On 28 December 2021, the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) imposed an administrative fine amounting to EUR 8.66 million on Deutsche Bank AG.
As a supervised contributor to EURIBOR, the bank at times did not have in place effective preventive systems, controls and policies within the meaning of Article 16(2)(a) of the European Benchmarks Regulation (Regulation (EU) 2016/1011).
The bank may lodge an appeal against BaFin’s administrative fine order.
The Benchmarks Regulation
The objective of the Benchmarks Regulation is to ensure valid benchmarks and prevent manipulation. It requires contributors to have in place effective systems and controls (Article 16). Contributors are natural or legal persons who contribute data for determining benchmarks. In the European Union, the Euro Interbank Offered Rate (EURIBOR) is used as benchmark, for example.
Breaches of the Benchmarks Regulation can be punished by imposition of a fine of up to ten percent of the total turnover.
Contact Anja Schuchhardt
Press Officer Securities Supervision
Phone: +49 (0) 228 4108-3262
E-mail: [email protected]