On July 29, the Comisiòn nacional del mercado de valores (Cnmv) – the Spanish equivalent of our Consob – fined Deutsche Bank for 600.000 euros, accusing it of having given its customers little and bad information. The accusation concerns the 2010 financial year, when the German bank allegedly sold structured bonds and other financial products without customers being adequately informed about the risks, while when the products were unsuitable the buyers were not informed at all.
The Cnmv's decision classifies the bank's offense as "very serious", as established by article 99 of the Securities Market Law. It is not new, Deutsche Bank, to fines for its not always transparent work. Precisely at the end of last year it had paid out a much heavier figure than that requested by the Spanish Consob, equal to 985 million dollars owed to the US authorities for manipulation of some exchange rates.
