Spain’s financial regulator has initiated a sanction procedure against Germany’s Deutsche Bank for allegedly severe breaches in marketing financial products to its Spanish customers.
The procedure, opened on 15 December, pertains to advisory services provided to Spanish clients, involving complex and risky financial instruments, the National Securities Market Commission (CNMV) highlighted in its statement.
These derivative products, offered by the German bank to its clients between 2018 and 2021, were allegedly sold without adherence to the transparency norms typically required of banking groups, the statement detailed.
The CNMV did not stipulate the potential penalty for Deutsche Bank at this stage, but it did specify that the lack of information was not merely sporadic or isolated but systematic, stimulating an internal investigation by the German group.
In closing, the Spanish stock market watchdog stressed that it is “of utmost importance to remember that entities marketing or advising on financial instruments should provide balanced, clear, objective, and non-deceptive information.”
