The German Federal Financial Supervisory Authority issued a statement imposing a fine of 8 million euros on Deutsche Bank for violating the Securities Exchange Act. The Federal Financial Supervisory Authority said there were omissions in the process of migrating Postbank customers to the parent company's shared IT platform. Deutsche Bank failed to implement adequate organizational measures to deal with the surge in customer complaints due to customer data migration in a timely manner. Furthermore, the bank failed to execute the securities account transfer request in a timely manner. Details of the €8 million fine: €5.5 million to punish delays in handling customer complaints, and €2.5 million to punish delays in securities account transfers.

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