FINRA Imposes $2.5M Fine on Deutsche Bank Securities

​The Department of Enforcement Financial Industry Regulatory Authority (FINRA) recently announced that it has imposed $2.5 million fine on Deutsche Bank Securities Inc. (DBSI), a broker- dealer and an investment adviser registered with the U.S. Security and Exchange Commission and incorporated in the state of Delaware.

The regulator fined the company for its failure to create and maintain certain records relating to its business.

According to the official press release, from 1998 to 2017, DBSI did not establish and maintain a supervisory system reasonably designed to achieve compliance with its record retention obligations, violating federal securities laws and regulations and FINRA rules which require broker-dealers to maintain certain broker-dealer and customer records in a form and manner designed to prevent their loss, alteration, or deletion.

“Protecting the integrity of these required records is an essential obligation for broker-dealers because review of such records is the primary means by which regulators protect investors and examine for misconduct, including fraud and sales practice violations,”the regulatory authority stressed.

In order to settle with the FINRA, DBSI has to pay a $2,500,000 fine to the regulator and accept a censure.