Deutsche Bank (DB.US) is condemned and fined HK$23.8 million by the Hong Kong Securities and Futures Commission for violating regulatory rules.

According to the Wise Finance and Economics APP, the Hong Kong Securities and Futures Commission issued a reprimand and a fine of 23.8 million Hong Kong dollars to Deutsche Bank Aktiengesellschaft (DB). The reason is that the company violated multiple regulatory requirements, including overcharging clients for management fees, incorrectly allocating product risk ratings, and failing to disclose investment banking business relationships in several research reports.