(Finance) – The Comisión Nacional del Mercado de Valores (CNMV), the Spanish correspondent of CONSOB, has sanctioning proceedings initiated against Deutsche Bank for the consultancy service provided to Spanish clients in relation to financial derivative instruments on highly complex securities and risky currencies, in particular the so-called Target Profit Forwards and Pivot TPFs.
In particular, the CNMV speaks of two alleged “very serious infringements” for “having violated, in a non-occasional or isolated manner, the obligations of adequate verification and transparency” in the period from 1 January 2018 to 31 March 2021.
The disciplinary proceedings are initiated with reference to facts also ascertained by internal investigations carried out by the Deutsche Bank group, to which the person against whom the disciplinary proceedings are initiated belongs, we read in a note. In the context of structured derivatives on OTC currencies, potential non-compliance with the applicable legislation has been identified, in particular with regard to Spanish customers.
Regarding these same facts, “at the time different information was disseminated by the specialized press and it was legal actions initiated by some customers who had been hit.”