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German Fines Deutsche Bank EUR 8.66 Mln For EURIBOR Controls

The German financial regulator BaFin imposed an administrative fine of 8.66 million euros on Deutsche Bank (DB) for controls related to the Euro Interbank Offered Rate or EURIBOR.

BaFin alleged that the bank did not have in place effective prevenive systems, controls and policies.

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. 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.

Breaches of the Benchmarks Regulation can be punished by imposition of a fine of up to ten percent of the total turnover.

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