Spain Fines Deutsche Bank €10 Million Over Sale of Derivatives

Deutsche Bank AG was fined €10 million ($10.3 million) by Spain’s securities regulator CNMV for selling derivatives to clients who later said they didn’t understand the products and suffered steep losses as a result.

The fine, disclosed in the country’s official gazette, is one of the biggest in the regulator’s history. The German lender was also ordered to suspend investment advisory activity on some complex derivative products for one year.

Bloomberg reported previously that Deutsche Bank had braced for a fine of that magnitude. A spokesperson for the lender said it had taken note of the announcement and plans to ...