Hong Kong Fines Deutsche Bank $23.8m for Regulatory Violations

Hong Kong's Securities and Futures Commission (SFC) fined Deutsche Bank $23.8m for regulatory breaches, including overcharging clients, incorrect valuation of financial products, and failure to disclose investment banking relationships in research reports. The bank overcharged clients by approximately $39m due to various issues, including incorrect assignment of product risk ratings. The SFC concluded that Deutsche Bank failed to act with the necessary skill, care, and diligence in the best interests of its clients and the market's integrity.