© Reuters. FILE PHOTO: Signage is seen on the lobby of the U.S. headquarters of Deutsche Bank in New York City, U.S., July 8, 2019. REUTERS/Andrew Kelly
HONG KONG (Reuters) -Hong Kong’s markets watchdog on Thursday fined a Deutsche Bank (DE:) unit HK$2.45 million ($315,522) for issuing incorrect statements to its prime brokerage clients for 12 years and delaying reporting its failure to the regulator.
The Securities and Futures Commission (SFC) said in a statement that Deutsche Securities Asia Limited had issued the incorrect periodic statements between 2006 and October 2018, due to a design defect of its front office system.
The unit discovered the problem with the system in August 2018, but did not report it to the regulator until February 2019 after it had completed an internal investigation, the statement said.
“We are pleased to put this matter, which was remediated three years ago, fully behind us,” said a Hong Kong based Deutsche Bank spokeswoman.
($1 = 7.7649 Hong Kong dollars)
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