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Regulatory Sanctions

Deutsche Bank Settles Research Charges - SEC

October 12, 2016

[Photo - Squawk Box, ]


Deutsche Bank Securities agreed to pay a $9.5Mn penalty to settle SEC charges that the firm; (i) failed to properly safeguard material nonpublic information generated by its research analysts;  (ii) published an improper research report; and, (iii) failed to preserve and provide certain e-records to the regulator.


Deutsche Bank allegedly encouraged its equity research analysts to communicate frequently with customers and DB sales and trading personnel without having adequate pols and procedures to prevent analysts from disclosing yet-to-be-published views and analyses, etc.  -  e.g., DB issued a research report with a “BUY” rating for discount retailer Big Lots that was inconsistent with the personal view of the analyst who prepared and certified it as true despite privately telling others that Big Lots should have been downgraded.  The analyst was charged by the SEC earlier this year.


As for DB’s electronic records, the firm could not represent that it had recovered all DB Chats on its internal messaging system for the period under investigation.