Germany’s market regulator BaFin on Tuesday imposed an administrative fine of 8.66 million euros (U.S. $9.8 million) on Deutsche Bank for breaches of the European Union’s Benchmarks Regulation.
Article 16(2)(a) of the regulation requires contributors to have in place effective systems and controls. “As a supervised contributor, Deutsche Bank at times did not have in place effective preventative systems, controls, and policies to ensure the integrity and reliability of all contributions of input data to the administrator,” BaFin stated in its enforcement notice.
