(AOF) – Deutsche Bank sells 0.36% to 11.21 euros per share in Frankfurt on Wednesday. The BaFin, the German stock market policeman, imposed an administrative fine on the bank of 8.66 million euros. The banking giant is accused of breaches of controls in connection with the Euribor interbank rate. “As a supervised contributor to Euribor, the bank has at times failed to put in place effective preventive systems, controls and policies within the meaning of Article 16 (2) (a) of the Regulation European benchmarks “, explained the authority.
The objective of this regulation is to guarantee the validity of the benchmarks and to prevent manipulation. It requires contributors (natural or legal persons who provide data to determine benchmarks) to put in place effective systems and controls (Article 16).
Deutsche Bank accepted the fine, a spokesperson for Germany’s largest bank said. It also claims to have “no evidence to suggest that the sanctioned acts led to an erroneous declaration to the administrator of the reference security”.
In addition, Deutsche Bank claims to have agreed with the competent supervisory authority on the first measures to improve its controls and has already implemented them.
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