Deutsche Bank to pay US$9.5m to set­tle US civil charges

The Sun (Malaysia) - - SUNBIZ -

WASHINGTON: Deutsche Bank will pay a US$9.5 mil­lion (RM40 mil­lion) penalty to set­tle civil charges that it failed to prop­erly safe­guard ma­te­rial non-pub­lic in­for­ma­tion gen­er­ated by its re­search an­a­lysts and pub­lish­ing an im­proper re­search re­port, us reg­u­la­tors said yes­ter­day.

The Se­cu­ri­ties and Ex­change Com­mis­sion said the bank’s se­cu­ri­ties unit en­cour­aged its eq­uity re­search an­a­lysts to com­mu­ni­cate with cus­tomers and its own traders, and failed to im­ple­ment poli­cies to pre­vent the an­a­lysts from dis­clos­ing non-pub­lic re­ports on trad­ing rec­om­men­da­tions and changes in es­ti­mates.

The bank set­tled the case with­out ad­mit­ting or deny­ing the charges. In a state­ment, Deutsche spokes­woman Amanda Wil­liams said the bank “takes its re­search an­a­lyst com­mu­ni­ca­tions and con­duct very se­ri­ously.”

She added that the bank has a ro­bust pol­icy in place and has­taken steps to cor­rect is­sues iden­ti­fied by the SEC. – Reuters

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