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Deutsche Bank Fined for Delayed Regulatory Filing
Relatively Small Potatoes, But Totally Unnecessary.
Deutsche Bank was fined by Bafin, the German regulator for being too slow to provide reasons why it delayed confirmation that ex-CEOs Anshu Jain and Juergen Fitschen were stepping down. The delay, deemed to be a violation of securities rules, along with 3 other regulatory matters, will cost the bank $598,000 in fines.
Apparently, the bank’s supervisory board was meeting on a Sunday in June 2015 when news organizations began reporting the news that the executives were planning to leave. Since it hadn’t yet voted on Jain’s departure, the supervisory board decided to wait before confirming the reports.
Under certain circumstances, banks can decide not to immediately publish ad-hoc notifications but they must subsequently explain that decision to Bafin, a spokeswoman for the regulator said.
