Deutsche Bank AG(US:DB) 智通财经网·2025-08-28 09:21Core Points - The Hong Kong Securities and Futures Commission (SFC) has reprimanded Deutsche Bank Aktiengesellschaft (DB) and imposed a fine of HKD 23.8 million due to multiple regulatory violations, including overcharging management fees, misallocating product risk ratings, and failing to disclose investment banking relationships in research reports [1][6] Group 1: Overcharging Fees - From November 2015 to November 2023, DB overcharged management fees due to process flaws and execution errors, affecting 39 discretionary investment portfolio management accounts [2] - DB incorrectly valued 392 floating-rate debt instruments using a "fixed" rate, leading to overcharges for 92 clients based on inaccurate portfolio valuations [2] - Due to negligence from external vendors and lack of proper monitoring, DB overestimated or underestimated the value of 16 private equity funds and three real estate funds, resulting in overcharges for 32 clients [2][3] Group 2: Disclosure Failures - Between September 2014 and September 2021, DB failed to disclose its investment banking relationships in 261 individual company reports and 1,590 industry reports due to shortcomings in its research disclosure system [4] Group 3: Misallocation of Risk Ratings - From August 2012 to December 2020, DB assigned lower product risk ratings to 40 exchange-traded funds (ETFs), impacting 93 clients and 265 transactions, with ten transactions identified as having risk mismatches [5] - The SFC concluded that DB did not act with appropriate skill, care, and diligence to protect clients' best interests and ensure market integrity [5]