FRANKFURT (Reuters) - German financial watchdog Bafin has fined Deutsche Bank (DBKGn.DE) 550,000 euros ($598,000) for being late in justifying why the lender held back the immediate disclosure of important news.
The fine relates to four cases including the announcement of the change of Deutsche Bank’s chief executive in 2015, Bafin said in a statement on Friday. The news was earlier reported by weekly Wirtschaftswoche.
John Cryan took over as chief executive from co-heads Anshu Jain and Juergen Fitschen in 2015.
German companies can ask to delay the announcement of important news by several days if it could potentially harm its business. But they have to make sure that the news does not leak and they have to present good reasoning to Bafin.
All four cases occurred before 2016. Since then, Bafin has changed its rules and fines of up to 10 million euros can now be imposed for similar breaches.
Reporting by Alexander Hübner; Writing by Arno Schuetze; editing by Susan Thomas