives that took place in Spain before April 2021. Deutsche Bank said it is reviewing and strengthening related processes and controls.
Email Helena Smolak at helena.smolak@wsj.com.