NEW YORK: Deutsche Bank AG's U.S. securities division agreed to pay a US$1.4 million fine to the Financial Industry Regulatory Authority on Wednesday to settle charges that it violated reporting and supervisory rules related to equity and municipal bond trades.
Deutsche Bank declined to comment on the matter. The German bank did not admit nor deny the charges.
FINRA, the U.S. securities industry's self-regulator, said that between June 2006 and April 2017 the bank's "systemic deficiencies" and lack of supervisory procedures led to billions of Order Audit Trail System violations. The regulator uses information fed into the Order Audit Trail System to monitor the fair handling and execution of securities orders.
(Reporting By Elizabeth Dilts; Editing by Cynthia Osterman)